Scarcity in Recruiting and Hiring March 1, 2021
My boss shared a blog post with me about scarcity recently and it really resonated. The blog post discussed how Steve Balmer of Microsoft fame had purchased the NBA franchise L.A. Clippers for a heap of money and how many people think that he overpaid. The author of the blog was making the point that there are only 2 NBA franchises in L.A. and the result is that the commodity is very scarce. Steve Balmer recognized this and snapped them up because the odds are slim that he will ever get another chance to own one of the NBA franchises in L.A.
I was thinking about how this applies to hiring and recruiting. In most cases, my clients bring me into the search process after they’ve exhausted all their own resources via things like job postings, career board searches, and maybe even some networking using a social media platform. By the time I get the call the client has done their best to fill the role without engaging me. I like this as a recruiter because it means there is urgency, and the client is convinced that the only way to make the hire is to call in an expert search agent.
In terms of scarcity, this also means that the person the client is looking for is scarce in terms of their talent/experience. I like this as well because it means the client is prepared to follow through with the process steps quickly, help me sell the opportunity, and make an acceptable offer of compensation. If the client has a sense of urgency and is prepared to follow through and be a partner in the process, then it all boils down to my ability to find and engage the right people. At that point, I control my own destiny as a recruiter.
As a Hiring Manager, you need to ask yourself if you are committed to the hiring process before you call in a search agent. Once you engage someone like me then you are admitting that the person you need is a scarce resource and needs to be treated as such. Much like the L.A. Clippers franchise you might have to overpay a bit because there are only a few of these people out there and just the fact that they are talking to you means that you need to treat them differently than someone whose resume came to you from a job board.
As a candidate in the job market, you need to think about what it is that you do or have done in the past that makes you a scarce resource. If you can identify what it is that makes you scarce then you can use that as a selling point when you are in job search mode. If you are happy in your job and not in job search mode, then you need to at least be thinking about how to gain experience that makes you scarce. If something changes in the future and you become more of an active searcher then this scarcity will determine your success/failure as you search for a new position.
Written by: Steve Sanders, VP/GM of Industrial
Steve Sanders leads the Industrial Recruitment team at TYGES and has
been with the organization since 2003. Prior to joining TYGES, Steve
worked in engineering and supply chain roles with Honeywell International
Inc. and Deere & Co. He has first-hand experience working in the
automotive, chemical, and off-highway equipment manufacturing industries.
Steve’s philosophy is simple. He demands honesty, integrity, and open
communications from both himself, his clients, and the candidates that he
works with. He strives to be a source of competitive advantage to his clients
and seeks to build strategic partnerships. He is committed to exceeding
customers’ expectations by providing quick, professional service. He
believes in sharing both the good and the not so good. He believes in doing
the right thing, even when it is not the easiest path. Steve is energized by
finding that perfect fit individual and introducing them to the client.
“We’re here to make good things happen for other people.“
We would love to make good things happen for you too!
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