Jun 27, 2012

Three key social media rules for bankers

By Jing Yan

Social media has become increasingly pervasive in people’s lives and work. It has become quite convenient now to post resumes online and source for jobs. Sophisticated bankers: beware of the Dos and Don'ts, and it'll be smooth sailing from here on.

First published on eFC online news

Social Media, Twitter and Linkedin for bankers
Attribution Some rights reserved by ivanpw
Social Media Websites

Bankers for the most part are quite reticent on social media websites as it counteracts the conservative image of the industry. Things could be changing though. Morgan Stanley this week allowed 17,000 of its financial advisers to use websites like Twitter.

Irrevocable trend

Still, due caution needs to be exercised when going online.”Experienced bankers don’t usually build their career image via social media, but more on real market accomplishments. Unfortunately, if this is not managed properly, social media can tarnish your image and affect your career. Besides, it requires significant amount of time to stay current, and entails risks that can tarnish one’s reputation,” says Fabrice Isnard, manager of Banking & Financial Services division at Robert Walters Shanghai.

Despite the potential downside, having an online profile seems to have become an irrevocable trend, so it is advisable to have at least one career-related profile online. Isnard says: “Social media can be a powerful tool to spread your career image and increase the awareness of your accomplishments to other peers. It is cost-effective, usually free, and offers global coverage.”

Katrina Khan, manager of Morgan Mckinley Financial Service Shanghai, adds: “On a personal level, having an active presence on relevant social media sites can help raise candidates’ profiles, set them apart from the competition and expose them to new professional opportunities, information sharing, networking and potential future jobs.”

“Social media can be a powerful tool to spread your career image and increase the awareness of your accomplishments to other peers. It is cost-effective, usually free, and offers global coverage.”

Rule 1: Don’t look desperate

Declaring that you are “looking for a job” on your profile, might decrease your chances of being contacted, because it can sound desperate. Also you are not looking for just any job, but one that will fulfill your requirements. Isnard says: “I would recommend developing the content and career description more to increase the chances of appearing in a search.” Some people are using "exploring opportunity", and I think this is a nice phrase to indicate your current status. 

Rule 2: Be discreet

Exercising discretion in information sharing is a must. Khan says bankers should be very aware of company policy concerning the personal usage of social media, especially when mentioning employer names. “By using the company’s name, they become an unofficial representative of the company and must ensure their online conduct – messages, photos and videos, fits in with their employer’s requirements,” says Khan.

She says social media generally doesn’t fit in well with the external communication policies of most banks. “Therefore uptake is likely to remain relatively limited in the banking profession.”

Rule 3: Privacy settings exist, use them

Privacy leakage is another potential threat to both bankers and firms. “Any personal social media profile should have correct privacy settings included so that information can only be accessed by those it is meant for. It’s advisable to avoid posting very personal material such as photos and family information and to avoid any mention of work or issues in the office,” adds Khan.

If you want to share information or participate in a discussion, Khan advises: “Try posting information that has already been publicly communicated such as news announcements or reports published, interesting articles read or research carried out in a particular sector of the market.”