Facebook
Inc. is launching a new application to help its users in
the United States hunt for jobs.
The
free tool stems from a promise made a year ago by a
coalition of government, employer and employee
associations and Facebook to roll out an application
that would help connect job seekers with open positions.
The
app gives users access to more than 1.7 million job
postings in the U.S. that are culled from companies that
list jobs on Facebook, including Branchout, Jobvite and
Work4 Labs.
The
latest move has fueled talk that Facebook would enter
the lucrative online recruiting market.
For
years, analysts have speculated that Facebook would
harness its massive audience to enter that market and
take on professional networking site LinkedIn and
job-hunting sites such as Monster.com. That speculation
has only intensified as Wall Street cranks up the
pressure on Facebook to prove it’s more than a
one-trick pony and can make money beyond advertising.
Facebook
shares closed up $2.50, or nearly 13 percent, to $22.36
on Wednesday — a far cry from the company’s $38
initial public stock offering price in May. The shares
jumped as Facebook insiders and early investors became
eligible Wednesday to sell 804 million shares, nearly
doubling the amount of stock available for trading on
the public market.
A
Facebook spokesman said the Menlo Park, Calif., company
is simply trying to make it easier for Facebook users to
find and share job listings on Facebook.
Marne
Levine, Facebook’s vice president for global public
policy, said in a statement that the app is part of a
"broader effort to help people use social media to
find jobs in the U.S."
LinkedIn
Corp. doesn’t view the new Facebook job-hunting app as
a shot across its bow, a spokesman said.
"We
don’t see this as Facebook getting into the
professional networking space," the unidentified
LinkedIn spokesman said. "Facebook is aggregating
jobs from various Facebook apps and putting them in one
place."
LinkedIn
said people still want to keep their personal and
professional lives separate. That’s not to say that
Facebook couldn’t make a bid for online recruiting in
the future — or that recruiters don’t already tap
Facebook.
A
study from the National Association of Colleges and
Employers found that half of employers use Facebook in
their hiring process.
"Recruiters
know that you recruit where the people are," said
Dan Finnigan, chief executive of Jobvite. "Facebook
is the most heavily used, most engaged application on
the Internet with more time spent on it than any other
application."
It’s
also popular with young people for whom the unemployment
rate is particularly high, Finnigan said.
"This
will be a big opportunity for recruiters to engage the
right folks where they are," he said.
The
app was born from a coalition that was formed a year
ago.
The
group, known as the Social Jobs Partnership, includes
Facebook, the U.S. Department of Labor, the National
Association of Colleges and Employers, the
DirectEmployers Association and the National Association
of State Workforce Agencies.
Labor
Secretary Hilda Solis said the app — which lets
Facebook users search job listings by keyword, type of
work, industry and location — would help "get
America back to work."
"Nearly
a year ago, the U.S. Department of Labor joined the
Social Jobs Partnership to explore better ways to
connect people with job information through social
media," Solis said in a written statement.
"Today, we’re taking an important next step with
the announcement of this valuable new application."