Daily Management Review

Facebook to compete with LinkedIn


11/09/2016


Facebook started testing of a new feature that will allow companies to publish a list of open positions, and to receive feedback directly on the social network. Thus, Mark Zuckerberg’s company is actually going to enter into an open confrontation with LinkedIn, which receives a large part of its revenue from hiring staff functions and search for jobs.



Facebook launched testing of a new feature that enables administrators of different companies to publish announcements about new job openings, and to recruit candidates directly in the social network. Thanks to this innovation, the company in fact will become a direct competitor of LinkedIn.

The news first appeared on TechCrunch, which contacted Facebook after noticing a new tab on its page. The social network confirmed the forthcoming innovation: "Based on what we see on Facebook, where many small companies publish job ads on their own pages, we decided to start testing of a new feature for page administrators - creation a list of open positions and receiving feedback from candidates".

Facebook wants to let companies create updated job postings, where an employer can specify key details of the proposed job, such as wages and working hours. Once the ad is published, it receives a button "Apply", by which users of social networks will be able to present their candidacy to the employer. In this case, applicants will not have to fill out the form every time - Facebook will automatically upload all necessary user data.

Go-between to match employers and candidates is a key role for LinkedIn professional social network, as it accounts for the lion's share of revenue of the company. Representatives of companies and job seekers are paying LinkedIn certain amount for ability to post resumes and online job listings. 
In case of successful launch of similar functionality on Facebook social network, many business customers may defect to the larger competitor whose potential audience is larger by 3.5 times.

The new trend seems to be quite profitable. In 2017, number of companies planning to expand workforce will exceed number of those who will carry out layoffs, according to EY’s forecast published in a review of compensation and benefits in 2016. According to the company, only 19% of organizations are planning staff reduction in 2017 (on average by 8%). On the other hand, 21% of organizations are going to expand number of their employees (11% averagely). According to EY, generally, companies somewhat overestimated depth of the crisis. Their expectations for the years 2015-2016 were not fully justified: 47% of companies planned to optimize number of employees in 2015, yet actually optimization affected only 40% of businesses who reported such plans.

source: techcrunch.com






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