It depends on your line of work, but to give you a short answer: yes. For the most part it won't really matter if you're applying to be a barista at starbies or any other low-rung position (as long as you're not posting super embarrassing shit), but if you're doing something artsy it's what your salary depends on, if you're in business it's what your professional image depends on (finance is an exception unless it's client-oriented like consulting, but you still need a well-rounded and active LinkedIn account with lots of connections), people in marketing won't get the job unless they have lots of followers, but they tend to be overconfident pricks so it works out.
IT is an exception, from what I hear they're not allowed
to have social media profiles (maybe under a pseudonym?) at all for fear of compromising the client's security. I don't know about STEM.
It still differs from company to company even within different industries but from what I'm seeing the people on top are pushing it more and more because it's a hip new thing, they're old and they don't understand/care about the consequences since it won't affect them directly as they have the means to avoid it.