The recruiting market according to Bersin is worth $130 billion and growing. The recruiting market has been log jammed with traditional suppliers for years (ie: Taleo, Monster, etc.) but social media is finally starting to crack that barrier and those old horses are slowly being put out to pasture
And even though social media is changing the face of recruitment, the global economy and the growth of super powers like China and India are about to change the face of recruitment. The “new recruitment market” is going to be a fight between cities and communities for economic growth. As smaller communities and cities fight the need to grow revenue and the decline of human capital to fuel high growth enterprise and the city’s tax bases, communities and cities will enter the recruitment business. Existing demographic studies are a leading early indicator of this upcoming trend.
Their recruitment focus will be on the attraction and retention of monied immigrants and hard-working revenue generating immigrants. Recruiting efforts and even technology will start shifting to recruiting qualified and monied individuals to their communities. The talent wars will shift from between companies to cities, communities, states and countries. Governments will offer incentives and aggressively recruit qualified and monied individuals to their cause. Software companies will also shift software and social media focus to align to this huge market opportunity.
The North American and European markets will become challenged to keep their best as will other countries. Qualified individuals will have sway not only over companies but over cities, states and potentially countries. An individual’s personal/family money and their talent will be the new recruiting currency as it is somewhat today with immigration. Recruiting will never be the same as the integration of today’s immigration focus with the recruiting needs of cities, state and countries take hold.
The market potential is huge and those that are first to market will reap huge economic windfalls and first mover advantage. Get ready for the new talent wars coming soon to a city or country near you!