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Price Of A Resume
(November 17, 2004) Little has been written about the price and value of a Resume. For most of the 20th Century, workers were overly abundant. Resumes held little more value than a spec sheet that accompanies a consumer electronics purchase. Recruiters, working in Corporate HR Departments, have traditionally viewed Resumes as an administrative annoyance. Corporate budgets have been devoted, during the 1980s and early 1990s, to the management of Resumes as an administrative problem. Thinking about the price of a Resume involves understand the wide range of values that can be applied to information. A range of variables affects the price of information. They can include time sensitivity, strategic importance, accuracy, relevance and many other facets. The underlying factor in determining the value of a Resume is the inherent value to a buyer in the competitive labor marketplace.
A simple example will explain the underlying principle.
Imagine three individual pieces of paper. One of them is blank. One of them contains the words and music for a popular song. One contains an accurate map to the site of an ancient buried treasure. Obviously, the blank piece of paper is worth the cost of the paper, probably five cents. The sheet of popular music, which contains licensed intellectual property, is worth the value of the license. Often, a single copy of sheet music sells for a retail price of five dollars.
The map is worth a fortune. It is reasonable to estimate its value with the following logic (assuming that it accurately describes the location of a treasure): the map is worth the value of the treasure minus the costs involved in extracting the treasure.
Of the three examples, a Resume is most like a map. It defines a treasure…the skills and abilities of a candidate. Its worth is best understood as the value of the candidate minus the costs associated with converting the Resume into a working contributor in a workforce.
In this series of articles, we will describe the factors that influence the valuation of a specific Resume and a group of Resumes. Keeping the map of buried treasure in mind, we will suggest that the costs involved in discovering the Resume bear little relationship to its ultimate value.
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- John Sumser
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