yellojobs.com Closure?
May 7, 2009 by Emma Sorensen
Job referral website yellojobs.com has allegedly shut down.
yellojobs.com operates in India, Thailand and the US. The news was reported by Cheezhead, who said that the Indian branch had shut, following the dissolution of the US branch last August when CEO Jim Newfrock, VP of Business Development Brad Wells, and COO Alex Conway left the company due to a clash of opinions.
The company’s press and news pages have no reports of a closure, and it is unknown if the Thailand based website is also to close.
webnewswire.com also reported the apparent closure, saying:
“The site has not been updated for a long time. Rumour is that the staff was not paid for several months. yellojobs.com fell to 13,92,031 in last week of Alexa rankings from an average of 94,134 in the last three months.”
yellojobs.com claims on its website to be a unique recruitment website where Internet users can earn cash rewards when they refer their friends to interesting jobs posted on the site. yellojobs.com enables companies to widen their web of referrals to parties outside the company, allowing everybody to become a recruiter.
It is a joint venture between Yello Pte Ltd, a Singapore-based online advertising company, and Contract Recruitment Ltd, a London recruitment company claiming a strong presence in India.
yellojobs.com has a sister website under the yellohub group brand: Yello Classifieds is a free online marketplace for buyers and sellers in Asia with listings in jobs, property, auto and general “market” items.
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Yellowjobs is a very innovative model of referral recruitment that allows users to make money. Indian business was especially successful and was full of popular employers and hiring. What upset the company was the delay in funding of the Singapore headquartered parent company and then their Indian General manager’s moving out- who apparently was a very sought after resource. Jobs market is understandably going through a very tough phase and there is more consolidation likely to happen.
All job boards are facing a tough time. Be it craigslist, monster, dice, careerbuilder and Asian grown jobstreet, naukri, timesjobs and all. They are all bleeding and the historically cash rich groups like times of India group and Hindustan times group are also seeking VC money. Yellojobs did credible work when compared to referral boards in Asia. Monster MD moved to Yahoo, timesjobs sacked their business head, reffster closed down much earlier, … All dead. Naukri will survive with strong fundamentals in India.
Yes, yellow staff wasn`t paid for 4 months, and the management did not even think for them once..their CEO visited India but not his own office.. their India GM left the ship when it started sinking.. and all the management were sitting comfortably watching the game.. My friend was working with the same company in India and now he is striving daily to run his family.. May god let all the management face the same situation.. !! and this be lesson to them..!!
it is a market in recession and every other company in India is either laying off staff or shutting down. What does not change is the ability of an employee to get another job, which is mostly based on their calibre and performance history. I also used to work for Yellojobs in Noida, but I started job hunting the day our GM told us about a possible funds crunch and advised us to start looking-out & thankfully he helped me get another job within days. Almost all other staff members have started working elsewhere except for a handful who were mostly interested in politicizing the issue and were unwilling to accept reality. Its tough for sure but there are numerous opportunities still in India and not as bad as in US today.