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In recruitment news this week:
Randstad Acquire Monster For a Cool $429 Million
The announcement came just hours before Monster’s second quarter financials were released, and as a result of the Randstad deal, Monster canceled its quarterly conference call with financial analysts. Something that is said to have been of great relief to company execs “who have been hard pressed to put a good face on the numbers”, according to EREmedia.com. Why? Because Monster lost $124.2 million in the 3 months from March 1 to June 30. In fact, according to EREmedia.com, Monster has been “in serious decline” for years. Last year, Monster’s revenue from its worldwide operations totalled $667 million, not much more than its 2003 revenue.
The company first tried to sell itself back in 2012, but there were no takers. As a result, then CEO Sal Iannuzzi took down the ‘For Sale’ sign and announced a new plan for the future that included “a number of very strategic initiatives”. 3 months later, Monster’s landmark “Three Pillar” strategic plan was announced along with a branding reboot. But unfortunately, all that the strategy did was to mark Monster as a “me too” company, falling behind the industry movers and shakers like Indeed and SimplyHired.
So what will this acquisition mean for Monster and how do Randstad believe they will be able to turn its fortunes around?
“Joining Randstad provides a unique opportunity to accelerate our ability to connect more people to more jobs,” said Tim Yates, CEO of Monster. “Together with Randstad, Monster will be better positioned to fulfil our core mission, and our employees will benefit from becoming part of a larger, more diversified company. Equally important, this transaction offers immediate value to our shareholders. We are excited to join and be supported by Randstad, as we continue to build the best recruiting media, technologies, and platforms. We look forward to working with the Randstad team to ensure a smooth transition.”
“In an era of massive technological change, employers are challenged to identify better ways to source and engage talent,” said Jacques van den Broek, CEO of Randstad. “With its industry-leading technology platform and easy to use digital, social and mobile solutions, Monster is a natural complement to Randstad. The transaction is aligned with our Tech and Touch growth strategy and reflects our commitment to bringing labor supply and demand closer together to better connect the right people to the right jobs. We look forward to welcoming the Monster team and working together to shape the evolving global job industry.”
Furthermore, Randstad says the benefits to it include a) “… new and innovative capabilities that deliver greater value to job seekers and employers by bringing labor supply and demand closer together”b) “services to offer both clients and candidates tools for increased efficiency and engagement, connecting more people to more jobs” and c) increased earnings per share for Randstad.
Under the terms of the deal, Monster will continue to operate as a separate entity and keep its name. Monster is being bought for about a 23% premium to its closing stock price on August 8. While the deal is expected to be completed in Q4 this year.
(RELATED: Monster Acquires ‘Tinder for Jobs’ App, Jobr)
Brexit One Month On: The Cost to Recruitment
It’s been just over a month since the UK delivered the shock verdict that a small, but significant majority of the British people wanted to leave the EU. Following the decision, a wave of damning economic forecasts emerged and the Prime Minister handed in his resignation. Life and business in the UK is in a state of turmoil, but how is it affecting the recruitment industry so far?
According to Techcrunch.com, the biggest and most pressing concern for UK startups in the wake of the Brexit referendum result remains what will happen with free movement, with many worried about the impact on existing non-UK EU staff and whether they will have easy access to a Europe-wide talent pool in future or not. There’s also anecdotal evidence from UK startups that some EU workers are questioning whether they should now accept a job in London or the UK, given the uncertainty over their future status in the country.
One founder also recounted several instances of non-British EU workers being made to feel unwelcome in the UK after the referendum vote, and expressed concern about the UK’s social cohesiveness and the future trajectory of ‘Britishness’ — suggesting the UK could see a brain-drain if entrepreneurs feel compelled to look elsewhere for a social structure that matches their expectations for tolerance and liberal values.
“My main concern is staffing as we grow the business. Making sure we can still attract top talent into the roles that we have, especially the chef roles, engineering roles, development roles. Because traditionally, up until now, we’re hired actively — in the UK as well — but very actively in Europe.” Rahul Parekh, CEO and founder of EatFirst.
“But the biggest impact so far has been felt by our staff and potential talent. Significant destabilisation for our international contingent who feel that this country no longer wants them here. One employee’s French wife was told to pack up and go home on the tube, another’s Spanish boyfriend was left in the office of his architecture firm with another international colleague as his firm went out to celebrate Brexit on the 24th, with his bosses later boasting about how he was good value for money and couldn’t possible ask for a pay rise now. Another was shouted at and abused as he cycled home in Cambridge. A potential hire has failed to commit, seeking more time to evaluate whether Berlin should now be her focus instead. And finally a non-EU but international colleague has felt destabilised enough to seek out a particular academic opportunity and leave now because they feel the door might be closing because of what is coming in terms of immigration policy and academic research funding.” Tom Adeyoola, CEO and founder of Metail.
“In the medium term there may not be sufficient appetite among the best developers, designers and marketers in the EU to come to live and work in London. London’s reputation as a leader in tech has to date been sufficient to draw talent to our business in spite of high rents and cost of living. Without that reputation, we may see our ability to hire the best people impacted. This is the line in the sand for us — if we can’t hire who we want to, we head for Berlin.” Richard Mabey, CEO and founder of Juro.
The exception however, would appear to be Adecco – the biggest staffing group in the world – who have posted in-line results for the second quarter and forecasted modest growth, signalling Brexit has not hit them. Their Chief Executive, Alain Dehaze, told Reuters: “We don’t see any material impact of Brexit, either in the UK or in the neighbouring countries and the UK’s trading partners. We have seen a continuation of this modest growth and slow recovery in France in the month of July and also since the beginning of August.”
(RELATED: Online Job Ads fall by 47% Post-Brexit)
Get Ready to Enjoy Facebook’s Redesigned Business Pages
Facebook is now finalising the widespread rollout of a new, cleaner look-and-feel for its Business Pages, which does away with tabs in favour of left-hand side navigation, and makes the Page’s call-to-action buttons – like “Sign Up,” “Shop Now,” “Learn More,” – far more prominent than before, among other things.
The most significant change in terms of interacting with the Pages’ content is that the new Page no longer has tabs. Instead, it feels more like a traditional website, featuring navigation on the left-hand side that will allow you to more easily browse its various sections, like its About page, or the Page’s Photos, Videos, Events, Likes and more.
The Page’s Profile Picture and Cover Photo have also been repositioned. The Profile picture now appears on the top left of the Page above the new navigation. That means that the Profile pic will no longer block the Page’s Cover Photo, which is shifted off to the right. The Cover Photo is still the same size as before, however (828×315 pixels), so businesses will not need to make any immediate changes unless they had crafted a Cover image in a way that either worked around the Profile pic or cleverly tied the two pictures together in some way.
More importantly, perhaps, is the way the new Pages make it easier for customers to interact with the business or brand in question. The bright blue call-to-action button now appears on the top right, directly beneath the Cover Photo. This button can be configured to encourage users to take the action the business wants to promote, whether that’s to shop their retail site, book an appointment, learn more about their business, watch a video, or any number of things.
In order to make room for all the new elements, the new Pages also no longer sport the right-side display ads, contributing to the overall cleaner feel that accompanies this update.
The new design is meant to bring the desktop Pages more in line with the mobile updates for Pages Facebook announced last year.
LinkedIn Posts HUGE Q2 (That Really Doesn’t Matter!)
LinkedIn reported revenue of $932.7 million and earnings of $1.13 per share. Analysts were expecting earnings of 78 cents per share on $898 million in revenue. LinkedIn’s report today caps off a half decade run as an independent company valued somewhere between a social network and an enterprise recruiting solution.
Of course, this report is largely moot. Earlier this year, LinkedIn announced it would be acquired by Microsoft for $26.2 billion. But this report itself might signal why Microsoft was so interested in the company. That, and the fact that Microsoft’s Satya Nadella draws an interesting comparison between Minecraft and LinkedIn:
“When I look at both Minecraft and LinkedIn, they’re great businesses that are growing. And so, in fact, if anything, our core job is to take that franchise and give it more momentum. In the case of Minecraft, it’s the biggest PC game, and we are the PC company. Their growth was moving to console. We have a console. Therefore, we are the perfect owner. Same thing with LinkedIn. They’re a professional network for the world. We have the professional cloud.”
It’s an interesting parallel, and possibly the most concise explanation of what sounds like the key deciding factor in both cases. Microsoft sees itself as possessing the platforms that can propel companies, which still possess growth potential, to the next stage.
This Guy Quit His Job in the Most Unique Way Possible
How would you quit your job? Go on admit it, I bet you’ve at least given it some thought over the years.
Did you fantasise about telling your boss to shove it, hiring a brass band to make your final elevator ride out of the building spectacular, or exposing Tom in accounting for how awful he is? Whatever your quitting fantasy, most of you will never see it through and when the time comes will quietly hand in your two weeks notice and leave without fulfilling your daydreams.
Not Redditor springmint5! springmint5 found an ingenious way to have the last laugh over is employer when he delivered them a sympathy card announcing his two weeks notice!
Candidate’s Dream Job Engagement Style Celebratory Photos Go Viral
While one employee is saying goodbye to his employer, another is saying a big hello!
After 7 months of being unemployed, Benita Abraham has landed her dream job, and has told the world of her achievements through a series of hilarious, engagement style photos posted on social media, exclaiming: “I said yes!”
“I finally found my soulmate, my perfect match, my boo,” Abraham wrote in her Facebook post. “After 7 long months, I found the perfect job with a company that truly cares about its employees and one I will learn so much from.” The images, staged in the style of an engagement photoshoot, show Abraham on the beach with a framed job offer letter, and in bed holding a coffee mug that reads, “Officially off the job market.”
Abraham was nervous about how her new employer, unnamed, would react to the viral post, however her new boss saw the funny side.
“It’s not just the marriages and the babies that should be celebrated,” Abraham said. “But also it should be anything you want — any type of achievement you’re proud of. It doesn’t necessarily have to be limited to a certain type.”
Fair play Benita! And best of luck for the future!