Companies to invest less in job boards
A new survey from Jobvite, a provider of next-generation recruitment solutions, shows what many experts may have already predicted: that companies are choosing to invest more money and time in social networks and employee referrals over job boards and search firms.
Jobvite conducted their second annual Social Recruitment Survey by polling approximately 440 human resources and recruitment professionals, the majority of which, 65 percent, have between 101 and 5,000 employees at their company. Responses came from a variety of industries, with a concentration of technology companies making up 33% of respondents.
The majority of those surveyed said they are planning to increase their financial commitment to social recruiting. Seventy-two percent of companies plan to invest more in recruiting through social networks, while a majority say they will invest less in more costly sources, including job boards, third-party recruitment and campus recruiting. In the same survey conducted last year, 68 percent of recruiters said they would increase their use of referrals and employees’ networks.
In addition, 80 percent of companies surveyed said they use or are planning to use social networking to find and attract candidates this year. LinkedIn use grew from 80 percent in 2008 to 95 percent of respondents in 2009, while Facebook use grew from 36 percent in 2008 to 59 percent in 2009.
A new addition, Twitter, ranked third with 42 percent of recruiters using the tool to source candidates.
It looks like their social networking efforts are paying off. Sixty-six percent of respondents using social networks for recruiting reported that they had successfully hired a candidate who was identified or introduced through an online social network, showing that the channel is not only being used, but also producing quality results.
Seventy-seven percent of respondents said they use social networks to reach passive candidates who are not actively seeking employment.
While many background check companies have cautioned against using social networks to check up on their candidates, survey results show that companies simply aren’t listening. Recruitment and human resource professionals are using a variety of online sites to research candidates: LinkedIn (76 percent), search engines (67 percent), Facebook (44 percent) and Twitter (21 percent). Respondents reported that 24% of candidates disclose their social networking presence when applying for a job.
The full results of the survey, including employee referral stats and what percentage of companies plan on hiring or laying off this year, click here.