Social Networking Ads

With Australian traditional job advertisements dropping a gobsmacking 21.7% in the last year, is the economy really in a bad state or is just that our economic indicators have moved from heritage media to social advertising?
From today’s Sydney Morning Herald (gotta love Plugger!)

Downturn trims number of job ads,
Miriam Steffen

THE number of job advertisements in Australia’s major newspapers has slumped 21.7 per cent over the past year, figures released yesterday show, adding to evidence before this month’s media earnings reports that the economic slowdown is taking its toll on the industry.

The dramatic drop in spending has aggravated the effects of a structural move of advertising from newspapers to the internet, putting pressure on publishers’ earnings and forcing them to step up their internet efforts to make up for the shortfall, analysts said.

That’s a shocking demise of job classifieds and I dont believe it’s due to the economic downturn.

If we measure the economy by number of job ads (job ads as an indicator of growth and health of companies) what happens when the ads go distributed? Will we start to see massive ‘downturn”s when it’s actually that the metrics (or indicators) no longer work? In a few years, there might be like, 10, traditional classified ads and thousands on facebook and myspace and twitter and linkedin. Then what? We are in a recession or just need to change indicators? I’d really like to know: I failed Economics at High School which is interesting considering I’ve spent years in virtual economies. Heh. I should’ve studied more and talked less. How do we get that basket of goodies (CPI Index?) changed as well? I don’t want milk in there, I want soy, low fat, high calcium white stuff.

Non-ads such as a request on twitter – I particularly like the fact this is forwarding a job. Using Ripple not Broadcast to get right into the social network of people who may be interested in that job, not a bunch of agencies advertising to an audience 99% of whom wouldn’t be interested and would skip, much less pass on to a friend or family member.

Incidentally, if you want to know where that tinyurl goes to: it’s LinkedIn jobs. Of course.

By the way, I have some research on Recruitment 2.0 and 3.0 (for want of a better title). You can hire me. Heh

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  1. The mainstream press always manage to focus on the jobs listings in their sector only, ignoring the fact that online jobs have not experienced as significant a drop…

  2. Social Networking creates ads for personal or company’s business. it helps businesses to boost up traffic and profit as well. I found social networking as a tool which had been primarily designed for social interaction and sharing. You can gain lots of friends and build reputation over the net.

  3. Hi Laurel, I am a Recruiter for Oracle Corporation, Michael Specht and I had a conversation about this very topic a few weeks back. I believe traditional jobs boards like Seek or MyCareer must change their business model or they will be left behind as Recruitment seems to have taken the next leap from job boards to social networks.

    I remeber when I used to advertise roles in the newspaper, then these great websites like Seek and Monster came along. Now over the past 2-3 years I feel social networking is the next logical step in succesful recruiting and takes away a company’s dependence on more traditional job boards and as such the decline of job advertisements is not a true reflection of the economy

  4. Hi Laurel,

    This is a very interesting post. I am the founder & CEO of a Social Recruiting platform called 2Vouch which is launching in Australia next week. Traditional sourcing through classifieds ( online and print ) will increasingly become less and less effective because great people are not actively searching the job boards or newspapers for a job.. why? they are doing something else.. working!! so the question is how do you find the people who are hard to reach and not actively looking for jobs? one way is to get them through referrals from people in their social network. btw – I'd be interested in the research you refer to 🙂

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