(Posted by Michelle Livengood, Batu Oncul, Derek Lyon, Melissa Spencer, Michael Connolly)
Many of the major online job boards are moving more and more towards using social media as part of the job search experience that they are trying to sell. Monster has its Social Recruiting Solution, CareerBuilder has its Social Media Brand Management tool. Monster recently acquired Yahoo! HotJobs in an effort to reach even more job seekers.
But when the major job boards are charging hundreds of dollars to employers to post a job description versus the much cheaper (and increasingly more visited!) posting options on LinkedIn, Twitter, Facebook and Craigslist can the giants of the job-board world keep their prices so high? Or are announcements of job openings, like so many other digital information artifacts, trending towards free?
Does the prevalence of social media channels put more of the onus on the job seeker to get out there and push their information , instead of waiting for the right job to find them?
Research shows that usage of social media for job searches will increase in the near-term, grabbing significant market share specifically from online job search websites. Some traditional recruiting channels, such as local posts and headhunters, will be less affected by recent social media trends.
Many recruiters say that they are moving away from websites such as Monster and Dice, because it is becoming more and more difficult to find good people at a good price. Many recruiters report that they are now using LinkedIn to find ‘real’ people within their network, for free. Especially for small firms, research shows that 60-70% of new hires are partially or fully driven by social networks. 62% of recruiters say that social networks are either significant or primary way of direct sourcing.
Some implications of this shift from traditional hiring sources to social networking is that job boards will need to change their business model or they will be forced out by social media avenues and recruiting through social media will continue to increase.