Don’t worry. You can find people during this bubble, but you have to look in all the right places.

Hiring talented people has become difficult, and the arrogance of some of those being interviewed has definitely increased. Even I get a laugh, however, when I see job postings asking for 15 years of experience in internet-related businesses. It's a sure sign that the company looking is seriously clueless. Know what the relative experience levels are before you make yourself look stupid to top candidates.

The first time there was a problem. There were so few people because the industry itself was only five years old. It was quite possible that a recent college grad did know more than anyone you could find, and they would be cheaper-- even with their six-figure salary request. This time, that is not the case. Hiring is tough, but there are a lot more people out there. The recent college grad does not know more than anyone else, and in most instances, knows considerably less. Experience, it turns out, does count for something.

But here we are again. Interviewing MBAs so sure of their skills, and with the number of offers they're receiving, it is more like they are interviewing you. Piece of advice: send them packing. Hard work, diligence and a voracious appetite to learn are more important. It turns out that intelligence does not ensure success. However, diligence and hard work tend to increase your odds substantially.
 
Mine your own employees for their contacts. Substantially increase the bonuses you give them for referrals that are hired. They will become evangelists for your own company. Most employers underestimate the value of culture within a company, but hiring known quantities referred internally substantially increases the odds of a cultural fit. Hire someone without it and you can be paying for it with internal dissent.