Social  Hiring 4.0  What very executive needs to know about talent sourcing and hiring to stay competitive
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Social Hiring 4.0 What very executive needs to know about talent sourcing and hiring to stay competitive

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How to harness the power of Facebook for sourcing and hiring great talent. MyParichay India's #1 Social Hiring Platform on Facebook

How to harness the power of Facebook for sourcing and hiring great talent. MyParichay India's #1 Social Hiring Platform on Facebook

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Social  Hiring 4.0  What very executive needs to know about talent sourcing and hiring to stay competitive Social Hiring 4.0 What very executive needs to know about talent sourcing and hiring to stay competitive Document Transcript

  • THE  ROLE  OF   FACEBOOK    IN   FINDING  AND   HIRING  GREAT   PEOPLE     WHAT  EVERY  EXECUTIVE  NEEDS  TO  KNOW  ABOUT  TALENT   SOURCING  AND  HIRING  TO  STAY  COMPETITIVE  Ranjan  Sinha  ranjans@summithrww.com    
  • THE  ROLE  OF  SOCIAL  MEDIA  IN  FINDING  AND  HIRING  GREAT  PEOPLE      1) Social  hiring  methods  are  twice  more  effective  than  job  boards  and  consultants.   Employee’s   social   network   (employee   referrals)   and   referrals   generated   by   recruiters   talking   to   candidates   (candidate   referrals)   combined   generated  2   out   of   every   3   hires   for   the   top   employers1.   Social   Hiring   Applications   (SHAs)   are   built  on  social  media  platforms  like  Facebook,  that  provide  a  systematized  way   of   utilizing   the   Social   Graph2  of   employees   (employee   referral)   or   candidates   (candidate  referral)  to  source  and  hire  candidates.    2) Researchi  shows  top  employers  intend  to  further  increase  social  hiring  budgets   in   2012/13.   An   increasing   number   of   companies   are   prioritizing   this   spend   over   other   media   like   newspapers   and   job   boards.   The   HR   innovators   have   moved   from   this   being   experimentation   to   more   regular   spending.   Are   you   an   Innovator  or  Laggard?  3) Facebook   is   the   dominant   social   media   platform   in   India.   Facebook   has   35   million   active   profiles   in   India   and   is   4X   larger   than   LinkedIn   and   is   growing   100%  faster.  Social  Hiring  Applications  that  utilize  Facebook’s  social  graph  will   become   the   dominant   source   of   candidates   overtaking   many   job   boards   and   LinkedIn   in   size   by   end   of   2012 3 .   There   are   15X   more   business   software   applications   being   developed   on   Facebook   than   LinkedIn,   driven   primarily   by   the  technology  superiority  and  open  architecture  of  Facebook  platform.  Social   Hiring  Applications  like  MyParichay  developed  on  Facebook  keep  personal  and   professional   information   segregated   on   Facebook   giving   a   user   professional                                                                                                                          1  Source:  Global  Talent  Metrics/PeopleMatters  Magazine  Social  Hiring  Survey  2011  2  The  Social  Graph  is  the  representation  of  our  relationships.  Today,  these  graphs  define  our  personal,  family,  or  business  communities  on  Facebook  3  MyParichay  -­‐  Facebook  based  SHA  adds  16,000  profiles  a  day  compared  to  9,000  new  profiles  on  Naukri    
  • THE  ROLE  OF  SOCIAL  MEDIA  IN  FINDING  AND  HIRING  GREAT  PEOPLE     look  and  feel  environment  to  network  ensuring  privacy  and  confidentiality  of  a   career  related  communications.  4) Today   Facebook   is   the   #1   place   candidates   look   for   information   about   a   company   followed   by   company   career   sites   followed   by   Google.   Companies,   especially   those   that     hire   talent   between   the   age   of   19-­‐30,     need   to   invest   in   a   high  quality,  SHA  powered  Facebook  career  page.  Ideally  the  company  should   have   two   separate   Facebook   pages   –   one   focused   on   prospective   talent,   the   other  on  customers  and  prospects.  This  provides  for  more  focused  engagement   across   the   two   segments.   HR   should   be   responsible   for   the   Career   Facebook   page  while  marketing  should  own  the  Corporate  Facebook  page.    5) Smartphones,   driven   by   lower   device   prices   and   lower   cost   data   plans,   will   become   the   dominant   way   people   will   access   internet   and   social   media,   especially   from   work   where   companies   may   restrict   Facebook   access.   Already   India  has  overtaken  US  in  terms  of  percentage  usage  of  smartphones  to  access   the   Internet.   Companies   must   adopt   a   SHA   that   provides   secure,   quality   user   experience   that   is   seamlessly   integrated   between   the   mobile   application   and   the  desktop  application.  Recruiters  should  be  able  to  connect  and  network  with   candidates  on  their  smartphones  and  vice  versa.    6) SHA   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   “insider”   information   on   those   jobs,   salary  and  benefits.  
  • THE  ROLE  OF  SOCIAL  MEDIA  IN  FINDING  AND  HIRING  GREAT  PEOPLE    7) 4   out   of   5   top   employers   in   India   are   “using”   social   media   to   recruit4.     Social   Hiring   is   fast   becoming   the   leading   source   for   talent,   eventually   will   supplant   traditional  job  board  model  and  consultants.  Most  leads  for  quality  candidates   will   come   from   your   employees   and   will   extend   beyond   your   employees   to   include  your  company’s  alumni,  your  employees’  and  your  alumni’s  “extended   social  network”  expanding  the  reach  of  your  company  by  100X.  8) 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.  9) Companies   that   empower   their   Facebook   page   with   a   SHA   like   MyParichay™   and   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.  10) 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  talent    brand  and  traffic.  EVOLUTION  OF  CANDIDATE  SOURCING  AND  HIRING  Until   1995  -­‐Recruitment  was  relatively  an  inefficient  market  where  companies  and   candidates   had   limited   access   to   complete   market   information   (Job   openings                                                                                                                          4  Source:  Global  Talent  Metrics/PeopleMatters  Magazine  Social  Hiring  Survey  2011  
  • THE  ROLE  OF  SOCIAL  MEDIA  IN  FINDING  AND  HIRING  GREAT  PEOPLE    and  candidates).  Candidates  relied  on  their  connectivity  with  one  or  two  recruiters  and   communicated   primarily   over   faxes   and   postal   mail   for   sharing   resumes.  Recruiters  maintained  rolodexes  of  candidates  and  having  a  Rolodex  of  300  resumes  was   considered   “large”.   Companies   ran   print   ads   and   waited   for   resumes   to   come  over  postal  mail  and  faxes.  Real  time  updating  of  jobs  and  resumes  was  impossible.  1995   –   2005-­‐  Internet,  browser  and  job  boards  commoditized  access  to  talent  and  job  opening  information  as  companies  and  candidates  uploaded  job  and  CVs  on  paid   job   boards   or   free   sites   like   Craigslist.     The   market   became   more   efficient   as  candidates   and   recruiters   could   access   job   and   candidate   information   in   real   time  and  connect  in  real  time  using  cell  phones  and  email.  While   technology   evolved   in   this   time   period,   the   approach   to   sourcing   and   hiring  stayed   pretty   much   the   same   -­‐   recruiters   relying   on   active   candidates   that   were  either   uploading   their   CVs   on   job   boards   or   hoping   for   candidates   to   respond   to  online   job   postings   or   print   ads   and   candidates   hoping   to   get   an   email   or   call   from   a  recruiter  who  searched  his  resume  on  a  job  board  vs.  a  rolodex  2005   and   the   2010   -­‐   The   emergence   of   Web   2.0   created   technology   that  started   revolutionizing   how   people   created   and   shared   information   across   wiki  networks  to  meet  their  business  and  social  research  needs  anytime  anywhere.  The  participants  of  the  network  produced/contributed  information  that  was  consumed  by   other   participants   of   the   network   for   mutual   benefit.   Based   on   this   simple  principle  Wikipedia  revolutionized  the  concept  of  encyclopedia.  LinkedIn  started  as  a  business  networking  platform  that  over  couple  of  years  morphed  into  a  powerful  
  • THE  ROLE  OF  SOCIAL  MEDIA  IN  FINDING  AND  HIRING  GREAT  PEOPLE    tool  for  recruiters  to  connect  with  passive  candidates  and  do  effective  recruitment  research  to  find  name  and  titles.  THE  FUTURE  IS  SOCIAL  HIRING.  Employee   Referral   is   a   powerful   demonstration   of   “social   hiring”   concept   where  employers   are   leveraging   the   social   network   of   employees   to   find   high   quality  talent.   Social   Hiring   is   the   natural   progression   of   sourcing   and   hiring  where   majority  of  people  will  find  jobs  by  using  their  social  networks  of  friends  and  colleagues  and  their  friends  and  their  friends  to  get  introduced  to  employers.    Employers  will  find  talent  through  leads  being  generated  by  members  of  their  employees’  and  alumni’s’  social   media   network   for   mutual   benefit.       This   phenomenon   of   extended   referrals   is  going   to   gather   significant   steam   as   Social   Hiring   Applications   (SHAs)   like  MyParichay   (built   on   top   of   Facebook)   will   empower   employees,   individuals   and  recruiters   to   interact   in   total   privacy   on   Facebook.   Business/workflow   capabilities  will   allow   recruiters   to   use   it   as   a   powerful   business   tool   for   sourcing,   processing  candidates   and   hiring.     One   of   India’s   largest   IT/ITES   Company   has   16,000   of   their  employees   on   this   Social   Hiring   platform.   In   9   months,   the   employees   have   referred  84,000   candidates   from   their   social   network.   Now   these   84,000   candidates   are  referring   candidates   for   a   reward   using   the   platform   expanding   the   reach   for  candidates  by  over  5X  in  9  months.  In  a  recent  survey  of  companies  in  India,  85%  of  them  use  employee  referral  programs  to  find  people;  one  fourth  of  them  fill  more  than  30%  of  their  jobs  through  employee  referrals;  referred  employees  are  significantly  better  in  quality  than  
  • THE  ROLE  OF  SOCIAL  MEDIA  IN  FINDING  AND  HIRING  GREAT  PEOPLE    candidates  sourced  through  job  boards  or  consultants;  and  70%  plan  to  step  up  their  investment  in  Social  Hiring  and  Social  Hiring  tools.    Applications  like  MyParichay  allow  companies  to  precisely  target  30  million  white  collar  workers  (growing  at  50%  annually)  to  promote  their  jobs  by  age,  employer,  city/town,  college,  degree  to  specific  candidate  groups  and  their  extended  social  network.    IGNORE  FACEBOOK  AND  MOBILE  AT  YOUR  OWN  PERIL   LinkedIn(((10(Million)( 35#44%yrs% Facebook((40(million)( Number(of(Profiles((in(lacs( 8%% 300( 14#17%yrs% 0%% 14#17%yrs% 12%% 35#44%yrs% 200( 22%% 18#24%yrs% 36%% 25#34%yrs% 31%% 25#34%yrs% 100( 42%% 18#24%yrs% 49%% 0( 2007% 2009% 2010% 2011% 2008% Age(( Facebook( LinkedIn( 14#17%yrs% 4.8%mil% 0.1%mil% JOB%BOARD% FACEBOOK( 18#24%yrs% 20%mil% 3.6mil% •  Facebook%has%20%X%reach%of%Job%Boards% 25#34%yrs% 12%mil% 4.2%mil% •  1%M%%acIve%users*%on%Naukri% •  30%mil.%acIve%users%on%Facebook% 35#44%yrs% 3.2%mil% 2.2%mil% Total% 35%mil% 10%%mil% FACEBOOK(HAS(25(MILLION((MORE(PROFILES(IN( PRIME(HIRING(AGE(THAN(NAUKRI(OR(LINKEDIN( * Number of new resumes added in last 60 days.Facebook  dominates  social  media  in  India,  in  terms  of  network  members  and  reach  across  all  age  groups,  richness  of  social  networking  features,  and  openness  of  platform  for  software  developers  and  is  Free.    These  attributes  have  made  Facebook  
  • THE  ROLE  OF  SOCIAL  MEDIA  IN  FINDING  AND  HIRING  GREAT  PEOPLE    the  platform  of  choice  for  software  developers  who  are  building  15X  more  business  applications  on  Facebook  than  LinkedIn.      Companies  cannot  ignore  25  million  potential  talents  (Facebook  users  between  the  ages   of   18-­‐45)   who   are   on   Facebook   but   not   LinkedIn.   Companies   should   combine  LinkedIn   with   a   Facebook   based   Social   Hiring   Application   (SHA)   like   MyParichay   to  ensure  they  are  competitive  and  cost  effective  in  their  search  for  talent  and  hiring.  MyParichay  combines  the  professional  look  and  feel  of  LinkedIn  with  the  reach  of  40  million  users  on  Facebook  to  create  the  largest  network  of  potential  candidates  in  India.   On   an   average,   people   between   the   ages   of   18-­‐34   spend   more   time   on  Facebook   than   LinkedIn   and   log   in   300   days   in   a   year   compared   to   56   days   on  LinkedIn  in  a  year.    LinkedIn   is   also   finding   it   hard   to   attract   application   developers   to   write   quality  business   applications   on   their   platform   because   of   cost   and   API   limitations.   Tools  like  BranchOut  that  are  replicating  professional  networking  on  Facebook  put  more  pressure   on   LinkedIn.   In   a   May   2011   survey   of   800   companies   in   the   US,   more  employee  referrals  came  from  Facebook  than  Linked  In.  In  an  August  2011  survey,      60%  of  India’s  top  300  private  sector  employers  were  using  Facebook  for  hiring.    Social  Hiring  Applications  (SHAs)  applications  are  optimized  for  social    sourcing  and  hiring.     Some   of   the   key   features   that   transform   the   underlying   Facebook   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.  
  • THE  ROLE  OF  SOCIAL  MEDIA  IN  FINDING  AND  HIRING  GREAT  PEOPLE    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.  SOCIAL  MEDIA  APPLICATION  CATEGORIES  There   are   four   classes   of   applications   being   developed   or   available   in   the   marketplace   that  leverage  the  Facebook  network.    I  have  categorized  and  ranked  them  based  on  their  innovation  to  leverage  the  network  and  ability  to  transform  candidate  sourcing  and  hiring  in  India  a) Social   Hiring   Applications   -­‐   e.g.   myParichay   (   www.myparichay.in)   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.  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  personal  wall  with  job  postings.  
  • THE  ROLE  OF  SOCIAL  MEDIA  IN  FINDING  AND  HIRING  GREAT  PEOPLE      c) 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.   ****************************************************************************   How$is$your$company$changing$its$investment$on$$candidate$recrui5ng$sources$in$2012$compared$to$2012?$ Changes$in$Investement$on$Recrui5ng$Sources$ Spending$More$ No$Change$ Spending$Less$ Don’t$Know$NA$ Job$Boards$ 60%$ 5%$ 5%$ Campus$Recruitment$ 60%$ 10%$ Consultants$ 20%$ 60%$ Corporate$Careers$Site$ 60%$ 30%$ 5%$ 5%$ Social$Networks$ 55%$ 40%$ 5%$ 60%$ Direct$Sourcing$ 25%$ 10%$ 5%$ Internal$Transfers$ 50%$ 5%$ 10%$ 65%$ Employee$Referrals$ 35%$         Which%of%these%are%true%about%hires%from%social%media%and%referrals%compared%to%other%sources?% Fit%with%company%culture%and%values%is% be8er% Dura7on%of%employment%is%longer% Recrui7ng%process%is%shorter% Manager%sa7sfac7on%is%higher% Time%to%produc7vity%is%shorter% SOCIALHIRINGGENERATESBESTQUALITY EMPLOYEESAFTERINTERNALTRANSFERS. JOBBOARDSARERATEDWORSTATPAR Qualifica7ons%are%be8er% WITHCONSULTANTS  
  • THE  ROLE  OF  SOCIAL  MEDIA  IN  FINDING  AND  HIRING  GREAT  PEOPLE      Ranjan   Sinha   has   founded   and   directed   number   of   award   winning   internet  companies  and  service  companies  in  India  and  the  USA.  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®,  International  Association  of  Outsourcing  Professionals,  The  Gartner  Group  and  Fortune®  magazine.  Ranjan   was   selected   as   the   “HR   Outsourcing   Superstar’   numerous   times   by   HR  Outsourcing   Today   magazine   for   his   pioneering   contributions   to   the   HR   Outsourcing  industry  in  the  US  and  India.  He  is  a  frequent  speaker  on  various  industry  panels  on  Social   Media   in   HR,   Talent   Management,   Hiring   Risk   Management   and   HR  Outsourcing.  He  is  widely  quoted  in  leading  business  newspapers  and  magazines.  He  writes   column   for   The   Financial   Express,   has   written   numerous   articles   on   use   of  psychometric  tools  for  improved  hiring  and  Six  Sigma  applications  in  HR  and  Talent  Supply  Chain  Management.    Ranjan   serves   on   the   board   of   Summit   HR   Worldwide   Inc.,   Global   Talent  Management,   Greenwich   Capital   Venture   Corporation   and   is   an   advisory   board  member  of  Peoplestrong.  Ranjan   “commutes”   between   India   and   California.     He   is   a   member   of   the   Young  Presidents  Organization  (YPO)  Northern  California  Chapter.  Ranjan  is  currently  pursuing  a  Ph.D  degree  in  industrial  psychology  from  University  of  Utrecht,  Netherlands.  Ranjan  has  a  Masters  Degree  from  The  Wharton  School  of  Business  and  a  MBA  from  the  Indian  Institute  of  Management,  Bangalore.  He  has  a  B.  Tech  from  the  Indian  Institute  of  Technology,  Roorkee.                                                                                                                          i  Peoplematter  Global  Talent  Metrics  2012/11  Study  of  Top  Employers