On Thursday, one of the world largest online jobs listing company, Monster Worldwide Inc., said that it would cut its global workforce by 400 people, or 7%, as the weak economy is hurting business badly.Monster reported that the recent cuts along with other different planned moves are expected to save $100 million per year, also announced that the last quarter of 2011 net income that fell short of analysts’ expectations, even as it hacked payroll and marketing costs to manage with a revenue decline.
In an interview, Monster CEO, Sal Iannuzzi said that the progress they saw in the 2011’s last quarter was much slower than what they saw earlier in the year, but the situation is not similar to 2008.
Iannuzzi said that the uncertainty in the United States and in Europe is making companies hold back and not give as much as they normally would.
He added that the company, whose revenue combine is split evenly between the U.S. and the rest of the world, also saw some slowness in the major developing countries like India and Korea and that will continue into the first quarter of 2012.
Iannuzzi said that the company has rolled out a new set of products in recent years, unveiling apps which are more intelligent, resume-screening tools for human resources staffers, and it also plans to redeploy resources toward marketing and sales to grow its business.
The company said in July that it was exiting the business of arbitrage lead generation in which it purchased leads on potential job applicants from Internet websites and sold them to schools because the business was not gainful and due to new regulations.
**********************************************
The Views and Opinions Expressed by the author are his or her opinions only and do not necessarily reflect those of this Web-Site or its agents, affiliates, officers, directors, staff, or contractors. The author at the time of this article did not own any shares or receive any consideration financial or otherwise from any company or person mentioned or referred to in the article.
