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The key to success is the unique way that you are able to retain/attract the top performers who are not really looking for another job. Encouraging top performers to identify other top performers outside your organization is an extremely useful tool that is being used more and more. Corporations offer rewards in order to get these names and then act on them. Money can be a powerful tool in your talent acquisition quest, but it's not the only element. Being able to shape an opportunity and make it look exciting will always attract top performers. Today more and more organizations are using benefits and perks as incentives to retain star performers.
"What's the difference betweenÂ 'Recruiting' and 'Strategic Talent Acquisition'?"
Recruitment is nothing more than filling the vacant positions. Whereas Strategic Talent Acquisition is a long term process it s not only concerned with filling the vacant positions today, but also using the prospective candidate data for filling similar positions in future. Strategic Talent Acquisition allows an organization to have a pool of competitive talent that could be used for filling the positions in future.
Traditionally organizations do not treated the recruitment process as one of strategic importance, but in recent years due to this "War of talent" many organizations are facing this harsh reality that No more can the organization pick and choose between several great candidates for one position. Several changes in the past few years have tipped the scales in favour of the highly talented individual. Internet is one such change. Internet has brought the whole world into your living room.. Candidates can now advertise their desire to change jobs within minutes of making the decision and receive enquires about their talents within hours. Similarly, 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
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.
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 main idea behind talent acquisition is to move away from a reactive thinking i.e. to recruit when an individual either leaves or is promoted to another function to a more pro-active and much closer to building the skill sets required to achieve business success.
People generally believe that though people are our Most Important Assets, but it is the responsibility of HR to manage people and there is a two-day Success Planning Exercise Once a year. But in reality it's proven that Talent leads to better performance of the company, all Managers are accountable for strengthening their talent Pool and talent Managers is a central part of How the company is run.
It is important that you tell your people, in a straightforward way, how they are performing and what you perceive as their greatest strengths and weaknesses. This will not only build confidence of your employees but will also help them to grow. Provide feedback to your employees, and then encourage and coach them to improve their performance. Over the years mentoring has emerged as a powerful tool to help improve the performance of employees. A mentor should encourage and believe in the ability of the individual to achieve great things.
Poaching is one of the quickest way to get talented people onboard and it is not unethical as well. If I identify a talented person who fits my requirement in another company and if I can afford that talent in terms of Compensation and growth then I have every right to poach the same.
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.