Job platform Monster rebrands as foundit.in
Job search portalon Wednesday announced that it is transforming to a full-fledged talent management platform and will be known as ‘foundit.in’ with a new logo and vision.
The company said it will offer comprehensive solutions to recruiters and highly personalised and contextual services to job seekers across Asia Pacific and Middle East.
“Technology is leading disruption across sectors and talent acquisition is no exception. The pandemic has fundamentally changed the way we work and the way we hire,” Sekhar Garisa, Chief Executive Officer, foundit.in (previously Monster), said in a statement. “The platform of the future needs to cater to a highly dynamic job market, skill-based hiring and changing expectations from careers," he added.
What changes for Monster?
According to the company, users would have access to personalised job discovery and enablement solutions. With foundit.in’s customised search results feature, they will receive results and recommendations that are curated to their educational background, employment experience and validated skills.
As for recruiters, it will offer datasets of each candidate along with insights and analytics that will make the process efficient as well as customised for each role requirement, the firm noted.
The company also claims that this new interface and features would allow for seamless and smart interaction between recruiters and candidates.
The talent management platform would offer other features such as community led mentorship marketplace, skills validation through assessments, mobile first UI, personalised recommendations, and self enhancement tools like upskilling courses.
For a traditional job board, 95% of the revenues come from corporates and 5% comes from candidates, Sekhar said, adding, "Now, because we're doing a lot more things on the candidate side, we expect our revenues to be a bit more balanced between candidates and corporates."
"If you look at the market size, candidates spend a third of what corporate spend," he further explained, adding, "Hopefully in the next three years, we'll get there."
In 2018, Quess Corp acquired Monster Worldwide’s APAC & ME businesses as a strategic investment to strengthen its HR services portfolio.
Last year, Monster raised Rs 137.5 crore in a funding round led by investors Akash Bhanshali of Volrado Venture Partners and Mohandas Pai of Meridian Investments to fuel its product-led offerings and market expansion.
"Over the last couple of years, organisations 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, 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.in,” Ajit Isaac, Founder and Non-Executive Chairman of Quess Corp and foundit.in, noted.
(This article was update with additional quotes)
Edited by Akanksha Sarma