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Social networking has meant that databases of potential job applicants, once the prize possessions of recruitment companies, are now public property ComputerWeekly reports.
Companies like Microsoft have saved thousands of pounds by recruiting technical staff through LinkedIn rather than via a recruitment firm. SAB Miller, the brewery firm, saves £1.2 million per annum by employing from LinkedIn. KPMG organised a 48 hour recruitment fair on Second Life last year.
Social networking sites have mainly had an impact in areas where skills are short, such as IT. According to William Scott-Jackson of Oxford Strategic Consulting, the situation varies by sector because â€œif you have thousands of people with similar skills it is better to go through recruitment firms.â€VbCrLf
â€œI do not think the recruitment industry will stop but it will have to change. We will have to provide referenced candidatesâ€VbCrLf, says David Bloxham of recruitment firm GCS.