Investment Banks Worry Social Media cuts Productivity: According to Rueters http://blogs.reuters.com/2007/07/31/banks-try-but-cant-block-facebook/Citigroup, J.P. Morgan, Lehman Brothers, Goldman Sachs, Holdings, Bear Sterns, and UBS all deny it’s employees access to Facebook while on the clock, but almost 20 percent of Goldman’s employees belong to the Goldman Sachs network on Facebook, and Lehman has 10.3 percent of its employees on their Facebook network.
But Social Media Will Enhance Financial Services Productivity: Investment professionals should soon migrate to SM drawn to the professional networking, and efficiency-enhancing information-sharing that Social Media’s interface offers. As professionals migrate to sites, professional high-grading of Social Media image should follow.
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I think I remember an academic study recently that tried to measure the amount of time people "wasted" online while at work. They made the point that people have ALWAYS slacked off at work. The different is that today workers can handle many errands online that previously consumed lunch hours and coffee breaks. So net-net, online time was not reducing productivity. In fact, it is pretty clear from the incredibly worker productivity gains of the last 20 years that, net-net, internet access has greatly improved the output of office workers.
-DK
yes...but Wall Street's reluctance to embrace Social Media may have its roots more in the industry's cultural conservatism than its ignorance of tech's productivity enhancement...maybe those financial services ceo's can't come up with a good photo to post on their facebook page! They'll come around.
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