Found this article on Talent Management and wanted to share it with you. It is written by Sanjeev Sharma and is quite informative.
Understanding Talent Acquisition
So what exactly do we mean by the term Talent Acquisition? Well, just as Customer Acquisition describes the overall strategic process around identifying market sectors, targeting client prospects, running direct marketing campaigns, selling and receiving the order (i.e. acquiring a new customer), so Talent Acquisition involves all the sub-processes around finding, attracting, and engaging highly talented individuals into your organization.
Origin of the "Concept" of Talent Acquisition
Let's take a closer look at the way traditional recruitment is re-emerging as a broader 'talent acquisition' concept - An approach that is becoming more and more critical in the 'War for Talent'. Just exactly how does this differ from 'plain vanilla' recruitment? Well, in a considerable number of ways.
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 proactive 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. 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. They never read the traditional job ads or go to the job boards on the Internet.
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 to get these names and then act on them.
Once the talent has been identified, the next stage is to start building ongoing relationships and look for that all elusive 'trigger point' in someone's career that would get them to change jobs. This can be a number of things but it is often a negative experience or an outstanding opportunity. Gathering intelligence from their 'friends' and from previous market research will help in uncovering exactly what excites top players.
Educating line managers that talent acquisition must also be an everyday 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 lose them. Usually bringing in top management (CEO, CFO, COO, etc.) in the relationship-building process helps considerably in influencing the 'star' performer.
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 to remain competitive in the 'cash compensation' side. Being able to mold an opportunity and make it exciting will also attract top performers, the notion of "a la carte" job descriptions is becoming more and more adopted as a way of finding the "hot button" and exciting people enough to make the move. 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. Just think for one moment at that analogy, the talent marketplace becomes the equivalent of the NASDAQ or DowJones and the attractiveness of top talent will vary according to their performance relative to peers and the value added they can bring. Perhaps in the future you will see talent 'indexes' being used.
That will prove to be more and more essential in giving corporations a leading edge and competitive advantage over others. If you have it you will be one of the survivors if not then a 'market correction' may be soon be coming your way.
What is the difference between "Recruitment" and "Talent Acquisition"?
One of the most frequently asked questions is "What's the difference between 'Recruiting' and 'Strategic Talent Acquisition'?
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 predetermined 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 an approach is made to a candidate. If the approach is purely tactical in nature, all we ask of the prospective candidate is "are you qualified and interested?"
However, if the approach is more strategic in nature, the intent of the call is to go much further, and the conversation becomes more relationship-building. The candidate has an opportunity to explain his/her future career aspirations, and the recruiter gathers enough information to determine if there is a potential fit in the client organization. If during a strategic recruiting call the candidate declares that they are both qualified and interested, then the tactical nature of the call has been automatically fulfilled. If, however, the candidate lacks sufficient experience, or the timing for a career move is not propitious, then they become candidates for the future, and all the recruiter has to do is keep in touch until either they become available, or a position with the client organization opens up.
Most of the money spent on Strategic Talent Acquisition would have been spent in a tactical recruiting mandate anyway. The only additional cost is in collecting data on high-potential candidates and then keeping in touch with them until hire is made. The additional cost becomes insignificant compared to the value of hiring top competitive talent over time.
Strategic Talent Acquisition allows us access to a pool of competitive talent that would otherwise have been missed or even worse, ignored.
Clearly the business case for acquiring talent strategically is far more compelling than simply paying to fill positions today. What we are doing is adding a small incremental effort, in exchange for a huge potential reward.
Importance of Talent Acquisition
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
Understanding the organizational strategy
Translating the organizational strategy into an HR strategy
Reviewing key components of the HR strategy
Identifying talent acquisition and retention issues
Designing and Implementing a Talent Acquisition Strategy
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
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 inquiries about their talents within hours.
Potentially, it is feasible that a high-quality employee of yours, having received the final 'straw which broke the camel's back' (bad appraisal, inappropriate negative response from boss, extra workload stress etc.) can post their CV/Resume up on a particular jobs board at midday today, receive three interested requests for contact with third party recruiters or headhunters within hours, be interviewed for an outstanding role (at one of your competitors) tomorrow, receive an offer in writing the following day and resign that afternoon (within 2 days). Scary, isn't it? But if the Internet has enabled this process for candidates, it has also brought significant advantages for organizations.
Direct access to the candidate market
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. However, simply posting up jobs on various jobs boards is not the answer.
Best Practice Process
Instead, based on all the research we have compiled over the last 18 months, we believe that Talent Acquisition needs to be addressed at the most senior levels within all organizations - big or small, public or private.
From India, Hyderabad
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9Understanding Talent Acquisition
So what exactly do we mean by the term Talent Acquisition? Well, just as Customer Acquisition describes the overall strategic process around identifying market sectors, targeting client prospects, running direct marketing campaigns, selling and receiving the order (i.e. acquiring a new customer), so Talent Acquisition involves all the sub-processes around finding, attracting, and engaging highly talented individuals into your organization.
Origin of the "Concept" of Talent Acquisition
Let's take a closer look at the way traditional recruitment is re-emerging as a broader 'talent acquisition' concept - An approach that is becoming more and more critical in the 'War for Talent'. Just exactly how does this differ from 'plain vanilla' recruitment? Well, in a considerable number of ways.
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 proactive 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. 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. They never read the traditional job ads or go to the job boards on the Internet.
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 to get these names and then act on them.
Once the talent has been identified, the next stage is to start building ongoing relationships and look for that all elusive 'trigger point' in someone's career that would get them to change jobs. This can be a number of things but it is often a negative experience or an outstanding opportunity. Gathering intelligence from their 'friends' and from previous market research will help in uncovering exactly what excites top players.
Educating line managers that talent acquisition must also be an everyday 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 lose them. Usually bringing in top management (CEO, CFO, COO, etc.) in the relationship-building process helps considerably in influencing the 'star' performer.
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 to remain competitive in the 'cash compensation' side. Being able to mold an opportunity and make it exciting will also attract top performers, the notion of "a la carte" job descriptions is becoming more and more adopted as a way of finding the "hot button" and exciting people enough to make the move. 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. Just think for one moment at that analogy, the talent marketplace becomes the equivalent of the NASDAQ or DowJones and the attractiveness of top talent will vary according to their performance relative to peers and the value added they can bring. Perhaps in the future you will see talent 'indexes' being used.
That will prove to be more and more essential in giving corporations a leading edge and competitive advantage over others. If you have it you will be one of the survivors if not then a 'market correction' may be soon be coming your way.
What is the difference between "Recruitment" and "Talent Acquisition"?
One of the most frequently asked questions is "What's the difference between 'Recruiting' and 'Strategic Talent Acquisition'?
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 predetermined 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 an approach is made to a candidate. If the approach is purely tactical in nature, all we ask of the prospective candidate is "are you qualified and interested?"
However, if the approach is more strategic in nature, the intent of the call is to go much further, and the conversation becomes more relationship-building. The candidate has an opportunity to explain his/her future career aspirations, and the recruiter gathers enough information to determine if there is a potential fit in the client organization. If during a strategic recruiting call the candidate declares that they are both qualified and interested, then the tactical nature of the call has been automatically fulfilled. If, however, the candidate lacks sufficient experience, or the timing for a career move is not propitious, then they become candidates for the future, and all the recruiter has to do is keep in touch until either they become available, or a position with the client organization opens up.
Most of the money spent on Strategic Talent Acquisition would have been spent in a tactical recruiting mandate anyway. The only additional cost is in collecting data on high-potential candidates and then keeping in touch with them until hire is made. The additional cost becomes insignificant compared to the value of hiring top competitive talent over time.
Strategic Talent Acquisition allows us access to a pool of competitive talent that would otherwise have been missed or even worse, ignored.
Clearly the business case for acquiring talent strategically is far more compelling than simply paying to fill positions today. What we are doing is adding a small incremental effort, in exchange for a huge potential reward.
Importance of Talent Acquisition
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
Understanding the organizational strategy
Translating the organizational strategy into an HR strategy
Reviewing key components of the HR strategy
Identifying talent acquisition and retention issues
Designing and Implementing a Talent Acquisition Strategy
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
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 inquiries about their talents within hours.
Potentially, it is feasible that a high-quality employee of yours, having received the final 'straw which broke the camel's back' (bad appraisal, inappropriate negative response from boss, extra workload stress etc.) can post their CV/Resume up on a particular jobs board at midday today, receive three interested requests for contact with third party recruiters or headhunters within hours, be interviewed for an outstanding role (at one of your competitors) tomorrow, receive an offer in writing the following day and resign that afternoon (within 2 days). Scary, isn't it? But if the Internet has enabled this process for candidates, it has also brought significant advantages for organizations.
Direct access to the candidate market
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. However, simply posting up jobs on various jobs boards is not the answer.
Best Practice Process
Instead, based on all the research we have compiled over the last 18 months, we believe that Talent Acquisition needs to be addressed at the most senior levels within all organizations - big or small, public or private.
From India, Hyderabad
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Dear All,
Firstly, I am very happy to meet you all. When I open this site, I feel like I am sitting in a team that is helping me to solve my problems. I want to know in HR, what are the major topics that support us in finding a new job? Additionally, please suggest how I can improve my personality. I hope you can help me.
Regards,
Prem :)
From India, New Delhi
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Firstly, I am very happy to meet you all. When I open this site, I feel like I am sitting in a team that is helping me to solve my problems. I want to know in HR, what are the major topics that support us in finding a new job? Additionally, please suggest how I can improve my personality. I hope you can help me.
Regards,
Prem :)
From India, New Delhi
Acknowledge(0)Amend(0)
Hi Prem,
Following are some of the factors for personality improvement:
Factors for Personality Improvement
1. Pleasing Physical Presentation.
2. Body Language.
3. Communication.
4. Maturity in Socio-Cultural Values.
5. Beneficial Interactions
6. Grasping & Understanding circumstances and environment.
7. Intelligence.
8. Outwitting Defensive Smartness.
9. Concentration and Devotion in duties with (developed)
liking/interest.
10. Taking care with responsibility as if own.
11. Accountable action without attracting negative reaction.
12. Will to achieve.
13. Convinced stand and inner-strength to withstand.
14. Analytical decision of choosing the best suitable of all the
available practical alternatives with maturity and in the
interest of purpose.
15. Risk taking with accountability for calculations.
16. Maturity of values.
17. Convincing nature.
18. Make them to dance to your tune without their knowledge.
19. Speak to them the language they understand.
20. Make them to realize your positive abilities without your
involvement.
21. Be the best for good and worst for the bad in managing.
22. Do not react but act sensibly.
23. Don’t suppress emotions, but eradicate them with positive
thinking.
24. Yoga & Meditation.
25. Priorities in the order of advantages and time.
26. Health Care.
27. Voluntary Initiative for learning and helping.
28. Financial Management to beget more pleasure and happiness.
Regards
Julie
From India, Hyderabad
Acknowledge(0)Amend(0)
Following are some of the factors for personality improvement:
Factors for Personality Improvement
1. Pleasing Physical Presentation.
2. Body Language.
3. Communication.
4. Maturity in Socio-Cultural Values.
5. Beneficial Interactions
6. Grasping & Understanding circumstances and environment.
7. Intelligence.
8. Outwitting Defensive Smartness.
9. Concentration and Devotion in duties with (developed)
liking/interest.
10. Taking care with responsibility as if own.
11. Accountable action without attracting negative reaction.
12. Will to achieve.
13. Convinced stand and inner-strength to withstand.
14. Analytical decision of choosing the best suitable of all the
available practical alternatives with maturity and in the
interest of purpose.
15. Risk taking with accountability for calculations.
16. Maturity of values.
17. Convincing nature.
18. Make them to dance to your tune without their knowledge.
19. Speak to them the language they understand.
20. Make them to realize your positive abilities without your
involvement.
21. Be the best for good and worst for the bad in managing.
22. Do not react but act sensibly.
23. Don’t suppress emotions, but eradicate them with positive
thinking.
24. Yoga & Meditation.
25. Priorities in the order of advantages and time.
26. Health Care.
27. Voluntary Initiative for learning and helping.
28. Financial Management to beget more pleasure and happiness.
Regards
Julie
From India, Hyderabad
Acknowledge(0)Amend(0)Looking for something specific? - Join & Be Part Of Our Community and get connected with the right people who can help. Our AI-powered platform provides real-time fact-checking, peer-reviewed insights, and a vast historical knowledge base to support your search.
RECENT TRENDS IN TALENT ACQUISITION AND RETENTION.pdf
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