Monster.com is a global employment platform. It is owned and operated by Monster Worldwide Inc. It was founded in 1999 with the merger of ‘The Monster Board’ and ‘Online Career Centre.’ Monster is a subsidiary of Randstad Holdings. It is a Dutch multinational company human resource consultation firm. It is headquartered in Weston, Massachusetts. It was founded by Jeff Taylor who later on went on to leave the company to start Eons.com
Monster.com was the first ever website for employment. It initially listed the job advertisements from the newspapers with the company’s permissions and eventually grew into an independent platform. It was the first-ever website to have job listings and job alerts. Monster.com was the first public resume database for employers.
It is essential to know how the company was born to understand how does monster work and how does monster make money. Let’s look into the details of the functioning of the website and how does the business generates revenue.
- How Does Monster Work?
- How Does Monster Work for Job Seekers?
- How Does Monster Work for Recruiters?
- How Does Monster Make Money?
- Charging Employers
- Charging Job Posts
- Additional Employer Benefits
- Hosting Ads
- Resume Evaluation
- Monster Business Model Canvas
- How to Launch Your Own Business Similar to Monster?
How Does Monster Work?
Being a global employment website, it is essential to understand how does monster work for all of these stakeholders. Different elements in the business make it a success. These various elements work together to run the business and eventually generate profit out of it. Let’s see how does monster work for these different stakeholders
How Does Monster Work for Job Seekers?
Job seekers make up a significant part of the business for monster.com. Job seekers are people who upload their resume on the website and seek employment in different areas of industries. These aspiring employees use monster.com to connect with employers who have similar requirements in an employee as them.
Given below are some of the necessary steps to understand how does monster work for job seekers and aspiring employees:
Step 1: Create an Account
Before starting to find jobs, the individual needs to create an account on the website. They need to sign up for the sane. One can sign up to monster.com using Google, Facebook, or Yahoo other than email id.
Step 2: Enter Personal Details
If one is creating an account manually through their email, they will have to enter their personal details while creating an account. This is important so that the recruiters can have contact information other information if they like a resume. People signing up via other sources might not need to enter these details since the website takes information from Facebook or Yahoo if you sign up from the same
Step 3: Upload Resume
Once an account is created, the individual is asked to upload their resume. The website supports files of several formats such as PDF, .doc, .docx, .rtf, .txt, and more. However, it is important to note that the file should not exceed 500KB in size. The individual must compress the file before trying to upload the same
Step 4: Be Searchable
Once the resume is uploaded, there is an option for the individual to make themselves searchable on the website. If the individual makes their resume online, recruiters will be able to discover their resumes on the website. One can also take their resumes offline in case they want to pause their visibility on the website.
Step 5: Resume Evaluation
Job seekers can get their resume evaluated by trusted resume experts on the website. The experts might likely charge for a thorough evaluation but the free assessment is available on the website for free. The individual can choose from a superficial free evaluation or a paid thorough evaluation of the same
Step 6: Complete your Profile
Apart from the personal details and resume, a monster.com profile will ask for several other details such as desired job profile, work organizations, and much more. The more complete is a profile, the more likely one is to find the best jobs around. A full profile is technically much more searchable on the website.
Adding a picture will also enhance the chances of getting discovered among the millions of resumes on the website. After completing all of these steps, it is most likely that an individual will match to quite several recruiters who are looking for a similar individual for their organization. After shortlisting potential employers, one can land a great job on the website.
Here we understand how does monster work for job seekers and aspiring employees. Following these steps will make it easier for the job seekers to know how does monster work for them and what does it has to offer to them.
How Does Monster Work for Recruiters?
Now that we know how does monster work for the job seekers, it is essential to move the focus to the other important stakeholder of the business. In this part, let us look into how does monster work for recruiters. Recruiters make up the other foremost half of the company. Job seekers will only opt for monster.com if there are reputable employers are recruiting through the platform.
Here are some of the simple steps to understand how does monster work for recruiters.
Step 1: Create an Account
The recruiter needs to first create an account on the website to start the recruiting process. To create an account, the employer will be asked for their personal details and the company’s description for the candidates to have a reference about the same.
Step 2: Post a Job
To initiate the recruiting process on monster.com, the recruiter will need to post a job on the platform. To do the same, the employer needs to have a full job description with the role described in detail. The employer must be clear about all the small details that they need in the desired candidate. After thorough analysis and structuring, the job needs to be posted on the platform.
Step 3: Find the Right Candidate
There can be two ways a recruiter can find the best candidate for their job post. It can either be through a candidate applying for a job post, or one can access the public resume database and try to find the right candidate for the post
Step 4 : Shortlisting Resumes
While finding the right candidate, one can shortlist resumes and save the ones they feel suit a job profile the best. These can be used later for further elimination. Shortlisting will make it easier to have a bank of potential candidates in case some interview does not go well and will give the employer a reserve for future references.
Step 5: Interview calls
Once the employer has shortlisted some resumes, it is time they call some of these candidates for a personal interview. Personal interviews are usually the final step for the selection of the candidate. If they do not find the right candidate for the job profile, one can go back to starting from Step 3.
This is a basic overview of how does monster work for recruiters. These are the two major stakeholders of the monster business.
How Does Monster Make Money?
While understanding the company as a businessman, it is essential to know how does monster make money. This will be a significant concern if you are looking to build a business similar to monster.com. The revenue model needs to be in place before starting work on the same.
Here are the primary income sources of the monster business which tells us how does monster make money.
One of the significant revenue generation streams is from charging employers to make an account on the website. Employers tend to invest in their recruitment because having a good team is very important for any company. Hence, it is beneficial to charge employers to gain access to millions of resumes being posted on the website
Charging Job Posts
There are several plans which the employers can opt for while posting a job. Each job post can be charged based on the period the employers want to post it on the website. More commission is charged if a job is displayed for a more extended period.
Additional Employer Benefits
Employers can opt for a more diverse plan to get other benefits for employers such as discounts on job postings, featured posts, email newsletters about job postings, mentions in blogs, brandings and much more. Monster.com provides these facilities for premium employers.
Another vital income stream is hosting ads on the website. Monster.com is widely used by candidates and employers, advertising on this website can give brands exposure to a wide range of audience. This, in turn, generates revenue for the website
As we saw earlier, monster.com helps candidates by evaluating their resumes. However, the site charges more to get one’s resume assessed by an expert. This is a revenue generator for the website since it costs the candidates and takes commissions from the experts who evaluate these resumes. This gives monster.com several benefits.
This is everything you need to know to understand how does monster make money. These are the primary revenue streams and the company is continuously working on diverting the same. To build a business like monster.com, it is essential to understand how does monster make money and to hire the best developers to get an easily navigable website for your users.
Monster Business Model Canvas
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How to Launch Your Own Business Similar to Monster?
If you’re willing to start your own online job portal – you should go with Monster clone which has customised features to let you roll with your own job portal business.
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