The financial results from Ziprecruiter and Indeed last week were not good. Their sales are down significantly (30% ish) due to cautious hiring. This week a smaller diversity job board network, Professsional Diversity Network Inc. also released results and they are much the same.
Here’s how their CEO described it;
“Our industry has seen the continued slowing through the second quarter of 2023. We have seen some hiring come back as seasonal industries begin to ramp up and we are poised to take advantage of this. We have created an internal marketing department which is focused on strategic targeting of industries and we have seen some of our new efforts paying off already.” said Adam He, CEO of Professional Diversity Network.Adam He, CEO
Total revenues for the three months ended June 30, 2023 decreased approximately $354,000, or 16.1 percent, to approximately $1,841,000 from approximately $2,195,000 during the same period in the prior year. The decrease was predominately attributable to a reduction in recruitment services revenues of approximately $265,000.
During the three months ended June 30, 2023, our PDN Network generated approximately $1,101,000 in revenues compared to approximately $1,386,000 in revenues during the three months ended June 30, 2022, a decrease of approximately $285,000 or 20.5 percent. The decrease in revenues was primarily driven by the continued softening in client hiring due to the macroeconomic environment change stemming from the latter half of 2022 and continuing in the second quarter of 2023.
Until employers climb out of their hiring shell, the rest of this year should be much the same. But still, no recession has materialized so they can’t stay on the fence forever. Perhaps things will heat up by the start of the hiring season in January of 2024.