One-half of CFOs worry employees wasting time on social media

But 24 per cent also see the value of Facebook, Twitter and LinkedIn to build business contacts
||Last Updated: 11/23/2010

While executives are still worried about employees wasting time on social media sites or embarrassing the company online, many of them are recognizing the power of social media to help employees build valuable networks, according to a new survey.

“Executives are concerned with the possibility of added distraction from their employees’ daily duties, which may affect productivity and efficiency on the job," said Kathryn Bolt, Canadian division president of staffing firm Accountemps.

“On the other hand, more firms are realizing that the rewards may outweigh the risks, as social media platforms like Facebook and Twitter can be used by employees to expand their networks of valuable business contacts and enhance the company’s reputation.”

Nearly one-half (47 per cent) of CFOs said their greatest concern is that employees are wasting time during business hours using sites such as Facebook and Twitter, found the survey of 270 CFOs by Accountemps.

CFOs are also worried their staff may behave unprofessionally or post inappropriate information online.

However, 24 per cent of financial executives said these sites can help staff members expand their networks of valuable business contacts and 22 per cent said they can enhance the company's reputation.

Also, 12 per cent of CFOs said they don't have any concerns about social media and three per cent said employees aren't allowed to access these sites at work.

Greatest concerns around employee use of social media:

Wasting time at work: 47%

Behaving unprofessionally: 14%

Posting negative comments about company: 11%

Posting financial/confidential company information: 5%

Greatest benefits of employee use of social media:

Expand networks of valuable contacts: 24%

Enhance company’s reputation: 22%

Provide better customer service: 18%

Can secure new business: 5%

No benefits: 21%

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