He Who Owns The Talent Pool - Owns The Market

10 Lessons Learned at the Florida Staffing Association Owners Conference

1. The future competition is not just the newest recruitment / staffing firm offering better, smarter and more holistic talent solutions, it is also Monster.com and their NEW career portal as well as other specialty niche sites that aim to own the talent pool through various career pathing and career targeting technology.

As many of you know Keen embarked on creating a new kind of talent management firm 14 months ago and while we are having a great go of it and are making excellent margins, there is certainly something new to learn every time I turn around.

The most recent conference I led a key note for had a woman from Monster.com, Marica Biggar speak on the reality of the future for staffing and recruitment firms. She showed us demographics that were so evident of predicting our future the hair on the back of my neck was standing up. Obviously Monster.com has their hands on statistics that we only wish we had, and the good news is they are ready, willing and able to share it. She showed us a chart of supply and demand, I think I first learned about supply and demand in 4th grade, and the picture shown on the overhead was a caveman and a wheel. Looking back it was Economics for Dummies.

What was quite stimulating about this Monster chart was the linkage to Thomas Freidman’s predictions in “The World Is Flat”. The jobs and skill sets in America are changing, the talent pool is changing and is more diverse than ever; to attract and retain the best people will take skills and tools most of us have not even begun to think about. We in Recruitment and Staffing need to shift as well.

2. When there is a need and limited supply, they will pay; when there is no need and a surplus of people, they don’t need to. As our speaker continued to blow us away with facts and figures that have everything to do with the amount of money we have in our bank accounts; we learned exactly where we need to focus our efforts, now and in the future.

3. If you want to own the candidate market – you first must operate in a niche specific enough to do so and capitalize on the economies of scale both in your recruitment processes and in your business development processes.

4. I believe that the hardest pill for recruitment and staffing owners, staffers and business development leaders to swallow is that they are going to have to reinvent who they are for their candidate pool and therefore reinvent who they are for their customer base. What worked in the past is not working now and wont in the future. Technology is advancing faster than humans are, and technology does not have get over the fact that times have changed, it just does. People on the other hand are so busy fighting the trends that in many cases they miss the boat.

5. When you own the candidate market you are no longer spending your recruitment efforts on filling jobs, you are working on attracting and capturing candidates for their career life cycle. Imagine how much more profitable we’d all be if we focused on retaining relationships with candidates before during and after the placement, and whenever our niche candidates needed something having to do with their career (advise, coaching, training, internal progression marketing, a new job outside the company, development in their new leadership role) they could get served by your team. Imagine the power if people were tied to you and your firm first and foremost before they began their search.

6. When you own the talent pool – you own the market. If you are the name to know for Talent Management in Clinical Research, if your company is the one sponsoring Career Progression workshops, Leadership Development programs, Campus Recruitment events, then your company becomes the “Go To” for that Brand of Talent.

7. Monster.com says they are No longer in the job posting business, they are rolling our an immensely powerful tool that uses algorithms to manage their relationship with candidates and keeps them coming back to their site, even when they are not in ‘search’ mode.

8. Vocational training is HOT, and needed. If you ‘Re-Train’ people with the right skill and talent and get them ready for the new emerging hottest roles, you become part of the Obama Stimulus Plan and win in more ways than one.

9. When you host a meet-up, gathering, advisory council or web site that acts as a social connectivity point you own not only the candidate talent pool, you own those that want access to the information.

10. The time for reframing who you are as a staffing and recruitment firm is while everyone else is waiting and wondering when the economy will turn around. The time to build your plan and plant the seeds is NOW.

After all who you were coming into the recession is no longer relevant. It’s who you are coming out that matters.

Views: 219

Comment by Margaret Graziano on June 22, 2009 at 6:27pm
Dave - I am Chilled Out, I had not even read your post when I wrote that, it was for my friend Jerry. Anyway, I do think, really that we are going to find people looking for 'centers' of refuge that they can go to for many things in their career, and I do think there will be search firms, or RPOs, or Staffing firms, or maybe and hopefully my talent management staffing firm that people stay in touch with, take courses through and utilize as a life-line, in 4 years, 7 years, and I do believe the clients will like it because they will have a center for "XvNK" type of talent. I think poaching people who have been placed is a no no, and we all who have been around know that, however John Sumser put it well when he said companies need some attrition and there are times it makes sense to people to go. And Joyce Goia of The Herman Group talks about the boomerang theory - where people go and then they get re-hired a year or two later. The days of someone leaving and the company having a do not rehire policy will soon be over. So anyway....I AM DOING THE BIG MONSTER DEMO TOMORROW, with my friend who owns a major major staffing firm, we are of course skeptical and curious and if it works, for me, wanting to OWN the market of Talent (HR. OD, Coaches) Management professionals in Silicon Valley - if it works -I'll throw my hat in. I want market penetration and the worlds largest web site, is a good starting point. Now if its hokey and a joke I will learn from the data and move on. By the way - she is sending me her power point and I told her I am sharing it with Recruiting Folks, her information is excellent and super relevant.
Comment by Brian Anderson on August 6, 2009 at 12:10pm
While I appreciate all the dialogue, that fact is unless you’re a fortune 100-500 firm becoming and owning the talent pool is a myth. As with consumer shopping habits, people are not loyal, they may like you, they may refer you, in the end they will go where the best match and fit that aligns with their career objectives. Building real, lasting, genuine relationships with candidates takes time, much time. By-in-large most people don’t make the time, do not have the time nor the EQ needed to build the relationships needed. I agree becoming a thought leader, developing a niche talent pool and being a first choice provider is a smart strategic action plan. Lastly, the recession has nothing to do with who I was or am after the recession. Circumstances test, stretch and grow us. Knowing ones-self and character are foundations that should be firmly grounded. All the best, as I know you are a positive can do person.


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