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Social hiring

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White Paper on Social Hiring -WHAT EVERY EXECUTIVE NEEDS TO KNOW ABOUT TALENT SOURCING AND HIRING TO STAY COMPETITIVE

White Paper on Social Hiring -WHAT EVERY EXECUTIVE NEEDS TO KNOW ABOUT TALENT SOURCING AND HIRING TO STAY COMPETITIVE

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  • 1. THE ROLE OF SOCIAL MEDIA IN FINDING AND HIRING GREAT PEOPLEWHAT EVERY EXECUTIVE NEEDS TO KNOW ABOUT TALENT SOURCING AND HIRING TO STAY COMPETITIVE By Ranjan Sinha
  • 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 referral leads will extend beyond your employees to include your company’s alumnus, your employees’ and your alumni’s “extended social network” expanding the reach of your 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 (SHAs) will become the platform of choice for candidates passively looking for a job as SHAs 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 overtaking LinkedIn by end of 2012. It is 4X larger than LinkedIn and growing 100% faster. Social Hiring Applications developed on Facebook provide professional business look and feel, provide privacy and block off personal section of Facebook i.e. your vacation pictures when using the SHAs.5) Social Hiring Applications (SHAs) (built on social media platforms) are the most efficient (submission per fill) and cost effective channel for generating talent 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 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 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 provide significant advantage to their HR department to 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 in terms of reduced consultant fees, newspaper advertisement costs and job board posting and log -in charges9) Companies will start getting rated by their candidate community about their hiring process and culture compelling them to manage their social media brand. They will need to work with specialist companies who can help them manage their social media brand and traffic.10) Smaller companies will have a more level playing field as they will not be limited by smaller employee base for referrals as they can have same access to extended referral networks. 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 PEOPLEEVOLUTION 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.1995 – 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. The 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 PEOPLEparticipants 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 qualitytalent. Social Hiring is the natural progression of sourcing and hiring where majorityof people 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 alumni’s’social media network for mutual benefit. This phenomenon of extended referrals isgoing togathersignificantsteam asSocial HiringApplications(SHAs) likemYParichay(built on top of Facebook) will empower employees, individuals and recruiters to 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 PEOPLEinteract in total privacy on Facebook. Business/workflow capabilities will allowrecruiters to use it as a powerful business tool for sourcing, processing candidatesand hiring. One of India’s largest IT/ITES Company has 16,000 of their employees onthis Social Hiring platform. In 9 months, the employees have referred 84,000candidates from their social network. Now these 84,000 candidates are referringcandidates for a reward using the platform expanding the reach for candidates byover 5X in 9 months.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.IGNORE FACEBOOK AT YOUR OWN PERILFacebook dominates social media in India, in terms of network members, reach, WHAT EVERY EXECUTIVE NEEDS TO KNOW ABOUT TALENT SOURCING AND HIRING TO STAY COMPETITIVE
  • 7. THE ROLE OF SOCIAL MEDIA IN FINDING AND HIRING GREAT PEOPLErichness of features, and openness of platform for software developers and is Free.These attributes have made Facebook the platform of choice for softwaredevelopers who are building 8X more business applications on Facebook thanLinkedIn. Facebook is becoming the platform of choice for Social Hiring applications.Facebook has more 4X more users than LinkedIn, it is growing faster and has anopen rich architecture and sophisticated interface for “social marketing” thanLinkedIn. On an average, people between the age of 18-34 spend more time onFacebook than LinkedIn and log in 300 days in a year compared to 56 days onLinkedIn in a year.LinkedIn is also finding it hard to attract application developers to write qualityapplications and tools like BranchOut that are replication professional networkingon Facebook put more pressure on LinkedIn. In a May 2011 survey of 800 UScompanies, more employee referrals came from Facebook than Linked In.Social Hiring Applications (SHAs) applications are optimized for referral basedsourcing and hiring. Some of the key features that transform the underlyingFacebook 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 and business professional fashion. Ability to find jobs without posting 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. 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 PEOPLEd) 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.SOCIAL MEDIA APPLICATION CATEGORIESThere 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 Indiaa) Social Hiring Applications - e.g. myParichay These are the most powerful and impactful category of applications that create a new mechanism for finding people and jobs by leveraging extended network and will be accretive to a company’s current tools. They have the ability to rapidly engage with a very large 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. 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 PEOPLEb) 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 Applicationsd) Job Boards on Facebook – Beknown from 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
  • 10. THE ROLE OF SOCIAL MEDIA IN FINDING AND HIRING GREAT PEOPLERanjan Sinha has founded and directed number of award winning internet companies and service companies in the area of human resources in India and the USA. 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®, International Association of Outsourcing Professionals, The Gartner Group and Fortune® magazine.Ranjan was selected as the “HR Outsourcing Superstar’ numerous times by HROutsourcing Today magazine for his pioneering contributions to the HR Outsourcingindustry in the US and India. He is a frequent speaker on various industry panels onSocial Media in HR, Talent Management, Hiring Risk Management and HROutsourcing. He is widely quoted in leading business newspapers and magazines. Hewrites column for The Financial Express, has written numerous articles on use ofpsychometric tools for improved hiring and Six Sigma applications in HR and TalentSupply Chain Management.Ranjan serves on the board of Summit HR Worldwide Inc., Global TalentManagement Inc. and Greenwich Capital Venture Corporation and is an advisor toPeoplestrong.Ranjan “commutes” between India and California He is a member of the YoungPresidents Organization (YPO) Northern California Chapter.Ranjan is currently pursuing a Ph.D degree in industrial psychology from Universityof Utrecht, Netherlands. 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. WHAT EVERY EXECUTIVE NEEDS TO KNOW ABOUT TALENT SOURCING AND HIRING TO STAY COMPETITIVE

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