Recruiting Talent
نویسندگان
چکیده
We propose a model of firm dynamics in which a firm’s primary asset is the talent of its workforce. Firms compete in wages to attract applicants, and managers seek to identify the most talented. Over time, a firm’s quality evolves as today’s recruits become tomorrow’s managers. We show that firm-applicant matching is positive assortative, with better firms posting higher wages and attracting better applicants. Initially similar firms then diverge over time and the economy converges to a steady state featuring persistent dispersion in talent, wages and productivity. In the steady state, positive assortative firm-applicant matching offsets regression to the mean and talent constitutes a sustainable competitive advantage. We also show that equilibrium leads to an inefficient selection of talent into the industry, and can be improved by policies that reduce wage dispersion.
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