For a moment, in consideration of Labor Day, put yourself in the position of an employer needing to fill a job vacancy. The U.S. unemployment rate, as of this writing, is still high (with some geographic variability) so the labor market is soft. You've probably got unsolicited resumes filling a folder over in your filing cabinet with more trickling in on a regular basis and fresh e-mails streaming through your inbox each morning of referrals from friends of friends. You may have job service agencies, headhunters, trade journals, and classified ad sales agents tickling you each month , under pressure to meet quota, just to see if you anticipate any vacancies within the next 30 days. They'll offer a range of services to help you find the right fit. Of course, there'll be forms to complete, job descriptions to post, surveys to answer, ads to buy, closing dates to monitor, interviews to convene, and commissions to pay.
Fat City, right? Well, maybe. The hiring cycle, particularly in the public sector can be especially tedious. At the end of the cycle, provided you find a qualified applicant, there's still potential relocation, orientation and training, a possible probation period, and the unknowns that can derail the entire process and force a dreaded "do over".
In the age of social media, much of the risk associated with employee searches and the hiring process has been mitigated with services like Linkedin.com With over 100 million user profiles, employers and job seekers alike have recognized the value of a more direct, comprehensive, and lower-risk job search. The irony of all this is that, even in a sluggish economy, the balance of power during the job search can shift from employer to job prospect, yielding the unsettling outcome of the job finding the prospect before the prospect finds the job. This is due primarily to the odds of finding a better fit with the rise of available information, including associated contacts, to both parties through user and company profiles.
Moreover, there is demonstrated close linkage between the rate of unemployment and the growth in the number of Linkedin profiles:
Image source: WebConnoisseur.com
Unique visitor growth to Linkedin tells an important part of the story. Another chapter, though, must include the impact of this migration to social media on those more and less conventional job search tools. There may always be a place for top-flight executive search firms but commission or fee-based Web models like Monster, CareerBuilder, and HotJobs as well as newspaper classifieds are quickly being shown the door.
The advent of Web analytics feeds critical, current, and precise information to job prospects that has never been available before, except in the pipe dreams of the most forward-thinking labor economists. Rather than rifling through the U.S. Dept. of Labor's Occupational Outlook companion volumes to prognosticate where the jobs of tomorrow are today, we can now capture infographs clearly illustrating the growth and contraction of industries and occupations in real-time:
Source: Linkedin Analytics
In a global economy, it's just as valuable to put your finger on where those rising and falling jobs and industries are located:
There are likely a few more iterations left in the tools used for labor market discovery and it's not difficult to imagine that social media will be dancing somewhere in the middle of that soup. Ultimately, maybe all of us, employers and employees alike, will recognize that the most useful frame of reference is not jobs at all but simply the work that needs to be done.