Looking for the ideal job – or the ideal candidate? Get on Facebook and LinkedIn. What else can we learn from the latest study on high net worth investors and social media?
Social media use is rising among high net worth investors, but business owners and senior corporate executives are the biggest users of Facebook, LinkedIn and Twitter, according to the latest Millionaire Corner research.
What’s the take away? Whether you’re looking for a job or recruiting a candidate, social media can optimize your chances of finding a match.
LinkedIn is “uber-optimized” for recruiting, according to a recent post by Forbes contributor Josh Bersin, while the Facebook network contains tools, such as Branchout and Jobvite, to mine the database for potential candidates.
No wonder more than half the nation’s high net worth executives use Facebook and LinkedIn, according to a recently published report by Millionaire Corner, which examines the use of social media among high net worth investors. (Millionaire Corner defines the high net worth as individuals coming from households with a net worth of $5 million to $25 million not including primary residence.)
High net worth business owners also maintain a robust social media presence. More than half uses Facebook and 20 percent uses the relative newcomer, Twitter, a useful recruiting tool despite its brevity, according to experts. Individual tweets are limited to 140 characters. Business owners also expressed a significantly greater likelihood of increasing their Facebook (32 percent) and Twitter (6 percent) use, compared to high net worth investors as a whole.
Social media use is catching on among high net worth investors of all occupations, but those from other walks of life are less likely to use Facebook, LinkedIn or Twitter. Roughly 47 percent of high net worth investors as a whole use Facebook, while 32 percent use LinkedIn and 8 percent use Twitter. About 17 percent plan to use Facebook more in the future, while 15 percent say they will increase their use of LinkedIn and 2 percent, Twitter.
Extremely high net worth investors generally use smartphones and have embraced the technology as a tool for managing their wealth.