As the Baby Boomer generation exits the workforce steadily over the next 10 years, sourcing new candidates will become a tenuous task. Companies that understand the impending scarcity of candidates and can retool their process will have a marked advantage in acquiring talent.
One key to properly retooling will shift the current focus from experience to talent. This fundamental change will be precipitated by the need to develop talent as opposed to hiring experience. The experienced candidate will become a product of a supply and demand marketplace. There will be more demand with less supply which leads to increased wages. The highly successful, extremely experienced candidate will be able to take a free agent approach to their job search. They will be able to select from multiple offers and leverage the best overall package.
There is nothing new in this market-driven scenario except for one item. The supply will be greatly diminished which will put incredible pressures on the compensation packages. However, companies will have an alternative to the bidding war hire for talent and develop for strength.
This shift in hiring focus will require an outside the...