The company that owns job boards CareerBuilder and Monster.com is selling parts of its business after filing for bankruptcy this week, a move that underscores how much hiring, job hunting and recruitment have changed.

While CareerBuilder + Monster CEO Jeff Furman attributed the move to sell its businesses to a “challenging and uncertain macroeconomic environment,” experts say a flood of low-quality emails and applications, both fake and real, have diluted the usefulness of generalized job boards. That’s left companies to find more niche options to secure talent. “Their collapse signals that the old ‘post and pray’ job-board model, like putting a billboard in Iowa and hoping the right candidate drives by, is no longer effective in today’s talent-driven market,” said Art Zeile, CEO of tech-career marketplace Dice.

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