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