Part 26 (1/2)

Recruiternomics 2.0 2.0

How to Work Your Job Search Commandos

Strategy without tactics is the slowest route to victory. Tactics without strategy is the noise before defeat.

-SUN TZU

FIRST LAW OF RECRUITERNOMICS.

In a knowledge-based economy and society, the employers with the best talent win.

More than ever in our history, huge value is being leveraged from smart ideas-and the winning technology and business models they create: the people who can deliver on them are becoming invaluable, and the methods of employing and managing them are being transformed. Today, demographics on a broader scale are radically altering the recruiting landscape. An aging workforce of 65 million baby boomers was poised to retire by the end of this decade. The ”market correction” in 2008 caused many to rethink their plans. No one yet knows how this will affect the supply of people, but it will make it more difficult to locate and keep the best talent.

Do not mistake today's, ”War for Talent Talent” with, the ”War for Any Talent Any Talent” prevalent in the late 1990s. People and talent are mutually exclusive. While everyone has some talent, TV shows like American Idol American Idol have proven that some should not yet quit their day jobs. have proven that some should not yet quit their day jobs.

SECOND LAW OF RECRUITERNOMICS.

Regardless of the unemployment rate, the market for talent is always strong and extremely compet.i.tive. Employers will pay to hire the best of the best.

For those with talent, the fast track inside the hidden job market is through recruiters-in any economic climate.

RECRUITERNOMICS 101 101

I'm going to give you an overview of the recruiting industry and a framework to guide you in working with the industry by explaining: * The third-party recruiting industry* Four major categories of recruiters* Behind-the-scenes of the recruiting process* Rules of engagement* Frequently asked questions (and their answers)

If you know the game ahead of time, you're odds of winning are greatly increased.

The Third-Party Recruiting Industry

Human resources people use the generic term third-party recruiter third-party recruiter to describe individuals or companies that help them fill their recruiting needs. You are probably more familiar with the term to describe individuals or companies that help them fill their recruiting needs. You are probably more familiar with the term recruiter, recruiter, also a generic term that encompa.s.ses the many flavors of recruiters including executive search professionals, headhunters, and temporary staffing agencies. also a generic term that encompa.s.ses the many flavors of recruiters including executive search professionals, headhunters, and temporary staffing agencies.

The industry is characterized by both huge revenues and enormous fragmentation. Estimates show revenues of more than $410 billion globally, with nearly half coming from the United States with more than 20,000 staffing firms and 174,532 professional recruiters. Here's what you need to know to incorporate recruiters into your Force Multiplier: * The industry is completely fragmented.* Recruiters rarely talk to each other (professional paranoia).* Recruiters are in business for themselves-not you.* There are no educational or training prerequisites.* There is no official code of conduct governing the industry.* Licensing is nearly nonexistent.* Little training is required to make a lot of money.

Business maturity is what differentiates recruiters. There are 2 broad camps: the highly educated inexperienced recruiters who tend to cl.u.s.ter in the large firms or franchises and the seasoned business executives entering their second career-most often found in boutique firms. Each has their place. This explains why some recruiters understand the fine points of your industry or profession and others need to be educated. Understanding how to distinguish between the two is the key to your success. Recruiters can be the single biggest a.s.set to your career.

Four Major Categories of Recruiters

Companies have come to recognize that, when a position requires a somewhat unique set of skills and experience, or is surrounded by specific political or cultural circ.u.mstances, pa.s.sively advertising a position makes a good hire difficult, if not impossible. More and more companies are turning to professional recruiters outside their company to deliver talent because successful people don't voluntarily raise their hand and say, ”Here I am!”

There are 4 broad categories, and you lever each for a different outcome. By understanding the differences, you will know which ones can help you and which ones you shouldn't hold your breath waiting for a return call. The 4 major categories are: 1. Executive search firms2. Headhunters3. Temporary employment agencies4. Contract placement recruiters