We are in the throes of bonus season and, once those checks are handed out, many will be itching to leave for the next opportunity. But here’s an unexpected caveat: Will your next boss ask you to agree to social network monitoring as a condition of employment before he or she will hire you?
This came up as I was speaking to James Cella, president of SiteQuest Technologies, which makes the social media and website monitoring and archiving tools that, among other things, allow bosses to keep an eye on their loose-lipped underlings. Cella acknowledged that several clients were considering taking this step. (Early last month, SiteQuest launched a new partnership with SunGard for the Protegent Social Media Surveillance system for securities firms.)
This is a new twist on the ever-evolving challenge of making omnipresent social media a good thing for securities firms. I think it can bring in new customers—if used correctly. But I don’t run a multi-billion dollar operation subject to multiple laws and regulations. One false move by an intemperate employee on a social networking site and millions could be lost. And heads would roll. It’s the stuff ulcers are made of.
But, requiring potential employees to sign away their social networking rights raises more questions than it answers. Can employees really live up to it? Many employees slip up now, face the consequences and still have their jobs. How much recourse do employees have once they’ve signed the contract? Is this an attempt to stop social networking during a firm’s work hours or a prudent approach to protect investors?
At this point in time, there are two certainties—social networking is here to stay and securities firms must set clear guidelines for their employees.
“Whether we want to or not, all of us are involved with social media—either through direct participation or because others are talking about us,” says Holly H. Miller, founding partner of Stone House Consulting. (Miller is being featured in Q&A columns this week and is serving as chairperson of the 5th Annual OpRisk event of Financial Technologies Forum, on Wed., March 2, in downtown Manhattan at Bayard’s, One Hanover Square.)
“Even if we don’t join the conversation, we should listen in,” Miller says. Stone House provides strategic, operational and IT consulting services to investment managers and hedge funds. Miller also suggests some key pointers when establishing guidelines:
- Decide whether or not employees can use their work email addresses
- Also decide if staff can announce who they work for
- If employees can divulge their employer, then specify what can and cannot be said
- Think about applying these guidelines to consultants
- Consider using social networking sites as tools for recruitment and reference checking of staff and potential or current service providers
Let me turn it over to you.
Would you submit to constant monitoring of your social networking activity as a condition of employment? Why or why not?
Share your thoughts.
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