| IntroductionLast week, I was in | | | | Talent Acquisition".Strategic Talent |
| Rajasthan (One of the largest state in | | | | Acquisition takes a long-term view of |
| India), traveling from Jaipur to Jodhpur | | | | not only filling positions today, but |
| to Udaipur to Bikaner to Kota. It was | | | | also using the candidates that come out |
| not a fun trip but I was adding few more | | | | of a recruiting campaign as a means to |
| head counts on the roll of the company I | | | | fill similar positions in the |
| am working with. I was in Rajasthan for | | | | future.These future positions may be |
| 8 days, 1800+ people walked-in for | | | | identifiable today by looking at the |
| interviews; 750 actually interviewed and | | | | succession management plan, or by |
| we extended the offer to 107 people. | | | | analyzing the history of attrition for |
| Whether you refer to it as a 'talent | | | | certain positions. This makes it easy to |
| war', skill shortage, or 'employment | | | | predict that specific openings will |
| seller's market', it's threatening the | | | | occur at a pre-determined period in |
| competitive position of many | | | | time.In the most enlightened cases of |
| corporations, and the situation is | | | | Strategic Talent Acquisition, clients |
| worsening. Over the next 10 years, the | | | | will recruit today for positions that do |
| demand for talented people will far | | | | not even exist today but are expected to |
| exceed the availability of skilled | | | | become available in the future.Taking |
| workers - at all levels, and in all | | | | the long term strategic approach to |
| industries. Before proceeding further, | | | | talent acquisition has a huge impact on |
| lets have a look at the following | | | | how an approach is made to a candidate. |
| figures: It is estimated that at | | | | If the approach is purely tactical in |
| least 1/3 of business failures are due | | | | nature, all we ask of the prospective |
| to poor hiring decisions and inability | | | | candidate is "are you qualified and |
| to attract and retain the right talent. | | | | interested?"However, if the approach is |
| The average cost of replacing | | | | more strategic in nature, the intent of |
| a manager or professional is 1.5 to 3 | | | | the call is to go much further, and the |
| times salary. | | | | conversation becomes more relationship |
| The cost of working around an | | | | building. The candidate has an |
| under-performer can run as high as six | | | | opportunity to explain his/her future |
| figures | | | | career aspirations, and the recruiter |
| The cost of consistently | | | | gathers enough information to determine |
| failing to attract and retain good | | | | if there is a potential fit in the |
| talent - including declining | | | | client organization. If during a |
| productivity, morale, culture and | | | | strategic recruiting call the candidate |
| reputation - is inestimable. | | | | declares that they are both qualified |
| Each vacant position costs | | | | and interested, then the tactical nature |
| your organization Rs. 60,000 on average. | | | | of the call has been automatically |
| For some management positions, it can | | | | fulfilled. If, however, the candidate |
| easily run into six | | | | lacks sufficient experience, or the |
| figures.Notwithstanding the economic | | | | timing for a career move is not |
| situation of a country which may affect | | | | propitious, then they become candidates |
| the job market for a time being, many | | | | for the future, and all the recruiter |
| 'A-players' who have not had significant | | | | has to do is keep in touch until either |
| opportunities for growth and advancement | | | | they become available, or a position |
| change jobs, and the fundamental | | | | with the client organization opens |
| shortage becomes apparent - especially | | | | up.Most of the money spent on Strategic |
| for those companies who have not | | | | Talent Acquisition would have been spent |
| developed a reputation as | | | | in a tactical recruiting mandate anyway. |
| 'employer-of-choice', and who have not | | | | The only additional cost is in |
| developed the capabilities and | | | | collecting data on high-potential |
| infrastructure to compete effectively to | | | | candidates and then keeping in touch |
| acquire and retain scarce talent | | | | with them until hire is made. The |
| resources.Getting the best talent, and | | | | additional cost becomes insignificant |
| keeping the talent you have is becoming | | | | compared to the value of hiring top |
| intensely competitive. | | | | competitive talent over time.Strategic |
| Most corporate officers say that the | | | | Talent Acquisition allows us access to a |
| biggest constraint to pursuing growth | | | | pool of competitive talent that would |
| opportunities is talent.Few businesses | | | | otherwise have been missed or even |
| have adequate talent acquisition, | | | | worse, ignored.Clearly the business case |
| retention and development capabilities - | | | | for acquiring talent strategically is |
| | | | far more compelling than simply paying |
| Acquiring A-players is a both | | | | to fill positions today. What we are |
| art and science. People who primarily | | | | doing is adding a small incremental |
| make hiring decisions 'from the gut' are | | | | effort, in exchange for a huge potential |
| rarely consistently successful. | | | | reward.Importance of Talent Acquisition- |
| Employer brand identity is | | | | Understanding workforce demographics |
| increasingly important to compete for | | | | (current and future)- Identifying |
| talented people who have numerous | | | | economic issues impacting organizational |
| options. Rebuilding a damaged employer | | | | sustainability- Identifying |
| brand often takes years. | | | | organizational and cultural issues |
| New technology such as | | | | impacting talent acquisition- Knowledge |
| Internet sourcing has not reduced cycle | | | | of industry trends and emerging |
| times nor increased effectiveness | | | | issuesLinking Organizational Strategy to |
| Handing-off to a third party | | | | HR Strategy- Understanding the |
| vendor is a transaction, not a process. | | | | organizational strategy- Translating the |
| Organizations that consistently attract | | | | organizational strategy into a HR |
| players develop an employer-of-choice | | | | strategy- Reviewing key components of |
| brand identity, deep capabilities in | | | | the HR strategy- Identifying talent |
| talent acquisition, retention and | | | | acquisition and retention |
| development, and the process & | | | | issuesDesigning and Implementing a |
| infrastructure to support | | | | Talent Acquisition Strategy- What is an |
| them.Understanding Talent AcquisitionSo | | | | Employer of Choice?- Demystifying the |
| what exactly do we mean by the term | | | | generational implications on |
| Talent Acquisition? | | | | recruitment- Reviewing the base |
| Well, just as Customer Acquisition | | | | elements of a talent acquisition |
| describes the overall strategic process | | | | strategy- Utilizing talent acquisition |
| around identifying market sectors, | | | | tools and templates- Identifying |
| targeting client prospects, running | | | | considerations when implementing a |
| direct marketing campaigns, selling and | | | | talent acquisition strategy- Learning |
| receiving the order (i.e. acquiring a | | | | from best practices- Analyzing |
| new customer), so Talent Acquisition | | | | performance metrics (business impacts, |
| involves all the sub-processes around | | | | financial considerations, etc.)- What |
| finding, attracting and engaging highly | | | | is meant by Strategic Talent |
| talented individuals into your | | | | Acquisition- How HR strategy, policies, |
| organization.Origin of the "Concept" of | | | | and practices support and facilitate |
| Talent AcquisitionLet's take a closer | | | | corporate strategy- Key design elements |
| look at the way traditional recruitment | | | | required in an HR talent acquisition |
| is re-emerging as a broader 'talent | | | | strategy- Practical application of a |
| acquisition' concept - An approach that | | | | talent acquisition strategy- Knowledge |
| is becoming more and more critical in | | | | of emerging trends and best practices in |
| the 'War for Talent'. Just exactly how | | | | attraction and retention of talentTalent |
| does this differ from 'plain vanilla' | | | | Acquisition - As A StrategyHistorically |
| recruitment? Well, in a considerable | | | | organizations have not treated the |
| number of ways.First and foremost, | | | | recruitment process as one of strategic |
| 'talent acquisition' forms a part of a | | | | importance, but latterly many are now |
| much broader strategic approach in the | | | | waking up to the reality that the world |
| corporate quest to gain and sustain a | | | | has changed dramatically. No more can |
| competitive advantage in today's | | | | the organization pick and choose between |
| marketplace. Other aspects include | | | | several great candidates for one |
| talent development, retention and | | | | position. Several changes in our |
| transition, these are primarily inward | | | | connected world have tipped the scales |
| facing, whilst the former is outward | | | | in favor of the highly talented |
| looking.The core concept of talent | | | | individual looking for a new |
| acquisition is to get away from the | | | | opportunity.Firstly, of course, there is |
| 'fill in the box' thinking to one that | | | | the Internet. Never before in the |
| is more pro-active and much closer to | | | | history of humankind, has there been |
| building the skill sets required to | | | | such an enabling technology. Candidates |
| achieve business success. Traditionally, | | | | can now advertise their desire to change |
| a recruitment need occurs when an | | | | jobs within minutes of making the |
| individual either leaves or is promoted | | | | decision and receive enquires about |
| to another function. That's when panic | | | | their talents within hours.Potentially, |
| can set in, especially if no suitable | | | | it is feasible that a high quality |
| internal solution is found, a situation | | | | employee of yours, having received the |
| that is becoming known as - "under the | | | | final 'straw which broke the camels |
| bus syndrome". Strong relationship | | | | back' (bad appraisal, inappropriate |
| building or networking skills are | | | | negative response from boss, extra |
| important here. The key to success in | | | | workload stress etc.) can post their CV |
| talent acquisition is the unique way | | | | Resume up on a particular jobs board at |
| that you are able to tap into the 'top | | | | midday today, receive three interested |
| performers' who are not really looking | | | | requests for contact with third party |
| for another job. They never read the | | | | recruiters or headhunters within hours, |
| traditional job ads or go to the job | | | | be interviewed for an outstanding role |
| boards on the Internet.Encouraging your | | | | (at one of your competitors) tomorrow, |
| own 'star' players to identify other | | | | receive an offer in writing the |
| outside top performers is an extremely | | | | following day and resign that afternoon |
| powerful tool that is being used more | | | | (within 2 days). Scary, isn't it? |
| and more. Corporations are offering a | | | | But if the Internet has enabled this |
| wide range of rewards in order to get | | | | process for candidates, it has also |
| these names and then act on them.Once | | | | brought significant advantages for |
| the talent has been identified, the next | | | | organizations.Direct access to the |
| stage is to start building on-going | | | | candidate marketNow organizations can go |
| relationships and look for that all | | | | direct to the candidate market, thereby |
| elusive 'trigger point' in someone's | | | | cutting the time it takes to find the |
| career that would get them to change | | | | right people, whilst dramatically |
| jobs. This can be a number of things but | | | | reducing their recruitment costs. |
| it is often a negative experience or an | | | | However, simply posting up jobs on |
| outstanding opportunity. Gathering | | | | various jobs boards is not the |
| intelligence from their 'friends' and | | | | answer.Best Practice ProcessInstead, |
| from previous market research will help | | | | based on all the research we have |
| in uncovering exactly what excites top | | | | compiled over the last 18 months, we |
| players.Educating line managers that | | | | believe that Talent Acquisition needs to |
| talent acquisition must also be an every | | | | be addressed at the most senior levels |
| day duty is also a success criterion. | | | | within all organizations - big or small, |
| Most managers, rightly so, look at | | | | public or private. This means that |
| hiring only when there is a 'box' vacant | | | | Talent Acquisition needs to fit 'hand in |
| on a purely transactional basis. Today's | | | | glove' with your overall organizational |
| top talent has a very short shelf life; | | | | strategy. It needs to have the |
| therefore you must have a sense of | | | | appropriate level of resources behind |
| urgency in bringing them aboard, a job | | | | it; it needs to be monitored and |
| opening or no job opening. This tactic | | | | reported on at all board meetings and it |
| is considered very risky by some | | | | needs to involve many people within the |
| managers, but at the end of the day not | | | | organization who attribute to it the |
| making an offer the day a 'top' | | | | importance that the organization |
| performer comes to the job market, you | | | | requires.But don't despair, given the |
| will most certainly loose them. Usually | | | | correct focus we can help ensure that |
| bringing in top management (CEO, CFO, | | | | your organization becomes and employer |
| COO, etc.) in the relationship building | | | | of choice' in this brave new world.The |
| process helps considerably in | | | | realities of today's demographics have |
| influencing the 'star' performer.Money | | | | elevated the issue of talent attraction |
| is of course essential in the talent | | | | and retention to become a critical |
| acquisition quest, but it's not the only | | | | leadership concern, receiving |
| element. Many corporations are using | | | | significant attention. Given the |
| traditional job classification and job | | | | projected labor market and demographic |
| grading systems in order to remain | | | | trends, an organization's approach to |
| competitive in the 'cash compensation' | | | | talent acquisition can become a key |
| side. Being able to mould an opportunity | | | | differentiator and source of competitive |
| and make it exciting will also attract | | | | advantage. The changing market has |
| top performers, the notion of "a la | | | | revealed that prevailing "one size fits |
| carte" job descriptions is becoming more | | | | all" HR practices are no longer |
| and more adopted as a way of finding the | | | | effective. Organizations must develop |
| "hot button", and excite people enough | | | | specific people strategies for their |
| to make the move. Benefits and perks are | | | | most critical segments that directly |
| at the fore here with long-term | | | | align with and support the business |
| incentives such as stock options, being | | | | strategy. While individual approaches |
| widely used. The work/life concept will | | | | are customized to the needs of each |
| also have an impact, a lot of | | | | organization, all approaches are based |
| corporations talk about this element but | | | | on key critical success factors. This |
| not many have fully embraced it. Others | | | | course focuses on the issues and |
| look at it from an investment banker | | | | challenges organizations face in |
| perspective and view potential 'top | | | | attracting and retaining key talent. |
| performers' as they would any targeted | | | | While introducing participants to |
| acquisition, some people are even | | | | emerging recruitment trends in the |
| thinking of attributing P/E ratio values | | | | industry, this course will also provide |
| to top talent. Just think for one moment | | | | participants with a selection of tools |
| at that analogy, the talent marketplace | | | | and best practices from which to draw as |
| becomes the equivalent of the NASDAQ or | | | | they design their own strategy to win |
| DowJones and the attractiveness of top | | | | the war for |
| talent will vary according to their | | | | talent.BibliographyInteraction with my |
| performance relative to peers and the | | | | own friends who are into hiring...from |
| value added they can bring. Perhaps in | | | | across the globe |
| the future you will see talent 'indexes' | | | | Inputs from the Research Team of 07/09 |
| being used.That will prove to be more | | | | Management Consultants.Other books |
| and more essential in giving | | | | referred are:1. The Talent Management |
| corporations a leading edge and | | | | Handbook: Creating Organizational |
| competitive advantage over others. If | | | | Excellence by Identifying, Developing, |
| you have it you will be one of the | | | | and Promoting Your Best People |
| survivors, if not then a 'market | | | | (Hardcover) |
| correction' may be soon be coming your | | | | by Lance A. Berger, Dorothy R. Berger |
| way.What is difference between | | | | 2. Recruiting Excellence: An Insider's |
| "Recruitment" and "Talent | | | | Guide to Sourcing Top Talent; by Jeff |
| Acquisition"?One of the most frequently | | | | Grout, Sarah Perrin |
| asked questions is "What's the | | | | 3. Ask the Headhunter: Reinventing the |
| difference between | | | | Interview to Win the Job; by Nicholas |
| 'Recruiting' and 'Strategic Talent | | | | Corcodilos, Nicholas Cordilos |
| Acquisition'?"The easy part of the | | | | 4. Hiring the Best: A Manager's Guide |
| answer is to define "recruiting". It is | | | | to Effective Interviewing by Martin Yate |
| nothing more than filling open | | | | |
| positions. It is an entirely tactical | | | | 5. Hiring the Best Knowledge Workers, |
| event.The more complex part of the | | | | by Techies & Nerds |
| answer is the definition of "Strategic | | | | 6. |