What is talent aquisition. Talent Acquisition involves all the sub-processes around finding, attracting and engaging highly talented individuals into your organization.
Traditionally, a recruitment need occurs when an individual either leaves or is promoted to another function. That's when panic can set in, especially if no suitable internal solution is found, a situation that is becoming known as - "under the bus syndrome". Strong relationship building or networking skills are important here. The key to success in talent acquisition is the unique way that you are able to tap into the 'top performers' who are not really looking for another job.
Encouraging your own 'star' players to identify other outside top performers is an extremely powerful tool that is being used more and more. Corporations are offering a wide range of rewards in order to get these names and then act on them.
Educating line managers that talent acquisition must also be an every day duty is also a success criterion. Most managers, rightly so, look at hiring only when there is a 'box' vacant on a purely transactional basis. Today's top talent has a very short shelf life; therefore you must have a sense of urgency in bringing them aboard, a job opening or no job opening. This tactic is considered very risky by some managers, but at the end of the day not making an offer the day a 'top' performer comes to the job market, you will most certainly loose them. Usually bringing in top management (CEO, CFO, COO, etc.) in the relationship building process helps considerably in influencing the 'star' performer.
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Money is of course essential in the talent acquisition quest, but it's not the only element. Many corporations are using traditional job classification and job grading systems in order to remain competitive in the 'cash compensation' side. Being able to mould an opportunity and make it exciting will also attract top performers.
Benefits and perks are at the fore here with long-term incentives such as stock options, being widely used. The work/life concept will also have an impact, a lot of corporations talk about this element but not many have fully embraced it. Others look at it from an investment banker perspective and view potential 'top performers' as they would any targeted acquisition, some people are even thinking of attributing P/E ratio values to top talent.
"What's the difference betweenÂ 'Recruiting' and 'Strategic Talent Acquisition'?"
Recruitment is nothing more than filling open positions. It is an entirely tactical event. Strategic Talent Acquisition takes a long-term view of not only filling positions today, but also using the candidates that come out of a recruiting campaign as a means to fill similar positions in the future. These future positions may be identifiable today by looking at the succession management plan, or by analyzing the history of attrition for certain positions. This makes it easy to predict that specific openings will occur at a pre-determined period in time. Strategic Talent Acquisition allows us access to a pool of competitive talent that would otherwise have been missed or even worse, ignored.
Talent Acquisition - As A Strategy
Historically organizations have not treated the recruitment process as one of strategic importance, but latterly many are now waking up to the reality that the world has changed dramatically. No more can the organization pick and choose between several great candidates for one position. Several changes in our connected world have tipped the scales in favor of the highly talented individual looking for a new opportunity.
Firstly, of course, there is the Internet. Never before in the history of humankind, has there been such an enabling technology. Candidates can now advertise their desire to change jobs within minutes of making the decision and receive enquires about their talents within hours. Now organizations can go direct to the candidate market, thereby cutting the time it takes to find the right people, whilst dramatically reducing their recruitment costs.Â
However, simply posting up jobs on various jobs boards is not the answer.
Talent Acquisition needs to fit 'hand in glove' with your overall organizational strategy. It needs to have the appropriate level of resources behind it; it needs to be monitored and reported on at all board meetings and it needs to involve many people within the organization who attribute to it the importance that the organization requires. The changing market has revealed that prevailing "one size fits all" HR practices are no longer effective. Organizations must develop specific people strategies for their most critical segments that directly align with and support the business strategy.
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One needs to have dreams, plans, and strategies to be successful in any venture. This is a basic requirement. If you do not know what you want, where you want to reach and how you want to reach (your mode and plan for success), you certainly cannot reach there. In Business You cannot do all these things on your own. You need "extra-ordinarily talented" and Highly Skilled people to help you to reach the goal that you have seen for your organization. In 21st Century, we are in the era of "war for talent". It is becoming difficult to get right type of people and retain them. Many companies are losing their businesses because they are not able to hire "right type of people"; because they compromised with the "quality of the talent".
Executive leadership cites the procurement of human capital among their top concerns. The first step to addressing this reality is the recognition that successful talent acquisition is no longer the reaction to monthly and yearly hiring needs, but instead is the process of building long-term strategies. In board rooms, on factory floors and in collections of cubicles all across the globe, a war is quickly taking shape, one that will undoubtedly redefine how companies do business in the ever-changing 21st-century marketplace. A foreshadowing of the war came two decades ago from McKinsey Consulting when it predicted a development in the business landscape that would later become the most pressing issue facing HR managers today. true to original predictions, this worldwide phenomenon shows no signs of abating, with the increasing shortage of talent affecting all industries and all career paths, both hourly and professional.
A Generational Shift
Further complicating the demographic shift is a change in attitude among the generations of workers who'll remain in play over the next few decades. Today's youngest generation of workers have attitudes and patterns of behavior that differ markedly from prior generations. No longer content to spend their entire career with one company, Generation Y places work-life balance above loyalty. Members of this generation are highly mobile and will not hesitate to seek another position elsewhere if that balance is upset or if they are treated poorly. Moreover, they may simply seek a change of scenery every couple of years, moving around the country to experience different cities or industries. Unlike their parents or grandparents, they are not worried about being perceived as job-hoppers and may consider staying with one company to be a sign of laziness or lack of ambition. Generation Y tends to seek instant gratification; the perks and benefits of a position are important to them, and they'd like to reap the rewards of their employment from day one.
As the talent war intensifies, the need for long-term, strategic talent acquisition has become paramount. HR managers can no longer merely react to yearly and monthly hiring needs. They must learn to plan ahead to deal with the multiple waves of retirement on the horizon and adapt strategies to mitigate the high turnover risk that comes with hiring the newest generation of talent.
In this war, there is no "silver bullet" that will ensure a company succeeds in its efforts to build a productive, sustainable, adaptable workforce capable of meeting and exceeding the organization's goals. Select International consistently imparts to its business partners that achieving victory will only come from devising and implementing a multi-faceted talent acquisition strategy, one that takes short-term and long-term needs into account. One of the first keys to success is to become an employer of choice. Determining a candidate's motivational fit is absolutely essential in all recruitment and retention efforts. Studies show that motivational fit is the single biggest predictor of absenteeism, turnover and overall employee satisfaction. People whose beliefs and value systems are consistent with the organization will feel connected to the company and vested in its success. If they are satisfied in their positions and pleased with their compensation, they will be more productive. Your company will be more productive as well.
A comprehensive, competency-based process will help identify, develop and retain top performers, ensuring adequate knowledge transfer for the next generation of workers. A focus on retention will help not only with implementing a succession plan, but also will work to address generational differences when hiring Generation Y employees. Assisting employees in attaining a positive work-life balance will help retain younger workers, as well as those who are raising children, pursing educational opportunities or preparing for retirement. Consider alternative arrangements such as job-sharing, flextime or telecommuting. A variety of scheduling options - and a willingness to work with your employees on those options - makes a company attractive to a wide range of talent, and boosts the morale of existing employees.
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Engagement is everything for Generation Y. Accustomed to receiving feedback via a host of technologies and social media, the members of this generation want to know their contributions are valued and appreciated. Employers who show appreciation for hard work and who recognize the value of their workers' lives outside the workspace will find it easier to retain top talent. Keeping current employees happy, then, can be one of a company's most effective marketing strategies, as workers praise their employers and spread positive buzz both internally and externally. The converse scenario applies as well; the talk of unhappy employees can negatively affect the company's hiring and retention efforts.
Getting the best talent, and keeping the talent you have is becoming intensely competitive. Most corporate officers say that the biggest constraint to pursuing growth opportunities is talent. The core concept of talent acquisition is to get away from the 'fill in the box' thinking to one that is more pro-active and much closer to building the skill sets required to achieve business success. Traditionally, a recruitment need occurs when an individual either leaves or is promoted to another function.
People have a vague notion that "People are our Most Important Asset", HR is responsible for people Management and we have a two-day Success Planning Exercise Once a year. But in reality it's a deep conviction that Talent Leads to Better Corporate Performance, all Managers Are Accountable for strengthening their talent Pool and talent Managers is a central Part of How we run the company
Tell your people, in a straightforward way, how they are performing and what you perceive as their greatest strengths and weaknesses. Telling people about their strengths builds their self-confidence. Telling them about their weaknesses helps them grow. Give people the performance feedback they so need, and then encourage and coach them to improve their performance. Give the strong performers new challenges, greater responsibilities and the tasks they are most passionate about. Accelerate their development and do everything you can to keep them delighted and energized. Mentoring is a powerful tool to help you weaving development in your organization. A mentor should offer encouragement and believe in the ability of the individual to achieve great things.
Hold Managers Accountable for the strength of their talent pools :Each unit- be it Account Dept., Product Division, Customer Service Division, Sales Force- Should set three to six Specific talent strengthening objectives for the coming year. These objectives should be negotiated between the unit manager and the next-higher executive. Assessing how well a manager delivers against those objectives will require judgment and ongoing discussions about how effectively the talent pool is being built. Unfortunately, these conversations are nor taking place in any systematic, comprehensive, probing way in most companies today.
Poaching is not wrong and it is not unethical as well. It only shows some loop holes in the retention strategies of the company whose employees are being poached. If I identify a talent of my requirement in your company and if I can afford that talent in terms of Compensation and growth then I have every right to poach the same. Poaching talent is the practice of proactively targeting and hiring top talent away from a competitor or top firm. For the past five years, we have gotten a taste of what it is going to feel like in a market where there are simply not enough qualified people to fill the jobs needed to be filled. The recent downturn has caused organizations to stop many of the programs that were starting to show promise in the field of Human Capital Management, particularly in the recruiting side of the house.