Talent Acquisition: A challenge to Industry

                                Dr. Ch. Satyanarayana, Director,

                                Yadavrao Tasgaonkar School Of Business Management,

                                 Chandai, Bhiwpuri Rd.

 ‘Talent Acquisition' describes identifying the sources of talent pool by assigning job to HR consultant, headhunters. Going through the process of selection, through newspaper advertisement, online selection and through conference recruitment. Talent acquisition involves all these processes and also includes finding attractive and highly talented experienced individual into the organization.

• It is estimated that at least 1/3 of business failures are due to poor hiring decisions and inability to attract and retain the right talent.
• The average cost of replacing a manager or professional is 1.5 to 3 times salary.
• The cost of working around an under-performer can run as high as six figures
• The cost of consistently failing to attract and retain good talent – including declining productivity, morale, culture and reputation - is inestimable.
• Each vacant position costs your organization Rs. 60,000 on average.
• For some management positions, it can easily run into six figures.

Notwithstanding the economic situation of a country which may affect the job market for a time being, many 'A-players' who have not had significant opportunities for growth and advancement change jobs, and the fundamental shortage becomes apparent - especially for those companies who have not developed a reputation as 'employer-of-choice', and who have not developed the capabilities and infrastructure to compete effectively to acquire and retain scarce talent resources.
Thus, first and foremost, 'talent acquisition' forms a part of a much broader strategic approach in the corporate quest to gain and sustain a competitive advantage in today's marketplace. Other aspects include talent development, retention and transition, these are primarily inward facing, whilst the former is outward looking.
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. Encouraging your own 'star' players to identify other outside top performers is an extremely powerful tool that is being used more and more.

The organizational which would suffer with talent acquisition would certainly have the following lacunas:

1. Lack of planning (only short term planning)
2. Lack of awareness of the industry that is booming in the market
3. Supply of niche skills
4. Inadequate R& D supply (example : pharma industry) and experts and senior specialists are inadequate
5. Myth of Dominant Expertise

 One of the most important aspect of talent acquisition is overlap with the process of recruitment. Are these two similar in nature? The easy part of the answer is to define "recruiting". It is nothing more than filling open positions. It is an entirely tactical event. The more complex part of the answer is the definition of "Strategic Talent Acquisition". 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. In the most enlightened cases of Strategic Talent Acquisition, clients will recruit today for positions that do not even exist today but are expected to become available in the future. Taking the long term strategic approach to talent acquisition has a huge impact on how should be the principle criteria or requirement of recruitment which would pull the "talent".
Few selection modes that can be considered like as

• Improving the recruitment process by touching upon the right aptitude and identifying the right skill areas
• Improving the  Brand
• Role of Clarity improvement
• Understanding workforce demographics (current and future)
• Identifying economic issues impacting organizational sustainability
• Identifying organizational and cultural issues impacting talent acquisition
• Knowledge of industry trends and emerging issues

Linking Organizational Strategy to HR Strategy and the Issus of Talent Acquisition:

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. Few important strategies that organization should adhere for talent acquisition like translating the organizational strategy into a HR strategy, i.e translating and linking the need of organization to HR strategies; Reviewing key components of the HR strategy and evaluate whether it meet the demand of acquisition of ‘talent pool' that means whether it addresses the talent acquisition and retention issues which is with the synergic composition of organization productivity and growth.

Designing and Implementing a Talent Acquisition Strategy: An Organizational perspective linked to talent management practices of HR

 A deep conviction that talent leads to better corporate performance and all Managers are accountable for strengthening their talent Pool could be a trend in approach of today's organization . Talent Managers is a central part of how employers run the company. The organization thus should take bold actions to build the talent pool as per the organizational need. The moot issues are emerged here as in the form of challenges that organization can face in relation to talent acquisition as:

• What is an Employer of Choice?
• Demystifying the generational implications on recruitment
• Reviewing the base elements of a talent acquisition strategy
• Utilizing talent acquisition tools and templates
• Identifying considerations when implementing a talent acquisition strategy
• Learning from best practices
• Analyzing performance metrics (business impacts, financial considerations, etc.)
• What is meant by Strategic Talent Acquisition
• How HR strategy, policies, and practices support and facilitate corporate strategy
• Key design elements required in an HR talent acquisition strategy
• Practical application of a talent acquisition strategy
• Knowledge of emerging trends and best practices in attraction and retention of talent

Article Source: http://www.articlesbase.com/human-resources-articles/talent-acquisition-a-challenge-to-industry-3498481.html

                                 Dr. Ch. Satyanarayana, Director,

                                Yadavrao Tasgaonkar School Of Business Management,

                                   Chandai, Bhiwpuri Rd.