Hi folks and welcome to the month of October. Our topic for this month is '' TALENT ACQUISITION AND MANAGEMENT ''.
Many times, after recruiting talent in an organization, they are left without being managed. The process of talent management is based on the proposition that ‘those with the best people win’. This fundamental concept of talent management is necessary to enhance talent planning in order to build a talent pool for the organization, which is a key concern for human resource practitioners. Talent management contains strategies for the systematic attraction, identification, development, retention, and deployment of individuals with high potential who are of particular value to an organization. Thus, it ensures that the organization has the talented people it needs to attain its business goals.
For any company to succeed, it’s imperative to not only be able to spot the right candidate to hire, but it is also essential to implement training and development practices that will ensure the new employee(s) realize their full potential, remain engaged, and ultimately opts to stay with the company long-term. If you are committed to seeing improved company performance, then hiring and retaining the best talent should be one of the ultimate goals hence the need to adopt a talent acquisition (TA) strategy. In today's business environment prior to Covid-19, talent management is not a nice-to-have; it is a requirement. According to Bersin & Associates, companies with highly effective talent management strategies, on average achieve 26 percent higher revenue per employee and 41 percent lower turnover among high-performing employees. Therefore, it is important to communicate both the financial implication and the urgency of investing in the talent program. Highlighting the financial impact of not investing in your talent initiative means that the organization is actually losing money.
Talent acquisition refers to the process of identifying and acquiring skilled workers to meet your organizational needs. The talent acquisition team is responsible for identifying, acquiring, assessing, and hiring candidates to fill open positions within a company. Employer branding, future resource planning, diversifying a company’s labor force, and developing a robust candidate pipeline are the cornerstones of talent acquisition. Within some organizations, the talent acquisition team is part of the Human Resources department. In others, Talent Acquisition is its own department that works in coordination with HR. The skillsets for effective talent acquisition professionals include sourcing strategies, candidate assessment, compliance and hiring standards, and corporate hiring initiatives.
As far as talent acquisition is concerned, an HR Consulting Firm maintains a highly effective research team, which keeps a detailed track of the requirements of both the organization as well as the candidate. This helps the HR Firm in maintaining high standards of success in meeting the talent demands of a particular industry by employing in-depth knowledge and research. For instance, a company conducts behavioral interviews with a prospective candidate to obtain a comprehensive analysis of the leadership, team-building, decision-making, and problem-solving skills of the candidate. In addition, the candidate is thoroughly assessed for his attitude towards working in a team, response to change management, and reaction towards the cultural climate of the prospective organization. Such analysis helps the organization in not only recruiting a candidate with the right educational and professional experience but also one with the required attitude and flexibility to be a part of the organization.
The talent acquisition team undertakes the following steps in executing the talent acquisition process in an organization:
Understanding the business strategy of the organization
Assess the talent available within the organization
Discuss the talent requirements of the organization with management
Analyze the gap areas between availability and requirement
Build strategies and plans to meet these gap areas
Measure the success of the implemented plans
Engaging with some HR professionals from the adverting and Distribution Company, one thing was made clear, “that was every organization makes decisions and take actions that result in the success or failure of that organization however they argued that it the quality of talent throughout the organization that ultimately leads to the creation and effective execution of successful strategy. Thus, they concluded that it is imperative to have the right people before having the right strategies which are exactly what they did amidst the crises. In addition, they added that they retained the right talent by providing them with online training to boost employee’s skills on the job in order to work effectively from respective homes”.
In summary, talent management works in creating a pool of talent within the organization, which helps in achieving the strategic objectives of the organization in the end. This requires the talent acquisition team to work on the present set of employees of the organization and polish them to align their talent with the strategic objectives of the organization.