It's a different thing if the employer happens upon their employees social media handle by chance on the internet and it is a different thing entirely when social media profiles are demanded of the employees and even made mandatory before a job is offered.
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Depending on the job and company, they may want to run some background checks on their prospective employees to better understand exactly who it is they're hiring. I think it's a delicate balance between the employee's desire for privacy and the employer's desire to protect his company how he sees fit.