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John Sumser presents the interbiznet Bugler

interbiznet presents The Bugler

December 14, 2006

2006 Top Ten
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- Staffing Strategies: Can You Find, Recruit, and Retain the Talent You Need?

Reveille and Hyperbole:
Hundreds of leading African-American students were recently connected with recruiting executives from 60 prominent companies, including Wal-Mart, Bank of America, AT&T and Nike, thanks to a partnership between the Thurgood Marshall Scholarship Fund (TMSF) and TalentPen, a candidate collection and personality matching system. The New York-based college fund promotes equal access to higher education, working with 47 historically black public colleges and universities to prepare the brightest students for today's workforce. TalentPen was an instrumental partner for TMSF's Sixth Annual Leadership Institute, a November conference that prepares new graduates for corporate employment.

HPM Bootcamp, a nationwide series of three-day, intensive training sessions geared toward corporate leaders in search of a hands-on approach to implementing health and productivity management (HPM) strategies, has joined forces with the World Congress 2nd Annual Health & Human Capital Management (HHCM) Congress as part of a professional affiliation to benefit employers across the nation.  The synergistic pairing "will allow employers of all sizes access to a full range of HPM educational and learning experiences," explains Les C. Meyer, a seasoned healthcare strategist and CEO of HPM Advisors, Inc., a Denver, Colo.-based think tank and creator of HPM Bootcamp. He calls the World Congress's upcoming HHCM Congress "one of the industry's premier health management and human capital events."

BrightMove version 2.4 is here and live. The BrightMove Applicant Tracking system is now more customized to the needs of individual companies. BrightMove version 2.4 gives its user base more flexibility and control, ensuring that professionals are able to use BrightMove to manage unique and special recruiting and hiring processes. Version 2.4 also makes it easy to comply with the new Federal Department of Labor OFCCP regulations. BrightMove Applicant Tracking System is now even better, more flexible, and OFCCP compliant.

What does it take to find the right job? How do job seekers position themselves to get noticed by employers? And, what are some of the best ways to bypass the gatekeepers inside a company and reach the real hiring authority? On Friday, December 15, 2006, the American Marketing Association, Dallas-Fort Worth Chapter, will present a "Guerrilla Job Hunting" Seminar from 8-10 AM at Hackberry Creek Country Club, Irving, TX. A panel of career experts with more than 60 years combined experience counseling marketing and business professionals will share their insights on the best ways for job seekers to find a new position or enhance their present opportunities for career growth. Among the topics to be discussed are:

  • How to create a brand identity that separates a candidate from the competition?
  • Conducting a self-assessment of skills that identifies your best areas for success.
  • Creating cover letters that get read and resumes that resonate with employers.
  • What are the words, the format and the tone essential to an effective resume?
  • How to develop a job search strategy that combines on- and offline marketing?
  • What are the latest tools and techniques available to improve job hunting results?

According to the 2007 Talent Outlook Survey conducted by Cytiva Software Inc. (TSX-V: CRX), HR professionals and recruiters had a harder time this finding good candidates in 2006. And they expect things to get worse in 2007.  Cytiva, developers of the SonicRecruit on demand talent acquisition system, surveyed over 100 HR and recruiting professionals. The survey was designed to find out if finding good candidates is getting more difficult and learn what companies are planning to do about increasing their staffing success. According to the survey, 62% of respondents believed that finding good candidates was more difficult in 2006 than in 2005. What's more 61% believed this trend would continue in 2007. The difficulty in finding good candidates was felt most in professional and management employee categories. Fewer respondents felt that finding good hourly position candidates was harder, with only 54% reporting more difficulty in 2006.

You Should Know:
Checkout's Job Index

MBP Overview: What's Going On in the Newspaper Industry, Updated
The struggle newspapers are currently engaged in may be one for their very existence: consumers are getting their news from a variety of new sources, mostly online, so readership of the printed product is declining, and advertisers are following the migration, shifting dollars away from print newspapers and opting instead to spend that money online where they can take a more targeted approach. Meanwhile, costs of publishing a print edition are rising. (Media Buyer)

Here's A Bold Idea For Newspapers Trying To Attract Back Young Readers (Mostly Unsuccessfully):
Forget It And Concentrate On Your Core Readers 45 and Older
Newspapers have been trying whatever they can to attract back younger readers – special sections, something for the young on almost every page -- but at the end of the day those young readers are still slipping away to the Internet. So why not just throw in the towel and concentrate on those readers who really do want their daily newspaper read – those aged 45 and over. (FTM)

Letter from the Wall Street Meetings:
Content Comes Center Stage

Newspaper companies tout online innovations at meetings with investors and analysts.
When newspaper executives pitch their companies to investors and analysts at twice-yearly meetings in New York, there is always a buzzword or two in the air. Last week it was "transformation." Or, as a variant: "transformational." In other words, the industry may be stuck in the mud financially, but big changes are in progress.  Operating results have been so bad for so long now -- two years -- that the "brighter future" theme was to be expected. What was surprising was that journalism, especially innovative online content, was prominent in many presentations. And the leader of the pack: Gannett. (Poynter Online)

Newspapers Seeing Hard Times Across the Atlantic as Well
Across the Atlantic, things are tough for French newspaper publishers, too, and don't look to improve soon. "Newspaper executives are fairly pessimistic about the future," Antoine de Tarl้, the vice president of France's largest daily, Ouest-France, tells E&P. "Circulation is going down by 1.5% or 2% per year, and the competition with the Internet and the free sheets is very tough." (Editor and Publisher)

Eighth Consecutive Quarter of Double Digit Online Increases;
Print and Online Newspaper Advertising Up 1.8 Percent;
Real Estate advertising climbs more than 26 percent

Advertising expenditures for newspaper Web sites increased by 34.9 percent to $613 million in the first quarter versus the same period a year ago, according to preliminary estimates from the Newspaper Association of America. Print and online expenditures together totaled $11.1 billion for the first quarter of 2006, a 1.8 percent year-over-year increase. Spending for print ads in newspapers totaled $10.5 billion, up 0.3 percent versus the same period a year earlier led by strong gains in real estate advertising. (NAA)

Skills shortage biggest threat to London
A shortage of skilled staff is proving the biggest barrier to business in London, according to a survey from the CBI and KPMG.  It found 67% of respondents said they expect skills shortages to be the biggest obstacle to business growth over the next six months, up from 53% a year ago. Upward pressure on wages is the other major concern. It found businesses are increasingly turning to migrant workers to address the skills gap, with half reliant on staff from other EU countries, and 37% on non-EU workers. (Recruiter)

People not pages
ABC ELECTRONIC (the UK's leading auditors of internet traffic figures) has announced that Unique Users rather than Page Views will be the new mandatory metric for sites undertaking audits. This is great on a number of levels, but mostly because Unique Users is a much more relevant metric for advertisers than Page Views, particularly in the recruitment space. Consumer advertisers might be interested in the total number of page views a site generates if they are booking banners on a CPM basis, but for recruitment advertisers it's all about the audience of the site (and this is the reason that NORAS has always used ABC E Unique User numbers, but not included Page View figures).  (Online ecruitment)

AdWords Coordinator - Mountain View
Mutiple positions available in Mountain View, CA.
Are you excited by working with customers and helping them get the most out of their advertising efforts? As an AdWords Coordinator, you will be responsible for helping advertisers manage their online campaigns. You must be able to provide creative solutions to your clients' advertising needs. We are looking for motivated individuals who have a passion for first-rate customer service, advertising creativity, and teamwork. Candidates should be eager to take on the challenges of working in a fast-paced, constantly-changing organization. The AdWords Coordinator will join a team of dedicated individuals and should be extremely proactive, organized, and responsible.


  • Provide excellent customer service to Google's advertisers.
  • Respond to customer service inquiries by phone, email and live chat.
  • Troubleshoot existing advertising campaigns and technical problems.
  • Optimize keyword lists and ads in order to maximize advertisers' ROI.
  • Consistently monitor emails, customer feedback and satisfaction.
  • Opportunities to work on special projects, as needed.
  • Requirements:
  •     BA/BS or equivalent experience.    
  •     Detail oriented; ability to complete a large volume of high quality work quickly.
  •     Excellent written and verbal communication skills.
  •     At least 2 years customer service/client service experience preferred.
  •     Related experience at an Internet company.
  •     Strong computer applications skills.
  •     Advertising operations experience preferred.
  •     Written fluency in at least one foreign language highly preferred.

Deep Release:
Monster Worldwide Files Restated Historical Financial Statements
Provides Update on Investigation into Historical Stock Options Grant Practices
Monster Worldwide (NASDAQ: MNST) today announced that it has filed with the United States Securities and Exchange Commission ("SEC") an amended annual report for the year ended December 31, 2005, an amended quarterly report for the quarter ended March 31, 2006, and a quarterly report for the quarter ended June 30, 2006. The filing of these reports satisfies the conditions for continued listing established by NASDAQ's listing qualification panel. The Company plans to file with the SEC within the next two weeks, a quarterly report for the quarter ended September 30, 2006, at which time it will be current in all of its SEC filings.

As discussed in greater detail below, the Company has restated its historical financial statements to reflect the results of an investigation into its historical stock option grant practices, and has recorded a cumulative charge of $339.6 million ($271.9 million net of tax) on stock options granted between 1997 and March 31, 2003. The Company has also amended Part III of its annual report to more fully reflect transactions with Andrew McKelvey, the Company's former Chief Executive Officer, as a result of an inquiry conducted by management and the Board of Directors following his departure.


On June 12, 2006, the Company announced that a committee of independent directors of the Board of Directors (the "Special Committee"), assisted by independent legal counsel and outside accounting experts, was conducting an independent investigation to review the Company's historical stock option grant practices and related accounting. The Special Committee and its advisors conducted an extensive review of the Company's historical stock option grants and related accounting, including an assessment and review of the Company's accounting policies, internal records, supporting documentation and e-mail communications, as well as interviews with current and former employees and current and former members of the Company's executive management and Board of Directors.

On July 26, 2006, the Company announced that although the Special Committee investigation had not yet reached a conclusion, the Company cautioned shareholders and the investing public against relying on previously published financial statements. On October 25, 2006, the Company announced that its Audit Committee, after consultation with senior management, the Special Committee and the Company's independent registered public accounting firm, determined that the consolidated financial statements and related financial information contained in its Annual Reports on Form 10-K through December 31, 2005 should no longer be relied upon.

The Special Committee has determined that the exercise price of a substantial number of stock option grants during the periods between 1997 through March 31, 2003 differed from the fair market value of the underlying shares on the measurement date. In most cases, the original date assigned to the grant corresponded to the date as of which a unanimous written consent ("UWC") was executed by the members of the Compensation Committee of the Company's Board of Directors, but the date of that consent did not correspond to the actual date on which the identities of the individual optionees and the number of shares underlying each option was determined. The Company believes that the dates as of which the UWCs were dated were earlier than the dates on which they were actually executed. In a significant number of instances, the stock price on the assigned date (the date as of which the UWC was executed) was lower, sometimes substantially lower, than the price on the date the award may be deemed to have actually been determined. The Company believes that this practice was done intentionally, by persons formerly in positions of responsibility at the Company for the purpose of issuing options at a higher intrinsic value than would have otherwise been the case.

Restatement Methodology

Historically, the Company has generally accounted for stock option grants as if the options were granted at an exercise price no less than fair market value as indicated by the closing price of a share of the Company's common stock trading on the NASDAQ National Market on either the "as of" date reflected on the relevant UWC of the Compensation Committee of the Board of Directors or the date of minutes of an actual Compensation Committee meeting ("Minutes"). A majority of stock options granted during the period under review were granted pursuant to UWCs. The UWCs, by their terms, typically referred to an attached Schedule A listing the specific names of the grantees and the number of shares subject to each option. The UWCs that have been located by the Company, however, either have no Schedule A annexed to them, or where one is attached, it frequently does not match the Company's electronic stock option database.

The Company has therefore concluded that neither the "as of" dates referenced on Compensation Committee UWCs, nor the dates of Minutes can be relied on as proper option grant measurement dates. The Company has been unable to ascertain with any degree of certainty when, if ever, UWCs or Minutes with full, complete and final Schedule As were reviewed and approved by the Compensation Committee.

In light thereof, the Company has concluded that the most appropriate and accurate source of data to determine option grant measurement dates is the electronic record of option grant information resident in its electronic stock option database program known as Transcentive, which went into use in late 1998. The entry into Transcentive of the specific grantee information as to each stock option grant constituted an acknowledgement by the Company to the grantee of the grantee's legal entitlement to the grant and, in the absence of authoritative information as to when grants were actually approved by the Company provides an appropriate measurement date framework based on entitlement. For option grants made subsequent to the implementation of Transcentive, the Company has calculated the restated intrinsic value using a grant measurement date based on when the option data was entered into the database program (the "Creation Date"). For options granted prior to the implementation of Transcentive, the new measurement date was determined by applying the average lag time between the "as of" date and the Creation Date for options granted subsequent to the implementation of Transcentive to the originally utilized measurement date in order to approximate a reliable measurement date. The average lag period between the date as of which UWCs were executed and the date that options purportedly granted by such consents were inputted into the Company's Transcentive system was ninety-seven days. For grants prior to December 1998, the Company has therefore used measurement dates equating to ninety-seven days following the date as of which the UWC relating to such options were executed.

Given the volatility of the Company's common stock, the use of another measurement date could have resulted in a substantially higher or lower cumulative compensation expense. This in turn would have caused net income or loss to be different than amounts reported in the restated consolidated financial statements.


Based on the findings of the Special Committee, management of the Company has concluded that the Company's consolidated financial statements as of December 31, 2005 and 2004 and for the years ended December 31, 2005, 2004 and 2003, the selected financial information as of and for the years ended December 31, 2002 and 2001 and the quarterly periods in 2005 and 2004 should be restated to record additional non-cash stock based compensation expenses and related income tax effects, resulting from the stock option review. As of December 31, 2005, the Company had accelerated substantially all unvested outstanding stock options in order to mitigate compensation expense that would have been required upon the effectiveness of SFAS 123R beginning January 1, 2006. Accordingly, the 2006 periods will not be materially affected as a result of this restatement.

The restatement of the Company's previously issued financial statements reflects the following:

a) the recognition of non-cash stock based compensation expense and related income tax effects related to stock options affected by the grant dating issues; and

b) adjustments to previously recognized income tax benefits as a result of certain stock options that were granted to certain of the Company's executive officers with exercise prices that were less than the fair market value of the Company's common stock on the actual date of grant and, therefore, did not qualify as deductible performance-based compensation in accordance with Internal Revenue Code section 162(m) ("IRC 162(m)").

The Company has notified the Internal Revenue Service of the stock option review. Under Section 162(m), stock options that are in-the-money at the time of grant do not qualify as performance-based compensation. The Company is not entitled to a deduction for the compensation expense related to the exercise of those options held by officers who are covered by IRC 162(m).

In connection with the restatement, the Company has recorded cumulative non-cash stock based compensation of $339.6 million through December 31, 2005, offset by a cumulative income tax benefit of $67.7 million, totaling $271.9 million on an after-tax basis.

The effects of these restatements are reflected in the financial statements and other supplemental data, including the unaudited quarterly data for 2005 and 2004 and selected financial data, included in the amended Form 10-K/A. Monster Worldwide has not amended and does not intend to amend any of its previously filed annual reports on Form 10-K for the periods affected by the restatement or adjustments other than in this Annual Report on Form 10-K/A or any of its previously filed Quarterly Reports on Form 10-Q for any period prior to December 31, 2005.

The Company was unable to timely file its Quarterly Reports on Form 10-Q for the quarters ended June 30, 2006 and September 30, 2006, primarily due to the unavailability of reliable financial information for the 2005 periods. The Company's Form 10-Q for the quarter ended June 30, 2006 has been filed concurrently with the Company's amended Form 10-K/A as well as the Company's Form 10-Q/A for the quarter ended March 31, 2006. The Company expects to file a Quarterly Report on Form 10-Q for the quarter ended September 30, 2006 within the next two weeks of this filing date.

On October 6, 2006, Andrew J. McKelvey resigned from his positions as Chairman of the Board and Chief Executive Officer. The Board of Directors of the Company named William M. Pastore, the Company's then President and Chief Operating Officer, as its Chief Executive Officer and as a director. On that date the Board established an Executive Committee consisting of Salvatore Iannuzzi, chair, John Gaulding and Ronald Kramer to act for the Board in overseeing the Company's affairs and to perform the functions of the Chairman. Mr. McKelvey kept his seat on the Board of Directors and was named Chairman Emeritus. On October 29, 2006, Andrew J. McKelvey resigned as a member of the Board of Directors and as Chairman Emeritus. Mr. McKelvey and his legal counsel have advised the Special Committee of the Board of Directors that Mr. McKelvey had declined to be interviewed by the Special Committee on the previously agreed date and that Mr. McKelvey would not provide assurance he would appear at a later date.

Following Mr. McKelvey's resignation and at the direction of management and the Board of Directors, the Company's internal audit department and outside counsel examined certain transactions between the Company and Mr. McKelvey or entities or individuals affiliated with him. As a result of that examination, the Company has determined to expand the disclosure of related party transactions by including in the Form 10-K/A the information required by Part III that in the original filing on Form 10-K had been incorporated by reference to the Company's Proxy Statement. The Company has recently received reimbursement from Mr. McKelvey in the amount of $533,046, which includes interest, for certain expenses paid by the Company during the periods 1996 through 2006. The Company continues to seek reimbursement, plus interest, on certain other items.

On November 22, 2006, the Company's Board of Directors, with concurrence from the Special Committee, announced that it has terminated for cause Myron Olesnyckyj, the Company's former Senior Vice-President, General Counsel and Secretary. Mr. Olesnyckyj was suspended from his position on September 19, 2006. The action was a result of the Special Committee's review of the Company's historical stock option grant practices.

The Company's Board of Directors and senior management believe that the practices discussed related to the granting of options during the periods 1997 through March 31, 2003 are contrary to the high ethical standards they believe should apply to all of the Company's business practices.

Although the investigation is substantially complete, the Special Committee continues to analyze the facts disclosed by its investigation in order to make comprehensive recommendations to the Board regarding remedial steps, and is in the process of determining what remedial recommendations it will make. It expects to make those recommendations in the first quarter of 2007.

This press release should be read in conjunction with the Annual Report on Form 10-K/A and the Quarterly Reports on Forms 10-Q/A and Form 10-Q referred to in the release.

About Monster Worldwide

Monster Worldwide, Inc. is the parent company of Monster(R), the leading global online careers and recruitment resource. Headquartered in New York with approximately 4,600 employees in 35 countries, Monster Worldwide (NASDAQ: MNST) is a member of the S&P 500 Index and the NASDAQ 100. More information about Monster Worldwide is available at

Special Note: Except for historical information contained herein, the statements made in this release constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements involve certain risks and uncertainties, including statements regarding the Company's strategic direction, prospects and future results. Certain factors, including factors outside of our control, may cause actual results to differ materially from those contained in the forward-looking statements, including economic and other conditions in the markets in which we operate, risks associated with acquisitions, competition, seasonality and the other risks discussed in our Form 10-K and our other filings made with the Securities and Exchange Commission, which discussions are incorporated in this release by reference.

CONTACT: Monster Worldwide
Investor Relations:
Robert Jones, 212-351-7032

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