Talent Acquisition and Retention
Talent Acquisition
Talent acquisition which encompasses the entire process of hiring, sourcing candidates to an ongoing strategy to find specialists, leaders, or future executives for your company, is an extremely tough job. Not only, selecting the best suited recruit as per organizational need, or retaining the talent acquired was imperative, but consistently developing them for their personal and organizational gains could result in extremely well-designed organizational outcomes and even better retention of the skilled human resource. (James, 2021) Modern talent acquisition is becoming a unique skill-set. Because talent acquisition professionals many times also handle post-hire talent issues, such as employee retention and career progression, the talent acquisition role is quickly becoming a distinct craft. Some recruitment industry advisors even advocate for a talent department unique from the HR department, because talent acquisition and development are so intertwined with a company’s ultimate success and effectiveness (Ahmed, 2020).
Talent acquisition in social organisations
Talent has become the key differentiator for performance management and for leveraging competitive advantage, especially in knowledge-based
organizations (Bhatnagar 2007). Companies have various labor requirements to
execute the job. In HR departments of many companies, there is a separate talent
acquisition team. The basic role of the talent acquisition team is to identify
the skills required for a job and accordingly find, assess, and recruit to fill
the position (Ahmed, 2020).
Figure
1: Talent Acquisition (Ahmed,
2020)
The use of technology in
selection techniques
Bock (2015), based on his
experience as Senior Vice President of People Operations at Google, suggests
that it “doesn’t matter who you are, where you’re from or what school you went
to”. Clearly, Google has a global presence and hires people across the world,
but the principle is the same; we shouldn’t screen out based on human bias, but
actively seek out “non-traditional” applicants who are different from typical
hires in terms of age, educational background, gender, etc. It could be argued
that for many roles, cognitive ability is the single most valuable assessment
in the talent acquisition process. The three classic strategies for competitive
advantage in business (Porter 1985) can be linked to the talent acquisition
objectives of an organisation: cost leadership (reducing the cost per hire),
innovation (reducing the time to hire), and quality (improving the quality of
hire).
The contemporary level of
recruiting mostly comprises the internet, which has become the top source for
recruiting till 2012; more than 90% of employers use SNS for
screening purposes and 97% of recruiters use LinkedIn for hiring purposes
(Hebberd, 2017). The digital age in organizations should be included with
attention leading to the need to notify employers of the diverse aspects of the
incorporation of the internet sites (including social media) used in the
recruiting, screening, and selecting processes (Villeda & McCamey, 2019). Social
networks such as LinkedIn, Facebook, Twitter, and Google+ can supply
recruiters with a vast collection of information about potential candidates. Many
large companies with strong and active web presence constructed their brand not
only on their own corporate website but also on these social media sites
providing a widespread reach whereby companies can additionally share
information about their businesses and the available job opportunities with
interested job seekers (Hosain & Liu 2020).
Retention
Talent retention in social
organizations
.png)
Fig 2: 10 Benefits of Employee Retention for Businesses, Workforce
Planning Practice (Holliday,
2021)
There are no specific kinds of practices that show the significance to retain employees and keep them loyal to the organization because employers have a different emphasis on different variables depending on what suits their organization best. Hiring the best employees will not be enough and beneficial unless companies learn how to manage and retain them with the organization ( Bodjrenou Kossivi1, Ming Xu, Bomboma Kalgora, 2016).
According to Nair & Kiran (2014) below is
mentioned are innovative employee retention strategies that can be persuaded by
social organizations:
1. Identify people with vision and values that
match the organization’s vision and give the job offer.
2. Publicize the organization's credibility
through word-of-mouth brand-building.
3. Opportunities for personal growth can be a
good motivator for individuals along with
delegation of authority and decentralization of
power.
4. Creating entrepreneurship attitude among
employees through decentralization of decision making and making them
accountable.
5. Creating entrepreneurial opportunities
within the organization.
6. Hiring based on personality –job fit and
personality and organization fit.
7. Uncompromising adherence to core values by
all employees in letter and spirit.
8. Walk the talk about leadership
and transparency and accessibility in all levels and grades.
References
Ahmed, M. (2020), Talent Acquisition, accessed 26 April 2022, < https://www.researchgate.net/publication/342720039>.
Bhatnagar, J. (2007). Talent management strategy of employee engagement in Indian ITES employees: the key to retention’, Employee Relations, 29: 6, 640-663, accessed 26 April 2022 < https://www.researchgate.net/publication/235264272_Talent_Management_Strategy_of_Employee_Engagement_in_Indian_ITES_Employees_Key_to_Retention>.
.jpg)
Adding to your content that, Armstrong, and Taylor, (2020) stating that how employee retention is closely related to creating an employer brand. And the importance of taking account of what issue the organization and employees has when determining the employee retention strategy.
ReplyDeleteRef: Armstrong, M. and Taylor, S., 2020. Armstrong's handbook of human resource management practice. Kogan Page Publishers.
According to Taylor and Collins (2000), without doubt it can be said that today an organization's success is directly linked to the talent it can recruit and retain. Recruitment is critical not only for sustaining competitive advantage but also for basic organizational survival.
DeleteHRD Practices is defined as the strategic management of the flow of talent through an organization and could help an organization to align the right people with the right jobs at the right time based on business priorities (Hiltrop, 1996). Talent Acquisition: The acquiring, accessing and assimilating ‘Talent’ is vital for organizations in attaining effectiveness and performance. In order to compete in the hypercompetitive environment, people with diverse backgrounds and talents are immense need to anticipate competitors’ moves. However, to attract the best people and to analyze the competencies, credentials it is required to evaluate the Employee Value Proposition (EVP) (Epstein 2005)
ReplyDeleteReferences
Hongal, P. and Kinange, U., 2020. A study on talent management and its impact on organization performance-an empirical review. International Journal of Engineering and Management Research, 10.
Marrybeth, J.K., Brackz, J.S., Hadson, W.B. and Zlong, M.S., 2019. Talent acquisition and talent engagement practices significant impact over employee satisfaction. International research journal of management, IT and social sciences, 6(6), pp.244-252.
Modern talent acquisition is becoming a unique skill-set. Because talent acquisition professionals many times also handle post-hire talent issues, such as employee retention and career progression, the talent acquisition role is quickly becoming a distinct craft. Some recruitment industry advisors even advocate for a talent department unique from the HR department, because talent acquisition and development are so intertwined with a company’s ultimate success and effectiveness (Ahmed,2020).
DeleteThis comment has been removed by the author.
ReplyDeleteThis comment has been removed by the author.
ReplyDeleteAccording to Barney & Wright (1998) human resources are valuable, rare and difficult to substitute, it can be a source of sustained competitive advantage to organizations which are equipped to capitalize on these resources, such organizations can attract, select and retain better talent and outperform its competition.
ReplyDeleteBarney, J.B. and Wright, P.M. (1998). On becoming a strategic partner: The role of human resources in gaining competitive advantage. Human Resource Management: Published in Cooperation with the School of Business Administration, The University of Michigan and in alliance with the Society of Human Resources Management, 37(1), pp.31-46.
Employee departures cost a company time, money, and other resources. Research suggests that direct replacement costs can reach as high as 50%-60% of an employee’s annual salary, with total costs associated with turnover ranging from 90% to 200% of annual salary (Cascio, 2006).
DeleteIts definitely a key element to an organization to keep its employees as "Businesses strive to attract the best talent for key roles so that they can be trained and molded into future leaders of the company. On the other hand, retention is also important because acquiring" (Kartikay Kashyap, 2021).
ReplyDeleteAccording to Ahmed (2020),Talent Acquisition is gaining importance in the companies. And some of the points that need attention are:
Delete• How important will AI become in the future of talent acquisition?
• What are some of the top areas of investment in talent acquisition technology?
• What solutions will drive the most value to help transform talent acquisition?
• Can we expect any consolidation in the future?
Agreed, the retention and further development of highly skilled or outstanding employees is often the key priority in terms of a company’s human resource management strategy (Dibble 1999).
ReplyDelete
DeleteDoes turnover matter? Absolutely—even during times when the job market is tight and people are strongly motivated to stay with their current employer. At such times, it would be shortsighted to ignore retention management. That’s because even high unemployment rates have little impact on the turnover of top-performing employees or those with in-demand skills (Trevor, 2001).
This comment has been removed by the author.
ReplyDeleteAccording to (Tyagi, 2012).,"Automating the Recruitment Processes helps companies in implementing the Best Practices of recruitment and hiring the best talent available in the market. This leads to a better employment opportunities through career websites and also provides more effective recruiting tools for selecting suitable candidates"
ReplyDeleteAccording to Fegley (2006), exit interviews are helpful to collect data on why employees are leaving an organization. In a SHRM survey of HR professionals on the use of routine organizational practices related to talent management, 61% of the respondents reported that they used this type of interview to gather data on Employee turnover.
DeleteThe 21st century has witnessed an hotheaded pace of technological development, helping. Global sourcing and the consequent global operations, which are the main drivers of change in Employment patterns, leading to intense competition among employers to attract and retain Talented workers (Osborn-Jones, 2001).
ReplyDeleteDear Naomi, Talent Acquisition is one of the main objectives in recruitment and selection. According to Tripathy, (2014) The People Acquisition process has grown significantly over the last decade as a deliberate strategy for identifying, attracting, and onboarding top talent into the firm and the business grows more dynamic and sophisticated, as talent becomes scarce, the ability to attract top personnel will distinguish the leader from the pack.
ReplyDeleteReference
Tripathy, Mr.S. (2014). Talent Acquisition a Key Factor to Overcome New Age Challenges and Opportunities for Human Resource Management. IOSR Journal of Business and Management, 16(12), pp.39–43. doi:10.9790/487x-161223943.
Hi Naomi,
ReplyDeleteAdding on to the points given in the blog, there was a quantitative study done with the participation of 172 individuals working in Portugal comprising from a different positions and different sectors.
It turns out that organizational commitment (AOC) is improved by giving a proper identification of the vision mission and values of the organization at the stage of induction plays a pivotal role.
Further the support and justice from the managerial process and the better organizational culture along with the reputation and effective communication he's also identified as key to the organization commitment by the employees
Patrícia,A. (2021), Strategic Talent Management: Employer Branding as an efficient retaining strategy for sustainable organizations, Conference: 3rd Edition of New Frontiers in Renewable Energy and Resources At: Paris
Point out great area of The use of techniques in selection techniques. But Chapman, D (2003) has found his research that the modern technology is not upto they expected in some extend.
DeleteGood Post Naomi.. The study emphasizes that not only pay but also effective leadership is essential to attract and retain employees, especially the transformative leadership philosophy (Mangisa,C.A. Schultz,C.M and Hoek,L.V.,2020).
ReplyDeleteThis comment has been removed by the author.
ReplyDelete