Unlike Google and Facebook, which use our data to serve up product ads, LinkedIn uses the data to provide real value to both job seekers and recruiters. However, just like many social networks, the users are the product and the value comes out of the information we volunteer, including the millions of digital resumes that show users’ past and present jobs, former colleagues, job search history and even interactions with other professionals on the site.
According to the Washington Post, employers are using the mass of data collected on LinkedIn to get all sorts of information about job seekers. Here are a few unique ways employers are using the data collected on LinkedIn.
Strategic Planning. LinkedIn has created an algorithm that helps corporations understand how often a company loses talent to its competitors. This provides valuable insight into how the company measures up to another in terms of talent acquisition and retention. If a company is considering opening another office, LinkedIn can identify the best city based on the skill needed by measuring the supply and demand of people available.
Job Recommendations. If someone is climbing the corporate ladder quickly, LinkedIn can provide recommendations that facilitate that climb. If the person’s job history seems stable, the algorithm might make a lateral recommendation. According to the article, more than 50 percent of job seeker engagement is channeled through the “jobs you might be interested in” feature.
Recruiting on the Go. For recruiters who are also road warriors, mobile access has become essential. In fact, nearly 30 percent of all interactions through the site take place via smartphones and tablets. This trend is expected to grow and the team at LinkedIn is devising ways to tailor products for recruiters on the go.
Hiring For Fit. As culture fit becomes more important, recruiters could potentially use LinkedIn data to identify hints of hiring compatibility. In general, fit is a more difficult measure. This is even more true when dealing with algorithmic formulas, according to the article.