“Free Agency” Hiring
The recruiting industry has constricted as a result of the economic meltdown. Recruiting firms’ revenues declined precipitously, and have only recently begun to rebound. The American Staffing Association reports that the temporary staffing business is heating up and more companies are hiring.
Something else is happening that is worth noting: Companies that relied on their own recruiting efforts over the last two years are now turning to recruiters.
Why? Because the “Free Agency” period is over.
Let me explain. Over the last two years companies were able to use their own recruiting efforts to find workers that were pieces of gold, or “gems”, who had been laid-off and were unemployed. These are people that were victims of circumstance, but otherwise were excellent employees with excellent skills and an impressive work history. Companies hired these people. It just wasn’t reported because for every 1 person hired, 20 (or maybe 200) were laid off.
These “gems” are what I call “Free Agents.”
It was easy for companies to find these Free Agents. Their resumes were either sent to them directly or were posted on a job board. Now that these Free Agents are no longer available in the market, companies are back to the “usual” ie: they’re hiring recruiters to find the Top Talent that is not readily available in the market. The balance between supply and demand for Top Talent has again swung back in favor of “demand.”
Free Agents are reestablishing their careers and rebuilding their work history. As such, they need to have job stability on their resume, which means they are reluctant to look at new opportunities, no matter how good it sounds. To be perfectly honest, they probably should get 2-3 years under their belt. Those who survived the layoffs are just getting comfortable with the idea that it’s ok to explore opportunities; the worst is over and there are good opportunities out there that may help them accomplish their long-term career goals.
In conclusion: To find the Top Talent you need, it’s more important than ever to work with a recruiter that has significant relationships in your field and a proven track record of success.