War Metaphors

Some time ago McKinsey & Co coined the term 'War for Talent' to describe the cumulative effect of demographic change and lack of new qualified talent coming into the labour force.

Now, for an undefined period of time as yet, we are seeing the supply side of the labour market flipping to surplus. The game has not only changed, it is changing every day.

The new reality will make the 'War for Talent' seem like a minor skirmish. Now the war is for business, and executive search firms are fully engaged in that battle.

Here are a few 'strategies' we can expect to see in the marketplace:

1. Price reductions - not so much a strategy, more of an adjustment as we are now in a deflationary market, prices are falling and professional service fees will feel the pressure too.
2. Consolidation - in tandem with price reductions, firms will be pitching for greater share of current client business
3. Diversification - some firms will start to pitch for business outwith their core competence
4. Focus - some firms will decide to dig deeper within their sector and concentrate on their core

What is certain is that some firms will not have a plan for this market. If you don't have campaign objectives, you had better get some.