🤝 Monster, meet CareerBuilder

👋 Hey there, TA folks! You’re right on time.

Or, you’re late! Fortune Magazine recently performed a (highly unscientific) study on the streets of Manhattan, and the overwhelming consensus was that being right on time to work means that you’re late. Having said that, a 2018 study from San Diego University found that people who are late are more successful in their careers and lead longer and more fulfilling lives. Candidates who are late to your screening interviews though … that’s a different story.

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— Team RecruitmentMarketing.com ✨

Today’s edition is a 3-minute read. Here’s what to expect👇

🗞️ Monster and CareerBuilder merge
🌎️ LGBTQ+ workers paid less than peers
💰️ SmartHR announces Series E
💻 TA roles at Mastercard, Stripe
💼 Layoffs at Burberry, BeReal

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This week, two of the biggest recruitment boards—Monster and CareerBuilder—are becoming one, singular entity. CareerBuilder investors will keep a controlling interest, while Monster investors will retain a minority stake.

👉️ Why this matters.
Monster and CareerBuilder are two of the biggest names in hiring, though they are far from the most profitable, at 20th and 21st overall in terms of job advertising revenue.

🤔 Why this happened.
Well, both companies are dinosaurs in the tech space. Monster was started in 1994 and CareerBuilder in 1995. The timing is perhaps the most interesting part, as there’s a shot at retaining relevance as the looming threat/boom of AI is just around the corner. And yet, ultimately, this means that the new company will really need to innovate if it wants to stay afloat.

💼 What this means for TAs.
Unless the new company makes a game-changing product sometime soon… not much. This also doesn’t necessarily make either entity stronger, it simply consolidates two former rivals.

🚒 What the pundits are saying.
It seems like everyone is giving this one big shrug. “What happens when two dumpster-fires merge?” inquired HR pro Chad Sowash on the Chad and Cheese Podcast last week. “Well, you get a larger dumpster-fire,” he said. “A merger of two old job boards is probably a fitting end to both companies which are long past their prime,” said another HR tech pundit Chris Russell in a blog post. And finally, as the Job Board Doctor pointed out in his own blog: “It takes a long time to build an effective brand, but not so long to destroy it.”

⚡️ Further thoughts?
Reply to this email and let us know. We’re mostly curious what its new name will be—our money is on MonsterBuilder.

📥️ Read more at RecruitmentMarketing.com

NUMBERS

Numbers That’ll Make You Think

• 16% — The percentage that LBGTQ+ workers are paid less than their peers (HR Brew)

• 66 — The number of staffing firms in 2023 that generated over $100m in revenue (SIA)

• $504m — The total amount of federal grant money released to create a dozen tech hubs outside of Silicon Valley (Of note: Congress actually authorized $10b (yes, that’s billion) but just 5% of it has gotten to the hubs themselves) (NYT)

• 4.1% — The unemployment rate for June 2024, up from 4% in May. Some of this may be attributed to layoffs from the real estate sector from early in the year, with 6-month buyouts ending (NYT)

• 7.48% — The pay increase that CIOs see in their paychecks, thanks to the increased adoption of AI. It pays to know a bot! (WSJ)

INDUSTRY INTEL

M&A Deals, Industry Moves, & Other Things To Know

• US District Judge Ada Brown in Dallas delayed the employment non-compete ban which was set to go into effect nationwide on September 4th (Of note: About 1 in every 5 employed Americans are involved in a non-compete agreement) (SIA)

• Talent platform Phenom, valued at over $1b in 2021, has acquired Tydy, an HR tech company that specializes in onboarding (Press Release)

• Recruiting platform Hireology announced a new partnership with Activated Insights in an effort to “revolutionize” healthcare recruitment (RecruitmentMarketing.com)

• HR tech startup Remofirst announced two new executive appointments: Elizabeth Finn Payne joined the company leading finance, and Ki Lin Tay leading its legal and people functions (Globe Newswire)

• Japan-based HR and labor management software company SmartHR raised $140m in Series E funding (TechCrunch)

• The Federal Reserve is expected to cut interest rates if the job market softens (NYT)

• The Financial Accounting Standards Board voted to require companies to “mandate quarterly disclosure of employee compensation” among other expenses in the footnotes of income statements (TLDR; quarterly reports just became must-reads, not nice-to-haves) (WSJ)

Need to find the right technology to meet your hiring objectives this year, but not sure where to start?

RecruitmentMarketing.com has got you covered. In less than 5 minutes (and at no cost), tell us what you need to transform your talent strategy. We’ll work to match you to the right categories of solutions and the right vendors to meet your company’s unique needs.

👉️ Start now

OPEN ROLES

Jobs You Might Want (For Yourself!)

• Genealogy company Ancestry is hiring a Senior Director of People based remote, with headquarters in Lehi, UT

• Insurance company MetLife is hiring a Dental Network Development Recruiter based remote, with headquarters in New York, NY

• Financial services giant Mastercard is hiring a People Business Partner based in Purchase, NY

• Fashion marketplace Poshmark is hiring a Senior HR Business Partner based in Redwood City, CA

• Manufacturing company Honeywell is hiring a Human Resource Manager based in Des Plaines, IL

• Payments platform Stripe is hiring a People Partner based in New York, NY

For more of these roles delivered to your inbox every Monday, subscribe to the RecruitmentMarketing.com Weekly Jobs newsletter by clicking here. For a full list of open roles, head over to our TAlent Job Board by clicking here. If you’re publicly seeking a job, get highlighted during our #TalentTuesday by filling out your profile here.

LAYOFFS

Places For You To Source Fresh Talent

• Luxury brand and plaid magnate Burberry is set to lay off “hundreds” across several divisions (Telegraph)

• Software company Intuit is cutting 1,800 employees, or 10% of its workforce, swapping out low performers and executives with fresh hires meant to sharpen the company’s focus on products that use artificial intelligence (Bloomberg)

• Software company Open Text plans to cut 2% of its workforce, or about 1,200 jobs (MarketWatch)

• Social media company BeReal will cut 28 positions just a few weeks after being acquired by games publisher Voodoo (PocketGamer)

• Travel-deals website Priceline will soon axe 103 jobs, or roughly 7% of its workforce, citing “resource allocation” (Travel Weekly)

• Tech giant Microsoft is in the process of eliminating an unknown but significant amount of jobs (Reports are circulating that product and program management roles have been affected the hardest; Microsoft has not confirmed an exact number, though they have laid off 3,000+ workers since January 2024) (GeekWire)

WEEKLY TRIVIA

Test Your TA Knowledge

 👋 Thanks for reading!