Were you blogging in 2005? Because that’s when BusinessWeek published an article predicting that blogs – with their innovative ability to turn news into a “conversation” – would change the way companies did business. Since, at the time, no one saw the oncoming explosion of MySpace, YouTube, Twitter and countless other interactive sites that allow users more content control than ever, BusinessWeek recently updated its original article to discuss how thoroughly various companies have embraced social media. IBM, for example, has started its own social networking site for employees, and it’s not unusual for company executives to maintain their own Facebook accounts.

While many companies may still be wary of employees using this new technology for job searching or even publicizing sensitive company information, if used right, social networking’s benefits can far outweigh its downfalls. It enables professionals to exchange ideas, create partnerships and open dialogues with industry bigwigs.

Another major advantage is the ability to reach potential employees, particularly fresh-out-of-college Gen Yers, for whom technology is a must and social networking is a way of life. In fact, Ernst & Young’s launch a company-sponsored Facebook page in 2006 may help explain its recent rise from number 12 to number 4 of Universum USA’s ranking of the “dream” companies for undergraduates.

What about you? Are Facebook, LinkedIn or Twitter accounts the norm at your office?