Moving from agent to principal with HotJobs. Besides acting as an agent that aggregates content, Yahoo! is taking steps to be a principal or owner of content and services in areas that make financial and strategic sense. One major step in that direction was Yahoo!'s acquisition of HotJobs in February 2002.
HotJobs' business is based on fees from employers, recruiters and staffing agencies to access the Company's database of resumes and to post jobs online. The service epitomizes the importance of Yahoo!'s focus on information and content, as it not only aggregates relevant data but also enhances its value by providing essential tools for job seekers and recruiters.
Proactive search and communication. Throughout the year, we continued to integrate HotJobs with the Yahoo! platform, replacing HotJobs' search engine with Yahoo!'s search technology and launching a new integrated product in November. As a result, HotJobs has become an even more valuable source of information for employers, recruiters and job seekers in the online careers segment.
Personalized job search. Yahoo! users can now easily access career tools as part of their daily regimen of reading customized news and information on their My Yahoo! pages. The new HotJobs module on My Yahoo! gives job seekers direct access to their resumes, resume statistics, saved job searches and the hottest jobs by location and industry. This is supplemented by access to newsletters and advice related to finding and interviewing for a job.
A tool for employers, recruiters and job seekers. We are not only helping prospective employees transform the nature of their job search, we are also changing the way in which recruiters find qualified candidates. HotJobs' content is available to the millions of passive job seekers already using Yahoo!, a benefit for recruiters wishing to tap into this desirable applicant pool. We also provide value to recruiters by dramatically reducing the time and effort needed to narrow applicant selection to the best resumes through a management tool called the Desktop.
Going vertical. The online recruitment advertising segment is expected to double by 2007, and we believe HotJobs has strong growth potential. Seventy-one percent of the people who looked for a job online in the last 30 days of December 2002 also used Yahoo!. In addition, more recruiters are beginning to realize that advertising online is more cost-effective than advertising jobs in the newspaper. In fact, we surpass the weekly reach of the "help wanted" section in many major metropolitan newspapers and provide more flexibility for employers to include more detailed job descriptions.
International business. HotJobs is continuing to build its business to serve the interests of all job seekers at all levels, and we are developing our expertise in key labor sectors such as healthcare and government. We also expect there to be an increasing overseas opportunity. HotJobs is already available in Canada, and we have plans to take advantage of the expected growth in online recruitment and Yahoo!'s strength in key international regions over the coming years.