Social Media ... The World’s largest employer.
Updated: Feb 12, 2018
Research and analysis undertaken by Strategy Inc. shows that, if not for the advent of Social Media, unemployment would have been double that of the 5.6% OECD current average HUR in developed economies.
As leading experts in Strategic Social Media (SSM), Artificial Intelligence Model production and Patron Engagement, we co-ordinate and guide large sporting and entertainment project initiatives for both Government and multinational companies across Europe, the Middle East, SE Asia and Australasia.
By conducting seminars, conferences and privately-run corporate programs in social media for brand executives and advertisers, Strategy Inc. conveys its unique know-how, methodology and technology able to achieve sub-10c CPCs (Cost Per Click) across popular platforms. This entails using creative and efficient real-time practices able to reduce advertising budgets by 75%.
Q. So, where are half of the hypothetically unemployed, now employed, thanks to Social Media?
Our research has found that, the vast majority of these employees are not employed by the Social Media platform industry directly, but by over 30 industries associated in one way or another with the Social Media industry. Other massive employment opportunities have arisen in companies like Airbnb, Uber, Booking etc, all of which simply would not exist if it wasn't for the Social Media platforms.
Below is a list of the main employment blocks, analysed across several industries in detail.
• People directly employed in the Social Media (SM) platform industry • People indirectly employed by SM industry dependent companies and associates • Extra people indirectly employed by Smartphone makers and marketers supporting SM • Extra people indirectly employed by major software manufacturers, solely on SM apps • People employed by peripheral industries like Airbnb and Uber conceivable only by SM • People employed in the on-line shopping and payment industries, all integrated in SM • Extra people indirectly employed in the WiFi industry to solely enhance SM performance • Extra people indirectly employed in Travel, Tourism and Food industries, reliant on SM • Extra people indirectly employed in the Investment & Finance industries supporting SM • Extra people indirectly employed by Mobile and other Network Infrastructure or utilities • Extra people employed at Universities & Academic institutions offering SM qualification • Support organisations engaged in Strategic Social Media (SSM) & Artificial Intelligence • The myriad of mainly self-employed people involved in Training & Support of SM users • SM specialists and professionals working in PR, Creative, Media & Advertising groups • Video specialists working in Digital Video production, Editing, Streaming & Distribution
• Often overseas, outsourced SM integration & optimisation into existing or new websites
• SM professionals employed in the Banking, Entertainment, Retail and other services
related complimentary and collaborative industries such as Photography, Modelling,
Fundraising, Dating, Sports, Fundraising, Real-Estate, Cosmetics Political campaigning
Q. So, how great is the influence and net-effect of Social Media around the globe?
Mobile Networks are the engine of social media. Consequently, the number of social network users is currently above 2.5bn and expected to surpass 3bn by 2020. It is evident that countries benefiting from increased Social Media activity, modern, cheaper and better communications infrastructure and easier Internet access in terms of costs and speeds, enjoy consistently and exceptionally low, better than average (dropping) unemployment.
Typical examples are US (4.1%), South Korea (3.6%), Japan (2.8%), Netherlands (4.4%), Norway (4.1%), Switzerland (3.3%), Singapore (2.1%), Taiwan (3.7%), Hong Kong (2.9%).
Australia’s current unemployment rate, whilst it is still struggling with its National Broadband Network infrastructure, is hovering around 5.5%, well above eight other developed nations.
Ranging from corporations to government, Social Media is now a critical part of the way people in most walks of life communicate and a key part of how work gets done.
Paraphrasing a famous cliché, we proclaim: "It’s not who you know”, "it's who knows you".
Digital Video has become essential: Research shows, a significant 60% of marketers use video in their marketing and 73% plan on increasing their use of video in the near future.
Facebook is the most prolific ICT application, ever. It is also the most important social network for marketers by a long shot!
Tactics and engagement are the top areas marketers want to master. At least 90% of marketers want to know the most effective social tactics and the best ways to engage their audience with social media.
Q. Why and in what way is Social Media the most significant tool in recruitment, ever?
Simply put, social networks have created a self-service model for finding and landing a job. Applying for jobs through traditional and old-fashioned methods often becomes a frustrating, dead-end exercise for most job-seekers. Many of these outdated practices waste a candidate’s valuable time and barely provide any meaningful interaction with the employer or their recruiter.
"We're entering a period for the first time in history where there's four generations in the workforce at the same time with the gen z, gen y, gen x and baby boomers," Chris Kent of Hays Recruitment says.
Research suggests 92% of respondents used or planned to use Social Media to source talent and that around 25% of all jobs filled in the United States, are done via SM, a more informal form of recruitment, with this ratio rising significantly as the pay for each position goes up.
More significantly, employers can get a better feel for a candidate’s written communication skills and professionalism, while job seekers can get the personal interaction they crave.
Before sifting through mountains of unqualified resumés, companies are proactively using Social Media, finding and contacting professionals whose credentials make them the ideal fit for the job. Conversely, candidates learn about the career paths and expertise of the people who might be interviewing them and ultimately lead their careers.
For example, a person seeking employment, with the acumen and qualifications for say a $150,000 a year position, having built his or her own professional Social Media profile, has a far better chance to reach, communicate, meaningfully-interact and impress a potential employer in real-time, rather than via a traditional recruitment candidate-evaluation agent. This cuts down the traditional recruiting process and dramatically increases accuracy, allowing open positions to be filled with great candidates faster than ever before. The preparation for job seeking starts with an online profile now.
Social tools have reduced the time and money companies spend searching for the right talent. Coca-Cola has cut its search-firm costs by more than 50 percent over the past four years – from $15 million to $7 million. “That’s $8 million we can invest in marketing and innovation,” Coca-Cola has said.
The reality is that it can be hard for an employer to find candidates with the skills and qualifications needed, even though there is no shortage of applicants. As a result, an increasing number of organisations in every industry are looking outside the traditional hiring methods to make their recruiting campaigns more targeted. There are, no doubt, a ton of inefficiencies in the traditional recruitment process. Job-seekers and employers are not getting enough opportunities to engage effectively and determine the right fit for each other. Employers and candidates have realized that one of the more effective and efficient ways to improve visibility is through Social Media engagement and referrals.
For people who are independent contractors or who own a business, a profile on a social networking site is a good way to promote and maintain contact with clients. On several channels, there are sections where people can make comments about a business or contact their workers.
The world has never been more connected by technology. Making contacts before you need them, whilst being educated at senior school or University, it is a good time to use that available technology to build a network of future prospects. SM brings industry-specific groups and discussion threads. By accepting invitations from new contacts and making introductions when appropriate, it's good career karma. These are the syndication tools and real-world relationships to build and nurture.
According to a study by McKinsey, social media can add a potential 1.3 trillion dollars in value to the US economy. This value takes the form of better enterprise collaboration and communication, leading to real gains in productivity, across a multitude of industries by boosting a candidate’s visibility and credibility. Social Media was cited as a component of California’s economic growth.
The power of social media is now a solution to common enterprise obstacles. Productivity rises when you take away the barriers to collaboration and increase interaction between team members.
Passive as well as active candidates that are connected with the employer brand through its social media platforms, can be notified of new job openings and other relevant company updates in a seamless and meaningful way, providing the candidate an opportunity to apply or respond quickly. Staff Promotions make way for candidates to enter the workforce. By continually replenishing their talent pipeline for future job openings, companies can stay competitive in the talent marketplace.
Social Media recruitment platforms allow and encourage current employees to get the word out about their company’s open positions to their connections who can further share it with their connections and so on, potentially reaching thousands of great candidates in a very short time. This is good news considering that a bad hire can sometimes set companies back a total of $50,000. Current employees understand the company culture, organisation structure, and unique needs of the business. They are more likely to refer candidates who can thrive and grow in the organisation. Social media is a simple but powerful tool to market your company’s open positions, while promoting the corporate Brand.
More companies are using social networks to entice “passive” candidates – employed professionals who are not actively looking but are open to discussing potential opportunities.
Thanks to the power of Social Media and the Internet, companies can find more creative hires just by looking at how candidates choose to apply for positions. Candidates can now take advantage of the many social and digital tools available for sending infographics, videos and blogs to enhance their candidacy. Unlike the traditional bullet-point resume, these new creative application techniques are opening a window into a company’s future. In today’s idea-driven economy, enterprise recruiting cannot afford to overlook the value creative hires bring to the table.
With the economy still suffering, Social Media holds the key to easing the recruitment process. A faster and more efficient system can help more job seekers land their dream jobs, while providing employers a more efficient and effective way to connect with talent and fill their open positions.
“You no longer need to know someone in-house to get an interview,” says Dan Schawbel, Managing Partner of Millennial Branding, a Gen Y research and consulting firm. “After a quick LinkedIn search, you can directly contact the people who can hire you and say, ‘I want this job,’ instead of crossing your fingers and hoping your name comes up in a search. Recruiting is now very much a two-way street.” "The hiring process no longer begins with that first handshake ... it starts with the Google search that takes place before the interview.” asserts Schawbel.
In today’s social-media-powered job market – where recommendations have replaced references, connections trump covering letters and the resumé is a soon-to-be relic – who and what you know are critical. Savvy candidates are building their personal brands online by fortifying their LinkedIn member profiles with keywords that will get them noticed and by positioning themselves as thought leaders or arbiters of information on particular areas of expertise among followers and friends.
What Social Media has done is build a broad and deep ecosystem of connections, now a must. The trick in reducing unemployment is connecting with people who know what you don’t know and determining what value you bring to the people you need to network with.