RealTime IT News

Webhire, Yahoo! Partner for Resume Service, Investment

Webhire Inc. Wednesday announced an agreement with Yahoo! Inc. to deliver a resume management tool as part of its online career center.

Yahoo! will add $1.5 million to Softbank's $20 million investment announced on July 20, in exchange for which Yahoo! will take a minority stake in the recruiting company. The deal also includes an advertising campaign for Yahoo! on the Webhire site.

"In today's economy, where workers look for jobs with increased frequency, the Internet has quickly become a central place for connecting job seekers and employers," said Tanya Singer, producer for Yahoo! Careers.

"By providing fast, dedicated and easy-to-use career management tools through Yahoo! Resumes, we can offer our users a valuable online career management forum as they look for their next career opportunity."

Yahoo! Careers boasts a database of more than 500,000 job listings.

Online recruiting is one of the fastest growing elements of e-commerce. By the end of next year, 98 percent of all companies will fill some or all of their job openings through Internet recruiting resources, according to Forrester Research estimates.

The total market value for the Internet recruiting market in the U.S. is projected as $30 billion per year, according to Thomas Weisel Partners.