Last Friday was a dark day at ZipRecruiter based in Santa Monica, California. The company reportedly let go 900 of its 1,600 employees. Former employees reached out on LinkedIn through various posts.
As the economy goes, so does the success of job boards. The vast majority of employers have frozen hiring or have begun to furlough or layoff staff. This is going to be the norm for at least a few months as the virus hasn’t peaked yet in the U.S.
I have to believe that the other major job boards in the U.S. are about to be hit by this as well. Monster and CareerBuilder, companies that have already shrunk substantially in the past 5 years will not fare well in this environment. They will only get smaller and their bigger competitors will eat away further into their marketshare.
As for Indeed, they are owned by Japan based Recruit Holdings and may be able to weather the storm better than others. One industry exec I talked to said that “Recruit has deep pockets due to strong cash flow from their staffing business in Japan. A significant slowdown in hiring in Japan would likely lead to global layoffs to improve