When Marina Shifrin quit her job in Taiwan in amazing style by posting a video that went viral on Youtube, her former employer actually replied with a rather weak video of its own to say they are hiring. This is just one example of the power of social media and its potential to reach out in a world with no boundaries.
This is why it comes as no surprise that the value of Twitter’s stock TWTR soared on its opening day to reach $44.90 from a base price of $26, despite the fact that the company has incurred losses in its seven years of existence! But, how many organizations are really deriving the maximum out of social technologies? Are they filling positions faster, finding greater talent, or seeing huge spikes in the demand for their products and services? How many are achieving better communication and collaboration within the enterprise, using social technologies and the potential value offered by them? Are they realizing their potential, not just for external purposes but internally too?
Smart organizations are adopting social technologies to create a dynamic and integrated business environment. Social technologies increase collaboration to drive productivity and innovation. For companies looking to grow, failure to reach the best talent and position themselves as an “employer of choice” would mean losing in the ‘talent sweepstakes’ to smarter, nimbler companies which know how to effectively leverage social technologies.
According to an estimate by the McKinsey Global Institute, an assessment of four industry sectors identified $900 billion to $1.3 trillion in potential annual value that could be added by products and services that enable social interactions in the digital realm. To unlock such potential, organizations will have to identify opportunities for organizational improvement offered by social technologies.
Adopting these technologies casually, with a ‘follow-the-herd’ mentality will hardly enable the achievement of significant benefits. Integrating social technologies into a company’s day-to-day work requires a focused effort to revamp existing systems and processes to support the strong connectivity they help to foster.
As more and more organizations are waking up to this fact, the number of jobs posted for professionals with social media experience is growing steadily, with a 43% growth year-on-year, according to a report. Enterprises today are typically using social media platforms to find talent which exactly suits their needs, to communicate with employees on organizational policies and strategies, and to share instructional materials and online learning with employees and disseminate other information, using social media alongside print and online channels.
Social recruiting also fosters the growth in usage of temporary workers, as individuals can broadly advertise their skills and find opportunities down the street or across the globe. Staffing companies are overjoyed to find the search capabilities offered by social media surpassing their greatest expectations, as a large number of jobseekers use them to gain visibility and share their professional histories in exceptional detail.
The very concept of virtual teams goes hand-in-hand with social media. Crowdsourcing the resources to complete bite-sized pieces of complete projects is made possible by social media platforms that offer the necessary collaborative tools, tracking options and payment mechanisms to facilitate the marrying of project-based needs with online talent.
With LinkedIn and Facebook facing stiff competition from the growing number of niche companies offering to build talent pipelines for companies, there are stiff challenges ahead in finding the right strategy for effective use of social technologies and there is no rime to lose! So, go out there and establish your presence and see what you can do to earn those ‘likes’ from employees and potential candidates. If you already have made that effort, then it is time you measured the return on your investment and see if you need to modify your current game plan to achieve better results. As it is impossible to deal with this extensive topic at one go, we shall come back and discuss more aspects of it, in our next post.
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