Online social and business networks are becoming valuable resources for recruiting and customer service intiatives for major businesses at the mid and upper executive level. Not only can they locate possible candidates, more so, they can help in sales and marketing, performing background searches on candidates, and maintain contact with former co-workers. With precaution, all can be new components to the HR process.
http://www.businessweek.com/technology/content/sep2006/tc20060911_414136.htm
While major privacy issues exist, the benefits to the hiring party can be great. To be able to verify the validity of the a potential candidate is tremendous, and can help ensure good hiring decisions are made in return saving time and money. The network will only be as worthwhile as the time and effort the execs put into them.
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