The recruiting industry has a habit of reinventing itself every few years and those who fail to change with it unfortunately are left behind.
We must understand that change is a constant and those who specialize in just one small parsec of an industry, even if it is very profitable at the time, cannot assume that they will forever reap this particular industry’s rewards. One must keep their eyes glued to the future.
Just look at the changes we’ve experienced within our own industry. Before the internet, resumes were faxed. Before faxes, the only way to deliver a resume was by messenger. Back then, messenger services were the internet of today and the faster your messenger’s feet, sometimes determined actually winning or losing a fee! If another agent had a speedier service, your fee could be jeopardized, so you were constantly trying out new messengers with stop watches! Hard to believe, but true, as that was the world we lived in! Three decades ago, if you were looking for candidates, it was commonplace to spent thousands of dollars a week on newspaper advertisement. In the 90’s, we weaned off paper and went on to “job boards” (like Monster or CareerBuilder). Today, it’s all about Social Networking with the recent dominance of sites like LinkedIn.
If Google didn’t exist, how were you able find information about a company or find possible new clients or mine their employees? The only instrument we had at our disposal was the phone, and the only way to beat the competition was keeping that phone glued to your ears literally all day long- better yet, two phones glued to both ears.
Anyway, you get the point, everything changes over time. So, how does one make sure they won’t get left behind? I think it’s all about keeping up with economic trends, finding and constantly communicating with top SME’s in the marketplace. Whatever you find, make sure you migrate into multiple business verticals, just in case the one you know falters.
If you happened to be in the recruiting industry during the ’08 crash, you were probably dead in the water if you were specializing in the Banking and Brokerage industries. What I did was immediately track down all the cowboy traders from Bear Sterns and Lehman Brothers, and relocate them to hedge funds, fully understanding they would not survive in the very structured environment Jamie Diamond’s (JPM) had.
About the time that Obama was first elected, you didn’t have to be a rocket scientist to know we were entering a tightly regulated environment. So, quickly learning who was who in the government – those writing the laws as well as executing them, was the order of the day. Those highly sought after Examiners earned a maximum of 270k, but private industry paid double or triple for their knowledge and expertise.
So, what’s next? Start researching now and you will be ahead of the curve this time around!
About the Author:
Steven Warren | President & CEO | Objective Solutions International
With 25 years of search and M&A experience, Steve focused on the financial services, health care, media and high technology sectors. Within these verticals, Steve successfully led many thousands of searches spanning the spectrum from CEOs, Partners, MD’s COOs, CFOs, CIOs, CAO’s CCO’s as well as divisional staff hires. The premise is to deliver a highly sophisticated, focused and speedy process dedicated to the most stringent client demands. We are less interested in the remuneration than developing a 360 degree relationship with each client and to that end provide whatever service that client demands and at whatever level they require our expertise. As founder of OSCSI, the consulting arm of OSI, OSI has been awarded many significant consulting engagements as well.