It’s about supply and demand, human-resource style. Remember when the unemployment rate in the United States was less than 5%? According to the U.S. Department of Labor’s Bureau of Labor Statistics, that describes about five of the past 10 years. That also describes times when employers spent much of their energy on recruiting talent, or wooing top performers to apply for jobs.But times have changed. The unemployment rate now sits at 8.9%, which means employers everywhere are coping with huge numbers of job applicants for a small number of job openings. Recruiting is still important, and valid selection is always important. In a labor market flush with talent, however, figuring out whom to hire from the crowd is all the more crucial—and tricky.

So what really has changed?