One of the Republic's most high-profile online recruitment agencies shrugged off the downturn yesterday to report a 50 per cent increase on traffic to its site - after allowing employers advertise free.

Monster.ie said 1,000 companies had taken up its "free for a day" offer - twice the target.

Visitors to its site were predicted to double to around 15,000 as a result.

But it denied the promotion was prompted by the cooling labour market, a slump that has already put a number of high-profile rivals out of business.

The Tánaiste, Ms Harney, praised the move.

Anything that helped stimulated job creation was welcome, she said.

"The... initiative promotes employment, opportunity and equality - all of which I feel happy to endorse," added the Tánaiste.

Despite the end of the dotcom boom, the internet remained first port of call for employers seeking employees, Monster.ie managing director Mr Alan Townsend said.

"A job or a career move is a life-changing experience that everyone should be able to benefit from.

"We hope this initiative will create employment and opportunity for thousands of jobseekers in Ireland," he said.

The demise of the Celtic Tiger has not been kind to the recruitment industry.

Prominent players to go to the wall over recent years include the Marlborough Group and Stepstone.ie. With the unemployment rate predicted to breach the 5 per cent watershed by the end of the year, the short-term outlook remains grim.

Monster was established in 1967 and has branches in 33 countries. With its headquarters in New York, the company employs 8,500 worldwide.