This rebranding was already decided after Quess took over Monster but was postponed due to the pandemic and some other concerns.
Monster.com, a self-developed job portal, has announced plans to rebrand and add new features to target new job markets. The company plans to use artificial intelligence, data, and analytics to put users in jobs. Monster currently serves more than 70 million job seekers and claims to have 10,000 corporate clients in 18 countries.
Monster.com’s parent company, Monster Worldwide, is owned by business services provider Quess Corp and operates in India, Southeast Asia, and the Middle East. Currently, only companies from India, Southeast Asia, and the Middle East will be renaming and registering. The rebranding was in development after Quess acquired Monster, but was delayed due to the pandemic and other reasons.
“The platform of the future needs to cater to a highly dynamic job market, skill-based hiring, and changing expectations from careers. We are excited to unveil a new direction for Monster from simply facilitating job and candidate discovery to enabling significantly better talent management outcomes,” said Sekhar Garisa, chief executive officer of foundit.
Garissa told Mint in an interview that she hopes the revamped platform will accommodate more next-generation products like LinkedIn by leveraging existing databases to provide recommendations to customers. Founders Platform uses AI-powered recommendations to offer jobs to candidates and recruiters screen potential candidates. We also provide customized services such as mock interviews and preparation materials.
“We acquired Monster APAC & ME with a vision to transform white-collar talent acquisition. Over the last couple of years, organizations experienced everything from the Great Resignation and the Great Regret leading to mass hiring at an unprecedented pace. But now as the market settles, hiring is going to be a lot sharper, more focused, and skill-based. Such precision can only be achieved through the combination of human ingenuity and technology and this is what we have to offer our recruiters and job seekers through foundit,” said Ajit Isaac, founder and non-executive chairman of Quess Corp. Garisa said the company plans to implement these changes by next April, after which it will look at other features and services.
The reorganization is coming even at a time when companies like Monster and Quess are facing revenue pressure from slowing IT and ITES employment globally. According to quarterly earnings reports filed by the company earlier this month, revenue from Quess’ IT division, which typically reports margins of 13% to 17% and accounts for 7% to 8% of core profits, has been cut in half.
