Today Jason Davis posts about how companies can track what is said about them online through tools like Google Blog Search, IceRocket and Technorati. Jason provides a recent example from last week where ERExchange modified their blogging tool based on feedback. While I agree completely there is a lot of other things you can do.
Use these sorts tools to create RSS feeds to track talent. In many industries there are people who fulfil the top of the top scarce skill roles within an industry. Create an RSS feed and track what is being said about them and what they are saying about others.
Track the companies the candidates work for as well. Are they doing well, if the candidate is in the public eye you will be able to gain a profile of their impact on the business.
Use the search tools to background check candidates before hiring. If they blog, review previous posts, but remember most blogs are opinions and the writers are allowed to change their opinions. Personally, in most cases, you need to be careful about holding a single post against someone.
Candidates can use the search tools to track companies they want to work for, and jobs they want to apply for.
The message, watch what is being said online both ab0ut you and people/companies you are interested in.