Hiring: It’s a new game

When industry executives get together to talk about the future, the topic of recruiting, retention and the next generation of leaders is often on the agenda.

And that’s as it should be, given that there are 79 million millennials in the United States, according to one tally.

While everyone has an opinion about the next generation, HBSDealer turned to a professional in the executive search business for his thoughts on the keys to recruiting in the 21st century. One takeaway, an improving industry means more competition for top talent.

 "Everyone in the industry is adjusting to a slowly reviving economy and a shrinking pool of executive-level talent,” said Jim Schaffer, president of Schaffer Associates, the Charlotte, North Carolina-based executive search firm.

“Our industry is also facing the reality that the next generation of leaders will be millennials – that group of young professionals who are pursued by all organizations but are understood and empowered by very few,” he added.

Companies should have one eye on the competitive landscape and another on the potential of the younger generation, Schaffer explained.

“To find and prepare the next generation of leadership, we must combine industry experience and knowledge with the evolving strengths of millennials,” he said. “We should make technology and social media central components of our business model. We should challenge millennials, give them the freedom to create and innovate, and provide quick paths of upward mobility, all the while training them in the tools of our trade.”