The Online Job Market.
How Jeff Taylor changed the way, the labour market works.
Monster.com, the world’s biggest online job-search site shows how electronic marketplaces reach more people and can offer more efficiency than physical markets. It also shows that money can be made in such markets: Monster has a long record of profitability.
JEFF Taylor, who launched the site in 1994, says that the Monster.com name is the firm’s “single most important success factor”. It introduces an image of youthful fun in what is basically a boring business. Supporting the brand is a big advertising budget, which accounts for a quarter of the firm’s costs. He runs expensive ads during key sporting events such as the Super Bowl.
Job seekers supply resumes and employers pay to scan them or to post job ads. Most of the services that job-seekers get free, but they have to pay for a service that allows them to contact each other questions about, say, what it is like to work for a firm that they are thinking of joining.
The main contribution of Monster has been to speed up hiring and vastly increase the accuracy of the job-search process. “You can post a job at 2 pm and get your first response at 2:01,” Mr. Taylor says proudly. Moreover, an employer who knows exactly what he wants can use Monster’s filters to search vast numbers of resumes with precise accuracy. Monster is a serious threat to newspapers, which historically made 40% of their revenues from carrying ads, up to half of which were for staff. Recruiting firms have also lost business, because demand for their help in filling lower-level jobs has fallen.
The online job market works well for workers and employers who know what they want. It works badly for people who are unsure. Check that you resume says clearly what kind of job you want. The filters will then make sure that it reaches the right human resource departments
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