Senior executives are increasingly using social networking sites to climb the career ladder, according to a report from recruitment firm Harvey Nash.

A survey of 500 senior executives shows professional social networking sites are set to rival executive job boards as a way of finding new career opportunities.

Some 90% of respondents said they were registered on sites such as LinkedIn, compared with just 50% posting their CV on a job board.

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LinkedIn has struck a deal with The New York Times that will let members of the social network see recent stories related to their fields on the business and technology pages of NYTimes.com.

A branded headline feature in those sections will highlight the five latest Times articles for LinkedIn readers based on their non-personally identifiable profile information. Someone who works in the energy sector, for instance, would see stories tied to the energy industry.

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LinkedIn Corp. has made a big connection with investors, who are valuing the professional networking company at more than $1 billion. LinkedIn said Tuesday that it had received $53 million in venture capital funding from Bain Capital Ventures and three existing investors in exchange for a 5% stake in the Silicon Valley company

By their nature, they invite competition because the user base is only as interested as the number of friends they have (which eventually slows in growth) and the number of things they can do (which can feature creep people to death).