History
The Online Career Center was developed as a non-profit organization backed by forty major corporations to allow job hunters to post their resumes and for recruiters to post job openings.
In 1994 Robert J. McGovern began NetStart Inc. as software sold to companies for listing job openings on their Web sites and manage the incoming e-mails those listings generated. After an influx of two million dollars in investment capital he then transported this software to its own web address, at first listing the job openings from the companies who utilized the software. NetStart Inc. changed its name in 1998 to operate under the name of their software, CareerBuilder. The company received a further influx of seven million dollars from investment firms such as New Enterprise Associates to expand their operations.
Six major newspapers joined forces in 1995 to list their classified sections online. The service was called CareerPath.com and featured help-wanted listings from the Los Angeles Times, the Boston Globe, Chicago Tribune, the New York Times, San Jose Mercury News and the Washington Post.
The industry attempted to reach a broader, less tech-savvy base in 1998 when Hotjobs.com attempted to buy a Super Bowl spot, but Fox rejected the ad for being in poor taste. The ad featured a janitor at a zoo sweeping out the elephant cage completely unbeknownst to the animal. The elephant sits down briefly and when it stands back up, the janitor has disappeared. The ad meant to illustrate a need for those stuck in jobs they hate, and offer a solution through their Web site.
In 1999, Monster.com ran on three 30 second Super Bowl ads for four million dollars. One ad which featured children speaking like adults, drolly intoning their dream of working at various dead-end jobs to humorous effect were far more popular than rival Hotjobs.com ad about a security guard who transitions from a low paying security job to the same job at a fancier building. Soon thereafter, Monster.com was elevated to the top spot of online employment sites. Hotjobs.com's ad wasn't as successful, but it gave the company enough of a boost for its IPO in August.
After being purchased in a joint venture by Knight Ridder and Tribune Company in July, CareerBuilder absorbed competitor boards CareerPath.com and then Headhunter.net which had already acquired CareerMosaic. Even with these aggressive mergers CareerBuilder still trailed behind the number one employment site Jobsonline.com, number two Monster.com and number three Hotjobs.com.
Monster.com made a move in 2001 to purchase Hotjobs.com for $374 million in stock, but were unsuccessful due to Yahoo's unsolicited cash and stock bid of $430 million late in the year. Yahoo had previously announced plans to enter the job board business, but decided to jump start that venture by purchasing the established brand. By August 2002, Monster.com posted a loss of $504 million forcing COO James Treacy to resign.
Read more about this topic: Employment Website
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