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Facing up to Facebook

Social networking is all the rage, but will it really help you land a job in investment banking?

A quick look on the ever-growing Linked In and Facebook websites shows listings of managing directors, vice-presidents, and bankers at all conceivable levels of seniority, in all conceivable business areas, and from all conceivable countries.

For recruitment firms it looks a bit like a dream come true – once they’ve managed to penetrate the network there’s all that talent there for the picking. Unsurprisingly, some have latched on.

Michael Markiewicz, of Carmichael Fisher, says both Linked In and Facebook are becoming increasingly popular as networking tools for recruiters.

“These sites are being used big time by some of my people,” Markiewicz says. “Our business is all about networking, and if another tool comes along we’ll give it a go.”

Approaching candidates via the likes of Facebook involves trying to search through members of specific groups on the site to target industry professionals.

The downside of Facebook in particular, however, is that recruiters and potential employers may also be treated to photographs of people on the beach or looking the worse for wear after a night out.

For this reason, it may be better to stick to professionally-oriented networks like Linked In, which are designed for business rather than social acquaintances.

Eleanor Slack of Carmichael Fisher says she much prefers Linked In as a recruitment tool because it can be used to email people directly or to search up individuals who can be contacted by phone.

Some recruiters prefer to steer clear of social networking, period. Adam Kolokotsas, segment manager, accounting, banking and finance at Tanner Menzies, says other recruiters are definitely at it, but using all the info people post online to source candidates seems “a little bit cheap” and ethically dubious: “For us, as an executive recruitment business, we wouldn’t think to use something like that. I guess we’re a bit old-fashioned and staid.”

Comments (6)

  1. So if using FaceBook and LinkedIn is considered Cheap and ethically dubious then how does he get his contacts???? I am sure that he is not as ethical as he thinks. He probably uses mainstream public information whilst snart people are finding additional information that is still publicly avilable!

  2. Good article, yet another reason not to use Efin. You guys are marketing geniuses!

  3. I suspect that over time Web tools such as FB and LI will play a greater role in networking and recruitment – – just like the growth of the Internet and email which have become important tools in conducting business.

  4. It would appear that the parasites have found another place to lunch. (Species of homo-parasite include…HR, PR and Used car salesmen at least in nature parasites perform a valuable function)

  5. Dear Trader Capital markets, thanks for your astonishingly thought provoking insight on the recruitment business. I have just spent the last month researching a brief and meeting 40 senior executives in Australia and Asia on behalf of my client who is very complementary about our service. Headhunters and recruiters provide a very useful service to employers for which they are willing to pay large fees. As a former broker I know the exactly how much energy and work is necessary to make it in headhunting compared to other jobs. For you as someone who relies on all the inforamtion you can get to be succesful in their job your comments are very poorly thought out.

  6. One would recommend a very good management book “Up the Organization: How to Stop the Corporation from Stifling People and Strangling Profits” by Robert C. Townsend and Warren Bennis.

    A brief look at Townsend’s thoughts on HR….
    On job descriptions: “To be satisfying a job should have variety, wholeness, autonomy, and feedback. In other words, no job description.” On corporate-level departments such as marketing, HR, and PR; “Simply tell them that you respect what they do but it has no place in the company. Instead of HR, hire a person whose job it is to make sure you have the best people working for you and not your competitors.”

    Back to the markets!

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