RNN has learned from sources within Monster that layoffs are underway, up to 8% of their global workforce of 4,000.
The former industry titan has fallen on hard times since its heyday, ultimately being acquired by Randstad. The company - which once had a valuation of close to 9 billion USD was scooped up for well under half-a-billion in 2016.
Monster responded to our inquiries, and shared this statement:
“As the COVID-19 pandemic continues to permeate the globe, we have seen a significant impact on the recruitment market with hiring on hold and an unemployment rate at record highs. To address today’s economic realities and protect and accelerate the evolution of our business, we made the difficult decision to reduce the size of our workforce.
"We still have a job to do. Every day, we are putting more resources into delivering a best-in-class online and mobile experience for our customers and enabling candidates and employers to find the right fit in today’s digital-first environment. We are steadfast in our commitment to helping those businesses in desperate need of frontline workers fill critical roles and stand at the ready to help get people back to work and companies hire again. In times like these our mission of helping people find meaningful work becomes more important than ever. We will weather this storm and make a difference in the lives of the people we serve.”
We are tracking down additional information on this breaking story, and will update as we hear more.
Sign up to get our monthly newsletter and updates about RNN.