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Social Hiring: The Role of Social Media in Finding and Hiring Great People

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Social Hiring is fast becoming the leading source for talent, supplanting …

Social Hiring is fast becoming the leading source for talent, supplanting
consultants and job boards. Most leads for talent will come from Extended
Referrals as your employee referrals will extend beyond your employees to
include your company’s alumnus, your employees’ and your alumnus’s
“extended social network” expanding the reach of a company by 100X.

For more information about Social Hiring technologies, solutions and India's largest job board and social hiring platform that reaches over 3Million Professionals across the country visit our Facebook page, www.facebook.com/myparichay

Published in: Career, Business

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  • 1. THE ROLE OF SOCIAL MEDIA INFINDING AND HIRING GREAT PEOPLE What every executive needs to know about talent sourcing and hiring to stay competitive
  • 2. THE ROLE OF SOCIAL MEDIA IN FINDING AND HIRING GREAT PEOPLE1) Social Hiring is fast becoming the leading source for talent, supplanting consultants and job boards. Most leads for talent will come from Extended Referrals as your employee referrals will extend beyond your employees to include your company’s alumnus, your employees’ and your alumnus’s “extended social network” expanding the reach of a company by 100X.2) Majority of passive job seekers are finding jobs through Social Hiring route vs. job boards and consultants combined. In a recent survey of 2,045 candidates 63% of passive job seekers found jobs through Social Hiring – Social Referrals and Alumni referrals - while 42% of active job seekers find jobs through Social Hiring.3) Social Hiring applications will become the platform of choice for candidates as they provide higher privacy to candidates vs. posting resumes on job boards. Candidates will become more empowered “customers”. She/he will have increased access to jobs and more information on those jobs, salary and benefits .4) Facebook will become the dominant talent sourcing social media platform, followed by LinkedIn and perhaps Google Plus replacing job boards.5) Social Hiring Applications (SHAs) (built on social media platforms)are the most efficient (submission per fill) and cost effective channel for generating talent leads, seeking and engaging with your talent community in a private and secure fashion.6) Job boards will have to reinvent themselves to define value for their customers, both in terms of quality and financial cost. Recruitment companies WHAT EVERY EXECUTIVE NEEDS TO KNOW ABOUT TALENT SOURCING AND HIRING TO STAY COMPETITIVE
  • 3. THE ROLE OF SOCIAL MEDIA IN FINDING AND HIRING GREAT PEOPLE will have to become more quality focused versus throwing resumes at clients hoping some will stick.7) Companies that empower their employees (through social hiring technology and exciting referral marketing programs and rewards) will win the war for talent.8) Talent Acquisition Managers will talk about recruitment becoming a profit center vs. cost center as Social Hiring Technology will generate significant saving in hiring costs.9) Companies will start getting rated by their candidate community about their hiring process and culture.10) Smaller companies will have same access to referrals because of extended referral networks.EVOLUTION OF CANDIDATE SOURCING AND HIRINGUntil 1995 -Recruitment was relatively an inefficient market where companiesand candidates had limited access to complete market information (Job openingsand candidates). Candidates relied on their connectivity with one or two recruitersand communicated primarily over faxes and postal mail for sharing resumes.Recruiters maintained rolodexes of candidates and having a Rolodex of 300 resumeswas considered “large”. Companies ran print ads and waited for resumes to comeover postal mail and faxes. Real time updating of jobs and resumes was impossible. WHAT EVERY EXECUTIVE NEEDS TO KNOW ABOUT TALENT SOURCING AND HIRING TO STAY COMPETITIVE
  • 4. THE ROLE OF SOCIAL MEDIA IN FINDING AND HIRING GREAT PEOPLE1995 – 2005- Internet, browser and job boards commoditized access to talentand job opening information as companies and candidates uploaded job and CVs onpaid job boards or free sites like Craigslist. The market became more efficient ascandidates and recruiters could access job and candidate information in real timeand connect in real time using cell phones and email.While technology evolved in this time period, the approach to sourcing and hiringstayed pretty much the same - recruiters relying on active candidates that wereeither uploading their CVs on job boards or hoping for candidates to respond toonline job postings or print ads and candidates hoping to get an email or call from arecruiter who searched his resume on a job board vs. a rolodex2005 and the 2010 - The emergence of Web 2.0 created technology thatstarted revolutionizing how people created and shared information across wikinetworks to meet their business and social research needs anytime anywhere. Theparticipants of the network produced/contributed information that was consumedby other participants of the network for mutual benefit. Based on this simpleprinciple Wikipedia revolutionized the concept of encyclopedia. LinkedIn started asa business networking platform that over couple of years morphed into a powerfultool for recruiters to connect with passive candidates and do effective recruitmentresearch to find name and titles.THE FUTURE IS SOCIAL HIRING.Employee Referral is a powerful demonstration of “social hiring” concept whereemployers are leveraging the social network of employees to find high quality WHAT EVERY EXECUTIVE NEEDS TO KNOW ABOUT TALENT SOURCING AND HIRING TO STAY COMPETITIVE
  • 5. THE ROLE OF SOCIAL MEDIA IN FINDING AND HIRING GREAT PEOPLEtalent. In a recent survey of companies in India, 85% of them use employee referralprograms to find people; one fourth of them fill more than 30% of their jobs throughemployee referrals; referred employees are significantly better in quality thancandidates sourced through job boards or consultants; and 70% plan to step up theirinvestment in Social Hiring and Social Hiring tools.Social Hiring is the natural progression of sourcing and hiring where majority ofpeople will find jobs by using their social networks of friends and colleagues andtheir friends and their friends to get introduced to employers. Employers will findtalent through leads being generated by members of their employees’ and alumnus’ social media network for mutual benefit. This phenomenon of extended referrals is going to gather significant steam as Social Hiring applications likemYParichay (built on top of Facebook) will empower employees, individuals andrecruiters to interact in total privacy on Facebook. Business/workflow capabilitieswill allow recruiters to use it as a powerful business tool for sourcing and hiring. Oneof India’s largest IT/ITES Company has 16,000 of their employees on this SocialHiring platform. In 9 months the employees have referred 84,000 candidates fromtheir social network. Now these 84,000 candidates are referring candidates for areward using the platform expanding the reach for candidates by over 5X in 9months. WHAT EVERY EXECUTIVE NEEDS TO KNOW ABOUT TALENT SOURCING AND HIRING TO STAY COMPETITIVE
  • 6. THE ROLE OF SOCIAL MEDIA IN FINDING AND HIRING GREAT PEOPLEIGNORE FACEBOOK AT YOUR OWN PERILFacebook dominates social m media in India, in terms of network members, reach, membersrichness of features, and openness of platform and is Free. These attributes have .made Facebook the platform of choice for software developers who are building 8Xmore business applications over Facebook than over LinkedIn. Facebook isbecoming the platform of choice for Social Hiring applications.LinkedIn is one-fourth the siz of Facebook in terms of users, growing at a slower size ,rate, has closed or limiting APIs, and is expensive. LinkedIn is also finding it hard toattract application developers to write quality applications and will continue to be atool for business networking and headhunting but will not be social hiring tool. In a tool WHAT EVERY EXECUTIVE NEEDS TO KNOW ABOUT TALENT SOURCING AND HIRING TO STAY COMPETITIVE HIRING
  • 7. THE ROLE OF SOCIAL MEDIA IN FINDING AND HIRING GREAT PEOPLErecent survey of 800 US companies, more employee referrals came from Facebookthan Linked In.Social Hiring Applications (SHP) applications are optimized for referral basedsourcing and hiring. Some of the key features that transform the underlyingFacebook network into a powerful business tool are:a) Privacy - the ability for individuals to communicate, refer and get referred by their friends in complete private secure fashion. Ability to find jobs without putting up your resume on a job board.b) Mutual Benefit and Good Karma - You help people find jobs and get cash compensation.c) Community Feedback - Ability to get valuable information about the job, company and candidate from a trusted talent community.d) Professional Information - Feature to capture business and professional information to help match people and jobs. Coupled with a powerful relevance algorithm to filter candidates by relevance and availability. Search for jobs across companies, receive inside information about companies and jobs.e) Simple but effective recruiter backend for process management - It allows HR to post and manage jobs and referral awards through a simple but powerful web backend.There are four classes of applications being developed or available in themarketplace that leverage the Facebook network. I have categorized them basedon their innovation to leverage the network and ability to transform candidatesourcing and hiring in India WHAT EVERY EXECUTIVE NEEDS TO KNOW ABOUT TALENT SOURCING AND HIRING TO STAY COMPETITIVE
  • 8. THE ROLE OF SOCIAL MEDIA IN FINDING AND HIRING GREAT PEOPLEa) Social Hiring Platforms - e.g.myParichay, These are the most impactful applications that create a new category and mechanism for finding people and jobs which will be accretive to a company’s current tools. They have the ability to rapidly engage with a much larger relevant network in a cost effective fashion to transform candidate sourcing just like job boards did 10 years ago. They are feature rich and incorporate most of the features of the other product categories.b) Job Board with Facebook Skin - CareerBuilder has launched an application that allows employees to post jobs on the wall of their friends. It is a rudimentary application that can broadcast jobs on walls of friends and colleagues. Facebook users have been reluctant to adopt such applications that start “spamming” their wall with job postings.c) Business Networking Platforms - BranchOut, These applications are trying to create a LinkedIn within Facebook, i.e. network within a network. The ability of such applications to replace LinkedIn is still unclear. Their efficacy as a social hiring platform is perhaps better than category (b), but fall significantly short of Social Hiring platforms.d) Job Boards on Facebook - Job Boards like Monster, have created a Facebook application that allows users to use Monster through their Facebook account. It is not a social hiring tool but provides access to monster while you are logged into Facebook, eliminating the need to log into Monster in a separate window. WHAT EVERY EXECUTIVE NEEDS TO KNOW ABOUT TALENT SOURCING AND HIRING TO STAY COMPETITIVE
  • 9. THE ROLE OF SOCIAL MEDIA IN FINDING AND HIRING GREAT PEOPLE Ranjan sits on boards and advisory boards of high growth human resource companies focused on transforming HR and talent supply chain in India. Ranjan founded Summit HR with the vision of helping CEOs and their teams win the war for talent. Summit HR is recognized as the Top HR Outsourcing Company by The Wall Street Journal®, InternationalAssociation of Outsourcing Professionals, The Gartner Group and Fortune®magazine. He was selected as the “HR Outsourcing Superstar’ numerous times byHR Outsourcing Today magazine for his pioneering contributions to the HROutsourcing industry in the US and India. He is a frequent speaker on variousindustry panels on Social Media in HR, Talent Management, Hiring RiskManagement and HR outsourcing. He is widely quoted in leading businessnewspapers and magazines. He writes column for The Financial Express, has writtennumerous articles on use of psychometric tools for improved hiring and Six Sigmaapplications in HR and Talent Supply Chain Management.He serves on the board of Summit HR Worldwide Inc., Global Talent Management,Greenwich Capital Venture Corporation and is an advisory board member ofPeoplestrong. He “commutes” between India and California. He is a member of theYoung Presidents Organization (YPO) Northern California Chapter.He is currently pursuing a Ph.D degree in industrial psychology from University ofUtrecht, etherlands. Ranjan has a Masters Degree from The Wharton School ofBusiness and a MBA from the Indian Institute of Management, Bangalore. He has aB. Tech from the Indian Institute of Technology, Roorkee.Email: ranjan.sinha@stargtmcorp.com WHAT EVERY EXECUTIVE NEEDS TO KNOW ABOUT TALENT SOURCING AND HIRING TO STAY COMPETITIVE