Seems like LinkedIn is benefiting from the recent financial industries crisis.  According to a post at Cheezhead they have had significant increases in registrations and in recommendations:

The site has reported a 17 percent increase in registrations in the last two weeks. They are now claiming to reach 28 million users, up one million from last quarter.

Reports show that memberships from people representing the financial sector have also doubled after thousands of people have been laid off or threatened with termination as closures and mergers usurp industry leaders and rattle the core of the sector.

The site also claims to have seen a 14 percent increase in recommendations, most likely a result of users scrambling to attach praise to their resume in order to find stable jobs in a worsening economy.

I’m sure that other sites are seeing an increase in activity from the financial sector as well (i.e. Monster, CareerBuilder, Plaxo, Facebook, etc.)  Understatement—-I have a feeling you can find many financial industry candidates on these boards/sites right now.

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Let me state my position - I believe employers should research all sites when considering a candidate for hire.  That includes social-networking sites.  I know there are arguments for both sides of this new debate and I am not completely sold on my position.  However, it appears that the trend among hiring managers is to use these sites in their hiring process:

The study, reported by Reuters, found that out of 3,169 hiring managers, 22 percent of them (about 698 managers) used social networking sites to find out information regarding potential candidates. This is up from 11 percent, or 349 managers, since 2006.

Even though 22 percent may not seem like a huge number now, one can only expect that number to continue to rise. The study revealed that 9 percent surveyed were currently not using social networking sites for screening purposes but plan to in the future.

The web is a public domain so I am of the opinion anything you put up there can or will be read by someone else.  I think it is foolhardy to think otherwise.

If you read the rest of the article, you will find 4 suggestions for maintaining your privacy on these sites.

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Saleshq.com provides a simple list of suggestions for building rapport and connecting with others at networking events.  I’m not certain the list is all that remarkable, but I was struck by a couple of tips:

5. Show interest in your conversational partner by actively listening and giving verbal feedback. Maintain eye contact. Never glance around the room while they are talking to you.

6. Listen more than you talk.

Clearly you have to talk to build rapport, but the actual bonding occurs when your mouth is closed.  I especially enjoyed the suggestion to “never” look around the room when someone is speaking to you.  I have a friend who does this and I instantly know he has checked out of the conversation.

Why is it so hard to simply listen?  I know there are times when I struggle with it too.

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I don’t think this is a big surprise, but in-person networking is the most important.  From the Career News newsletter (sorry, no link):

While the execs expected the importance of online networking to grow from 24% now to 38% in two years’ time, that’s still less important than developing personal contacts (81%), contacting recruiters (63%) or using job boards (51%). Some 93% of the senior executives surveyed said putting time into developing their ‘personal brand’ was a wise career move. While some three-quarters said this was best done offline, two-thirds said they do use social networking sites to look good.

Commenting on the findings, Carol Rosati, director at Harvey Nash, said: “While online networking does not replace human interaction, it does provide candidates with an additional set of resources to create and maintain a personal brand and complement the profile they build through ‘real world’ networking.” The top social networking sites for senior execs looking for career progression were LinkedIn (57%), Plaxo (16%), and Facebook took just 6% of the vote (ed.-my emphasis).

In a way, it seems that the gist of this survey misses the point of social network sites.  They are a tool to improved networking, but I don’t think people view them as a replacement to in-person or phone call networking.  I could be wrong here as I suspect there are people who just connect with others just for the sake of connecting.  Maybe that should be called social connecting as opposed to networking?

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Using social networks like Myspace and Facebook as part of a background check currently falls into a legal grey area.  Apparently this activity is lacking any precedence in the judicial system which means it is risky.  I’m not naive, I suspect most companies Google candidates to see what they discover.

Recruiting Trends provides an article that describes one area where trouble may arise:

There are anecdotes on the Internet of false postings under another person’s name – a sort of “cyber identity theft.” If anonymous information is posted, such as in a chat room, there is the new phenomena of Cyperslamming (sic), where a person can commit defamation without anyone knowing who they are.

What if some of the information you discover is incorrect?  This could be a tremendous problem with legal ramifications.

In case you are a bit skeptical (I was), read this:

One rule to remember
If a website is searched by a background screening firm on behalf of an employer, then consent and certain disclosures is mandated under the federal Fair Credit Reporting Act (FCRA).

As I mentioned, uncharted waters so be wary.

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We work under a premise that my father is fond of saying, “They typically don’t need longer to say yes.”  This is a truth of life that plays out time and again.  There is one group of people that truly understands this principle…candidates.  If they do not receive any feedback for a disproportionate period of time, they (properly) assume they were not a fit.

What I don’t understand is why recruiters and hiring managers simply don’t tell the candidate they are not a fit.  I have read many articles that discuss employment branding.  In a simple vein, it seems obvious to me that one of the best branding approaches is to be candid and timely with all candidates.

We have a couple of customers who interview candidates and then place them in a black hole.  They tell the candidate they are interested in going to the next step but then they place the candidate in a black hole.  No update, no plan, no contact.

As hiring migrates to a networking-based channel, this black hole approach will brand companies in a bad light.  That is the power of a network - news travels through it quickly.  The better approach will be to simply inform the candidate of their status, even if it is a no.

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There has been much discussed about the use of social networking sites in doing background checks of candidates.  I’m still on the fence, but I am leaning towards using them.  Here is an actual example I heard on Friday.

An owner of a medium-sized company had a problem with a previous executive assistant - let’s just say it was far too personal.  She was dismissed from the role and the company looked to hire a new assistant.

The hiring process for her replacement involved the owner’s wife who was going to spend 1 hour interviewing each candidate.  Also, the new executive assistant would not be allowed on the company plane - she would have to fly commercial.  You get the picture.

One of the final candidates being considered turns out was a former topless dancer.  The candidate shared this information with the recruiter who could have found this information on a social network site (she looked later).  Now, this candidate may have had the right skills, but would it be wise to place her in this position?  Clearly if she was willing to share this private information in an interview and on a social network site, how long would she have been in the role before sharing her past with others?

The owner’s wife would dismiss her as soon as she heard about her past.

So who benefits from silence or a lack of a social network search in this situation?  The strong candidate would have to explain a short tenure at this company.  The owner would still be in need of an executive assistant.

The example is wrought with legal complexities, but in a real-world sense I think the best scenario is to use the social networks in the background check, discover the information and pursue a different candidate.

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Bill Gates is on LinkedIn…are you?  I’m behind the curve on the social networking side, but I do find LinkedIn to be a fascinating tool.  We are just starting to expand our sourcing activities into the LinkedIn space and it is already paying dividends.

We are starting to receive 2nd and 3rd degree of separation contacts from job seekers, business owners and old classmates.  It it almost like drawing a “Chance” card in monopoly - you’re not quite sure who is contacting you, but it always draws your attention.

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I’m still a LinkedIn neophyte, but I like the development they are pursuing.  From Online Media Daily comes this story - LinkedIn Opens ‘Back End’ To BusinessWeek, Other Web Publishers:

LINKEDIN, A SOCIAL NETWORK TARGETING business professionals, is living up to its name. It’s opening its “back end” to Web publishers that want to bring the network’s functions to their sites. The first publisher to get the LinkedIn invitation, BusinessWeek, wants to use its networking function to make BW’s Web site a place where business types can connect and maybe even make deals–in other words, a place to do business, rather than just read about it.

In one feature, LinkedIn will create links in the text of BusinessWeek editorial content for the proper names of businesses and people. By mousing over the links, the reader can determine how they are connected to the individual or entity in question, including how many of their own contacts are connected.

I often tell candidates that I can’t imagine being in sales and not using LinkedIn.

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Well here is an interesting rumor from TechCrunch:

An unconfirmed rumour has reached me via a reliable source that LinkedIn is in talks with media giant News Corporation over a possible buyout in January 2008. The reason I am running with this, is that the source is very well-placed. Furthermore, the rumour has the fundamental ring of truth about it.

We’ll have to keep an eye on this interesting development.

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