Monster featured in Workforce Magazine
There's a really nice in-depth article on Monster in the recent edition of Workforce Mag. Here's a portion with a link to full article.
Despite a wave of recent hardships, Monster is pushing ahead with ambitious plans to strengthen its business. Talk of the its demise (or imminent acquisition), says CEO Sal Iannuzzi, is unfounded.
It’s a scary time to be Monster.
Not only is the online recruiting giant still dealing with fallout from an embarrassing stock option scandal, but it faces a host of other challenges. These include a less-than-stellar reputation among employers and job seekers, new competition, significant executive departures and, most frightening of all, an economic slowdown that is devouring jobs and the job ads that are Monster Worldwide’s lifeblood.
Monster managed to survive the tech bust and recession at the beginning of this decade. But some observers argue that the end may be near for the job-board pioneer—at least as a stand-alone company. Gerry Crispin, a consultant with recruiting advisory firm CareerXroads, predicts Monster will be sold to one of a number of large media companies in the months ahead. "I would be shocked if it took a year or two," he says.
But Monster Worldwide chief executive Sal Iannuzzi says rumors of his firm’s doom are off the mark. Iannuzzi, an outsider to the staffing world who took the reins at Monster a little more than a year ago, conceded in an interview with Workforce Management that Monster has work to do to improve its customer experience and that his firm is not recession-proof.
Yet he’s anything but fearful. A native of Brooklyn, Iannuzzi says through his thick hometown accent that a restructuring launched last summer has streamlined the company and re-energized the 5,200-person staff. Confronted by competitors with highly focused job boards and advanced job matching, New York-based Monster is fighting back with its own industry-specific sites and technology upgrades. It has fast-growing international operations. And even in face of a recession, Mon- ster is investing in its business. The firm just spent $31 million to market its brand, and by the end of the year Iannuzzi hopes to more than triple a sales force of 62 that is devoted to larger clients. There’s been speculation that Iannuzzi, 54, came to the company simply to spruce it up and sell it. But he has laid out a vision for a much bigger Monster, imagining the firm could provide hubs for people to connect both on professional matters and personal hobbies.
Never mind that these social networking plans would pit Monster against Internet titans like Yahoo and Facebook—Iannuzzi and crew are undaunted. "Monster not only can survive independently, but I think it can broaden," Iannuzzi says. "That’s what keeps me and 5,000 other people pumped every day."
Continue reading >>
Despite a wave of recent hardships, Monster is pushing ahead with ambitious plans to strengthen its business. Talk of the its demise (or imminent acquisition), says CEO Sal Iannuzzi, is unfounded.
It’s a scary time to be Monster.
Not only is the online recruiting giant still dealing with fallout from an embarrassing stock option scandal, but it faces a host of other challenges. These include a less-than-stellar reputation among employers and job seekers, new competition, significant executive departures and, most frightening of all, an economic slowdown that is devouring jobs and the job ads that are Monster Worldwide’s lifeblood.
Monster managed to survive the tech bust and recession at the beginning of this decade. But some observers argue that the end may be near for the job-board pioneer—at least as a stand-alone company. Gerry Crispin, a consultant with recruiting advisory firm CareerXroads, predicts Monster will be sold to one of a number of large media companies in the months ahead. "I would be shocked if it took a year or two," he says.
But Monster Worldwide chief executive Sal Iannuzzi says rumors of his firm’s doom are off the mark. Iannuzzi, an outsider to the staffing world who took the reins at Monster a little more than a year ago, conceded in an interview with Workforce Management that Monster has work to do to improve its customer experience and that his firm is not recession-proof.
Yet he’s anything but fearful. A native of Brooklyn, Iannuzzi says through his thick hometown accent that a restructuring launched last summer has streamlined the company and re-energized the 5,200-person staff. Confronted by competitors with highly focused job boards and advanced job matching, New York-based Monster is fighting back with its own industry-specific sites and technology upgrades. It has fast-growing international operations. And even in face of a recession, Mon- ster is investing in its business. The firm just spent $31 million to market its brand, and by the end of the year Iannuzzi hopes to more than triple a sales force of 62 that is devoted to larger clients. There’s been speculation that Iannuzzi, 54, came to the company simply to spruce it up and sell it. But he has laid out a vision for a much bigger Monster, imagining the firm could provide hubs for people to connect both on professional matters and personal hobbies.
Never mind that these social networking plans would pit Monster against Internet titans like Yahoo and Facebook—Iannuzzi and crew are undaunted. "Monster not only can survive independently, but I think it can broaden," Iannuzzi says. "That’s what keeps me and 5,000 other people pumped every day."
Continue reading >>
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