Group President, Asia Pacific | 27 May 2004
We have acquired JobsAhead.com, one of the leading online recruitment firms in the country. In fact, this is the first acquisition in Asia which falls in line with the other three acquisitions in Europe and US. This will add a database of 22 lakh more resumes on the website and a traffic of 65 lakh job seekers every month.
Jobsites the world over are giving print publications the run for the money. The job supplements of key newspapers are gradually losing their primacy to highly enterprising jobsites. It is estimated that online recruiting business commands 12 per cent of the total revenue generated from recruitment advertising in the country. Stuart J McKelvey, Group President, Asia Pacific, Monster Worldwide, sees huge potentials in the Asian market. Acquisitions, expansions and an exponential increase in profit are the key focus areas of the firm as far as India is concerned. In an interview with Ranjana Gupta of exchange4media.com, McKelvey shares his thoughts on the Internet jobs business in the country. Read on.
Q. Do you think the Internet has come of an age in India and what fuels the growth of online job recruitments in the country?
I strongly feel that the Internet has a bright future in India. It may not have come of age but its usage has certainly gone up considerably over the years. Well, talking about the factors responsible for the growth of online job recruitments in the country, increasing corporatisation and opening up of the economy have been the primary reasons for propelling the growth. There is a greater number of MNCs, in particular IT-related firms, that are advertising on the Net for jobs. In fact, the Internet has proved its dominance over other mediums when it comes to areas like travel, auctions and jobs.
Q. Which sectors have contributed to the growth of online job recruitment business?
Initially, looking at India, infotech was responsible for the growth, where not only majors like Wipro and Infy advertised but also mid-sized companies used the medium effectively. Right now, sectors like retail, telecom, and pharmaceuticals have also started contributing significantly to the business.
Q. How would you assess the performance of Monster India?
Monster India has come a long way since its inception. At present around 55 lakh job seekers visit the site every month and there is a database of around 16 lakh resumes available on the site. Recently, we have acquired JobsAhead.com, one of the leading online recruitment firms in the country. In fact, this is the first acquisition in Asia which falls in line with the other three acquisitions in Europe and US. This will add a database of 22 lakh more resumes on the website and a traffic of 65 lakh job seekers every month. From now on the integrated services will be christened as Monster. We are looking forward to more such acquisitions in future.
Q. What sort of advertising revenues are you targeting in the coming years?
Well, right now there is certainly good competition from print as far as getting a share of the marketing revenue is concerned. However, in India the revenue generation has been steady and we are anticipating hundred per cent growth this fiscal.
Q. How much does the India operation contribute towards your global revenue?
At present the global revenue of the Monster group is $ 750 million. Out of this at present India contributes a small percentage. However, in future we anticipate that India will contribute quite significantly to this number.
Q. What are the future plans of Monster India?
At present I see the Indian jobs market growing each day and this will increase our share considerably. At present we have 65 per cent of the market share in online jobs recruitment business. This number will see a considerable upswing this fiscal. Monster will emerge out as a truly user-friendly online jobs website in the coming years.