According to news out of Monster today, over 100 employees will be updating their resumes in hopes of finding a new job. The company has confirmed a reduction of approximately 5 percent of its global workforce, which currently numbers between 1,000 – 5,000, according to their LinkedIn company page.
“As Monster continues to evolve as a business, the company remains focused on delivering superior experiences and best-in-class matches,” said a company spokesperson. “Our aim is to make every workplace happier and more productive by transforming the way employers and candidates find the right fit. These are critical foundations for our continued growth, and we are focused on our vision, mission, and operating commitments for 2019 and beyond.”
Sources within the company who spoke to me on the condition of anonymity said layoffs impacted a wide variety of positions, including customer support and sales. Executives weren’t immune to the carnage either. A source told me Greg Avallone, vice president of enterprise sales at Monster, was let go. Monster would not confirm the termination of individual employees. Another source told me “about 30 people from the Indianapolis office were axed.”
CEO Scott Gutz said, “The impacted positions are across all functions and geographies with a focus on the globalization of our products and marketing initiatives, transforming how we sell to and service our customers, and redirecting resources to next generation technology and data solutions.”
Following its acquisition in 2016, Monster spent much of last year getting its house in order, bringing on a lot of new executives, including CEO Scott Gutz, who hasn’t even been on the job for a year. In light of the regime change, today’s announcement of layoffs isn’t a surprise. Part of a new CEO’s job is to come in and trim away some of the fat and make way for their own vision of the company with their own people in place.
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“To accelerate our progress towards sustainable, profitable growth across Monster, we have made the difficult decision to eliminate certain positions in our workforce across our global organization,” a Monster spokesperson said. “We regret the impact this will have on our colleagues and their families, and plan to do everything we can to support people affected and treat them with the utmost dignity and respect, including providing outplacement support to help ease the transition.”
This story is ongoing. Check back for updates.