Social Networking

Recent surveys of online Internet users shows the amount of time people spend on social networking sites such as Facebook, MySpace and Twitter is growing, and it may be costing employers time and money.

In the U.S., 77 percent of workers who have a Facebook account say they check their updates at work.

In the United Kingdom, a similar survey of workers shows 57 percent regularly log on to social networks, resulting in 40 minutes of lost worker productivity per day.

“It isn’t just something you can do for half an hour during a lunch break but all through the day and because of that, it has a huge impact because people aren’t necessarily concentrating on what they should be doing during the day,” said Philip Wicks, a consultant at London-based technology research firm, Morse PLC.

Wicks estimates social networking during office hours costs businesses in the U.K. about $2.25 billion a year. Workplace consultants say the losses will grow as social and blogging sites attract even more users.

But instead of fighting a popular technology, William Beers at accounting firm Price Waterhouse Coopers says companies should be looking for ways to take advantage of it. “So instead of trying to shut it down, I think we should try to embrace these technologies, put in a nice policy that governs it and explain to users the risks related to it, provide some training and then see what business benefits we can have from it,” he said.

Some workers say networking sites are helpful in exchanging ideas, boosting morale or finding the right candidate for the job. “Certainly, ‘Linked-in’ on the professional level is a very useful tool in connecting with other professionals,” said one man.

But others argue online socializing is best left outside the office. “If you want to spend time at the weekends on it or in the evenings, fine, but I think most people are probably too busy, should be too busy, to do it at work anyway,” a woman said.

Studies show the amount of time people spend on social networking and blogging sites has tripled since last year. Employers are fighting back. A recent survey shows 54 percent of U.S. companies have already banned social networking and blogging while on the job.

http://www.voanews.com/english/2009-11-03-voa71.cfm

Here’s a comparison of Facebook to Myspace as researched from Hoover.com

When it comes to social networking, it’s wise to put your best face forward. Online directory Facebook began by connecting students through social networks at schools, but has since opened its service to the general public. Users post photos and information about themselves through online profiles. The site was launched in 2004 by undergraduates at Harvard, led by Mark Zuckerberg, as an online version of the Harvard Facebook. (The name comes from books of freshmen’s faces, majors, and hometowns that are distributed to incoming students.) Microsoft has a deal to be the exclusive provider of advertising to Facebook. Investors include Paypal co-founder Peter Thiel and Accel Partners.
Key Facebook Financials
Company Type: Private -Main Headquarters
Fiscal Year-End: December
2008 Sales (mil.) $0.8
2008 Employees 9

MySpace is one of the world’s largest social networks, with about 125 million users. Originally inspired by Friendster, MySpace quickly grew to become the world’s largest social network, before being overtaken by Facebook. User pages are highly customizable and support integration with widgets such as Slide or YouTube. MySpace provides users with a way to connect around content and culture.

Key MySpace.com Financials
Fiscal Year-End
2007 Sales (mil.) $0.1
Employees At This Location 1
Employees Total 1