From the reason SnapTalent.com closed it's doors.

"The online recruitment space has its own unique market dynamics that restrict innovation on the company side. From the outset, online recruitment spend is huge. Its a market with the right fundamentals from the outside looking in. Its a large market ($10B/year spend), with rich customers, and poor innovation. It sounds like an entrepreneur's dream. The truth is that there are barriers to adoption of newer technologies which come down to the position of HR in an organization. Since HR isn't directly revenue generative, HR decision makers aren't as empowered to drive change required by revenue generative functions like marketing or sales. This creates a unique enterprise sales environment where companies that innovate too radically are too early to market/phased out despite those innovations being commonplace in other enterprise markets. You can't change behavior too radically for HR, which as entrepreneurs super excited by changes in the consumer web we felt incredibly frustrated by. Recruitment spend is bloated, so as the cost of transmitting information to connect companies and candidates comes down, the trend is for companies to use free tools which help amplify that spread. The companies that will win in the recruitment space therefore are all working on solutions which take away from job advertising spending; search engine optimization, social networking, referral hiring, improving social media presence."

read full article here if you want. It's interesting.