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ERNIE, please use the form on the
linked page. We got to thinking about this conundrum after reading Monster's latest press release:
According to the most recent site statistics, Monster.com possesses
11.5 million unique job seeker accounts and 7.2 million unique resumes.
Monster.com has made strategic enhancements which include the
elimination of unlimited job packages. Monster's new policy, effective
January 1, 2001, while reducing the total job number, positively impacts
the Company's revenue and profitability per job posting. Monster.com
offers consumers over 419,000 job opportunities from thousands of
employers. Of course, that math is suspect. Many recruiters call the same job
seeker. As a rule of thumb, we suggest that 10 qualified resumes are
needed to fill a an opening (assuming that the speed and availability
issues are equal). So, the ratio of resumes to recruiters is more like 260
to one. Then, the likelihood of a job hunter getting called is in the 50%
range (assuming a perfect correlation between the kinds of jobs offered
and the kinds of people applying.)
That still leaves the value per recruiter and benefit per job hunter in
the declining returns range.
It's a ticklish problem to solve. Part of the answer is in tackling the
way the value of the company is described. Realistically, the number of
live candidates and the number of live recruiters is significantly lower.
It's good practice to make large volume statements for Wall Street. The
reality is that 300,000 job seekers are chasing 400,000 jobs at any point
in time in Monster's mix. That's 8 or 9 resumes per job and a 90% chance
of getting a call from a recruiter, if the distribution of talent is
precisely correlated to the distribution of the openings. And, of course
it isn't.
The best way to describe the value of a tool like Monster would be to
look at the ratio of resumes to jobs across a number of job categories and
geographies. Our bet is that they are much stronger (more resumes than
jobs) in some areas than they are in others. We imagine a future in which
sophisticated recruiters use these sorts of ratios to make spot purchasing
decisions.
We are also very certain that the dynamics that account for Monster's
success create scads of opportunities for Recruiters and candidates
elsewhere on the web. The younger a job board is, the more likely they are
to have a higher ratio of candidates to jobs. As usual, the competitive
advantage goes to the recruiter who follows the emergence of new job
boards and newer tools.
Meanwhile (and back to the original point), longer term relationship
management tools are required because, at this rate, all job seekers will
be in someone's database in the foreseeable future. At that point, it
won't be about matching, it will be about delivering value through a
network.
Take the next step in the
hiring revolution: AgencyExchange.
The newest addition to HotJobs' award-winning family of products allows
you to: To find out more, go to AgencyExchange or
e-mail us at agency-inquiry@hotjobs.com.
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