Monster.com started the ball rolling on July 1, 1999, when it launched the Talent Market. It was thought to be the world's first online employment auction. Today, more than 66,000 independent contractors and free lancers have signed up for the service.

Monster's Talent Pool incorporates sophisticated database programming that allows you to search for talent by geography, by industry, by keyword and by off-site or on-site preference. Each search usually produces a long list of "live auctions" where you can bid on the services of any number of talented people. As an experiment, I searched for web designers, IT professionals, programmers, accountants, and marketing consultants. Each search provided me with a list of qualified people, along with a hyperlink to a page containing the person's resume, interests, availability, and hourly rates. I clicked through on approximately 20 hyperlinks to see how the auction was going. There was one surprising and consistent finding. Not one of these twenty people -- NOT ONE -- had received any bids. Some of the auctions had been running for several months. Apparently, Monster.com has a surplus of talent and a shortage of employers. Good news if you are looking for talent. Bad news if you are looking for work.

Since Monster.com first launched Talent Auction, a number of other employment auction sites have joined the foray.

eLANCE, a site for freelancing professionals, allows bidders and employers to find each other through a process similar to that used at Monster.com. Freelancers register at no cost, and then create an online portfolio. As at Monster.com, employers can bid on "talent" auctions. They can also post their own Request for Proposals (RFPs) inviting bids from freelancers.

At eLANCE, employers indicate a reasonable sum that they would be prepared to pay for the project. When independent contractors place their bids, these bids, along with any accompanying resource material, are posted for the entire world to view. A wild frenzy of under-bidding ensues, with some contractors posting bids so low that they would essentially be working gratis should they be awarded the contract. Supposedly, most employers understand that price is not the only consideration when looking for someone to complete a project.

Another recently launched auction, Bid4Geeks, focuses on IT professionals and other high tech talent. Bid4Geeks.com encourages teams of professionals to band together to post auctions, although many individuals post as well. A search for all posted auctions revealed several full screens of auctions. Several of these posters had received bids from would-be employers.

At Consulting Direct.com, another auction site for IT professionals, members are prescreened to ensure suitability. After completing an application form, a Career Broker contacts the would-be member and initiates a three-day screening process. If accepted, the member's name is entered into the Registry of Computer Consultants (ROCC) and is eligible to bid on projects or post an auction. ROCC advertises itself as "free and open to the best professionals in the industry.” The screening process looks like a good thing. It is less likely that screened members will post bogus auctions -- an identified problem at auction sites.

So, let the bidding begin.