While the decline of print advertisements for jobs has been well documented, industry experts have predicted the beginning of a so-called 'third wave' of recruitment, whereby 'traditional' online job advertisements are losing out in favour of social networks.
Mike Page, managing director of recruiter MitchelLake, has said social networking is becoming an integral aspect of cutting edge recruitment strategies, and is already changing the landscape of job advertisements.
Page said that in order to be successful in the battle for talent, organisations must learn how to harness the potential of a wider candidate pool, including people who are not actively seeking new employment.
“What many third party recruiters already have are networks of potential talent including candidates who may not necessarily be looking - but who may move if the right job came along,” Page said.
The shift towards online advertising gained pace throughout the last decade, and many in HR are already commenting that the current shift towards harnessing social media for recruitment represents a 'third wave of job advertising'.
“The talk of the town at the moment is how online job advertisements are declining but there is little discussion of how job advertising through social media is gathering pace,” Page said, and added that the trend is especially strong in the US.
He said their company has observed many businesses expanding their budgets for social media recruitment, and MitchelLake expects the trend to gain speed in Australia.
Further, the (US) Jobvite 2011 social recruiting survey results showed that 89% of organisations expected to use social networks for recruitment within the next 12 months.
Page said that one reason the take-up has been slower in Australia may be due to concerns over the real and deliverable benefits from a recruitment point of view, and added that it is for this reason more Australian-led market research is needed.
MitchelLake outlined some of the main benefits of using social media for job placement as:
Lowers advertising costs and increases ROI
Provides a more targeted approach to the audience you are trying to attract
Social media networks, such as LinkedIn, Twitter, Facebook and blogs, can enhance job applications and provide additional insights for both parties