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Jobsites On A Downward Slide? - Naukri CEO Says “I Feel There Will Be Slower Growth”
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Well economy recession in the US has had its impact on the IT industry in India with IT companies chilling out a bit on their hiring plans and also possibly hiving off people to cut corner and survive this downturn. But if they are cutting costs the direct impact of that is being felt by one of the high growth segments of the Internet space i.e. the Jobsite space.
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In this article Naukri Founder and CEO  and one of the leading pioneers of the jobsite space is India Sanjee Bikhchandani had this to say ’I feel there will be a period of slightly slower growth for the industry due to the softness in the economy. This could lead to a shakeout if the slowdown lasts for a year or two’
Bikhchandani also warned ‘All job sites other than the top three would be hit badly if economic slowdown stayed’
What are the signs of  a downslide?
Jobsites have been having a tough time and a good indication of that is that some are shutting shop and are being acquired by others. Also there are others who are searching for alternative business models other than job listings inorder to stay afloat in this competitive market and downslide.
Is Social/Business Networking Killing Jobsites?
With the web opening up and users posting their personal and professional profiles on the web and with more and more users/recruiters getting web savvy its only natural for them to use these free social networking sites both to scout hires and to find jobs as well. We had blogged about earlier and had given 5 reasons why we felt that networking sites were a threat to jobsites. Also as networking worked on a model of referral it wasn’t surprising to see a plethora of job refferal sites coming to the fore. Now if the slowdown does stay even refferal sites might get affected.
What Should jobsites do to survive?
Mr.Bikhchandani rightly mentions that the top 3 jobsites would make money and during a slowdown possibly only the top player would make money.
So how can other jobsites survive the downturn? Well here what might work..
Increasing revenue via Ad revenue - Ads is a good way to monetize one’s traction. The advertising sales could be targetted to non recruitment oriented companies. For example virgin mobile could advertise as candidates are young and fall under their target audience. What jobsites need to work on is packaging their ad proposal in a way thats attractive to non recruitment centric advertisers. Educational institutes could be a big advertiser as well.
Lowering Costs Via Social Media Marketing: The acquisition costs of resumes affects the profitability of Jobsites and the use of social networking sites which are free could help in reducing that cost and also getting relevant targetted audience viewing and applying to job posts. There are a bunch of social media marketing companies out there as well which could be of help.
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