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LinkedIn is one of the strangest social media platforms in existence. Where else can you find people bragging about working unpaid overtime and writing appreciation posts to the companies that just laid them off? It’s a really weird website… But is it hurting your career?
LinkedIn is a strange place where people talk at length about how great they are at their job to look enticing to potential future employers. In 2006 when the company was founded it was a strange concept, but it has worked for LinkedIn which is now the ninth largest social media platform in the world. It had more monthly users than twitter before both sites were acquired.
Elon Musk and a team of investors purchased twitter for forty four BILLION dollars in October twenty-twenty-two, a record sum for a social media company being taken private. Musk’s controversial purchase beat LinkedIn’s record from 2016 when it was taken private by Microsoft from twenty-six point two billion dollars. Musk is often criticized for overpaying for twitter when LinkedIn is the comparison. At the time of acquisition LinkedIn had slightly more monthly users than Twitter but it also had something that the blue bird just couldn’t match.
Every time you log into LinkedIn you are giving Microsoft something unmatched by every other social network in existence, value. If you are using a service for free YOU are the product and LinkedIn users are the most valuable product of them all. LinkedIn generated revenues of thirteen point eight billion dollars in 2022 which is two and a half times higher than twitters highest year of revenue ever. We don’t have public figures on it now since it is a private company but most analyst expect that twitters revenues are down since Musk’s acquisition.
The average LinkedIn user is worth seventy six times more than the average reddit user, thirty five times more than the average Pinterest user, four times as much as the average RU-vid viewer and three times as much as the average Facebook user.
Additionally, a site like RU-vid is much more expensive to operate than LinkedIn given the inherent difference in cost of hosting HD video and hosting content that is just text and pictures. LinkedIn is able to extract revenue from their users at the highest rate per hour in the industry, and when YOU are the Product that value is coming from YOU.
LinkedIn achieves this in four ways.
The first is by creating a digital marketplace for people. LinkedIn is the biggest job search site in the world, companies and recruiters can post job listing and boost their visibility by paying LinkedIn directly. When you apply for a job through LinkedIn the employer gets your skills, experience, education and employment history on display in a consistent format which is a big advantage over normal job search sites like indeed. This information should be on your resume, but the standardized way that LinkedIn presents it let’s recruiters automate their candidate searches far more easily.
A subscription to LinkedIn Recruiter costs nine thousand dollars a year but it offers hiring managers and third-party recruiters a range of tools to search for candidates based on criteria, reach out to them directly and advertise new roles. It’s a small price to pay for most companies because what they get in return in a buffet of potential applicants for their jobs.
When you ask for a raise and give your manager the ultimatum of quitting, they weight up the expense of giving you a raise with the expense of replacing you. Finding qualified candidates used to be much harder than it is today, but now if you quit they are just a few keywords away from finding a perfect replacement from the largest collection of career focused people in the world.
Hiring managers would not pay nine thousand dollars a year for tools that didn’t provide a return on investment. Having the tools to reach out to potential applicants that aren’t even actively looking for a job has given hiring managers a lot of power over you. And that’s just the first reason, so it’s time to learn How Money Works to find out how LinkedIn has ruined your career.
28 май 2024
