Benefits October 5, 2001
Soft Economy Catches Monster
October 5, 2001(PLANSPONSOR.com) - Workers at
popular online job-seeking site, Monster.com may soon be
posting their resumes on their employers own Web site,
according to a Reuters report.
Reported by Camilla Klein
Feeling the effects of a softer job market, the company will be laying off 10% of its workforce in a cost cutting move.
In contrast to many online businesses spawned during the height of the tech boom, Monster.com has managed to keep its head above water.
However, the company gets its revenue from employers that pay a fee to post their job openings on the site, and a weaker economy translates into fewer job openings and fewer fees, according to the report.
The layoffs also reflected improved efficiencies it has achieved through the acquisition of other online job seeking sites, Reuters reports.