Facebook’s New Jobs Function Ready To Compete With LinkedIn
Are there any fields Facebook doesn’t plan on taking over? Just a few months after announcing Facebook at Work, Marketplace, and Messenger chat bots, Facebook revealed its experimenting with a Jobs function. Should LinkedIn be worried? How exactly does a social media network figure to enter the recruiting space?
Facebook’s New Jobs Function: Should Linked In be Worried?
Facebook is no longer just a social media network.
It’s evolved into a hub for our everyday lives.
The company connects people to each other like never before, and in doing so generates tens of billions of dollars in revenue every year. And rather than rest on their laurels, Facebook continues to innovate. 2016 saw the release of the wildly popular Facebook Live feature, as well reactions, and, most recently, Facebook Marketplace, a Craigslist competitor. Now Facebook is at it again with Jobs.
On Monday, the social media giant said it was testing a feature which would allow page administrators to create job postings and receive applications from candidates within its platform. Currently, there is only one social media network with jobs functionality; LinkedIn, which is being purchased by Microsoft for $26.2 billion. LinkedIn secures much of its revenue from job hunters and recruiters who pay a monthly subscription cost to post resumes and contact one another. Facebook would be able to offer that same functionality free of charge for businesses as part of a company’s standard fan page.
“Based on behavior we’ve seen on Facebook, where many small businesses post about their job openings on their Page, we’re running a test for Page admins to create job postings and receive applications from candidates,”.a Facebook spokesperson told reporters.
This move makes perfect sense. Companies already have their fan pages. They’re already posting content and communicating with fans. By posting job openings on their pages, businesses can find themselves seeing a spike in visitors who want to work for the company.
The new jobs feature could become a new revenue stream for Facebook. Last week, shares of Facebook dipped after the company warned advertising revenue growth would slow down. Now, it looks as though Facebook found a new revenue stream with jobs. While companies will be able to post jobs free of charge, those companies looking to spread the word about open positions would have the ability to promote the hiring post for a fee, creating another source of income for Facebook.
And while this may be a side revenue stream for Facebook, this is LinkedIn’s main revenue stream. Microsoft should definitely be worried, LinkedIn has about 450 million active users. Facebook has 1.75 billion active users. And while all may not be working professionals looking to network, the right job has a pretty good chance of finding the right person with such a huge talent pool to choose from.
How to post a job on facebook? Check this video from Halley Hall.
Facebook (FB) shares, already up on the news, should continue to rise.
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