Social networking sites have been derided as a fad without a business model. But professional networking sites may be another matter. Users clearly see a value in networking sites focused on cultivating professional contacts. Consider that thousands of PeopleSoft employees, facing the prospect of layoffs because of the Oracle acquisition, have apparently flocked to LinkedIn, the Mountain View online networking tool, according to a PeopleSoft employee and some sleuthing by Joi Ito.

Said Ito:

If you search for PeopleSoft employees who have joined in the last 30 days, you get over 3,700 results. There are 5,500 or so employees listed in total which is around half of their employees.

Via Ross Mayfield