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