Published by MBA Skool Team, Published on September 13, 2012
‘The war for talent can be won by leading not following’ thus came into force the talent acquisition team which is responsible for finding, acquiring, assessing, and hiring candidates to meet the manpower demands of an organization efficiently. In order to do the above mentioned task these teams undertake talent procurement, workforce planning functions such as organizational talent forecasting, talent pipelining, and strategic talent assessment and development.
Talent acquisition as a unique function and department is a relatively new development. In many companies, recruiting itself is still an indistinct function of an HR generalist, it is a step taken to meet the growing demands and competition due to which they also have to handle post-hire talent issues, such as employee retention and career progression, the talent acquisition role is quickly becoming a distinct craft.
Jim Robbins, the former CEO of Cox Communications once said, “Talent is the negating factor in realizing our growth vision” so to make it a strength for the organization one needs to have the best talent pool. Manpower is a key resource for a company and hiring and firing costs are huge, so the industry has been witnessing many new initiatives and tactics in this regard.
No product or service sells without proper marketing. Taking clue from this fact the companies have taken the path of Employer Branding. By developing an effective brand as an employer, a company can receive better and more qualified applicants; this measure attracts and retains top employee talent.Hiring is now being inspired by Olympics.
As organizations brand their image as the best place to work in the world, a great chance for the candidate which may be once in a thousand along with ensuring the justified performance assessment they try to prove that they are the Olympics platform for the candidates. So the talent acquisition team in a company ponders a lot on image building and positioning the company for the appropriate audience in the talent market.
The perception that you need deep pockets to grab talent has been changed to certain extent since employees are looking at a long term perspective after the economic downfall. Apart from that the companies have paying attention to the intrinsic rewards along with the extrinsic ones. So now a fat salary is not enough to woo talent.
Thus the big names are now searching for new methods to entice talent with companies like Infosys who pay a lot of attention to candidate experience both pre and post appointment. They treat their trainees as kings during training so that they fall in love with the company and give their best later on but along with the praises there exists adverse criticism which is to be handled by the talent acquisition teams nowadays, so this adds to their basket.
No business is successful without profits. Thus the recruiters have also taken up the ROI approach to plan their moves in talent acquisitions.To cut down on costs they began to approach the passive candidates. The recruiting pipelines are designed by determining the needs and then planning upon the target,duration, techniques, actions, etc. keeping in mind the budget available. The design is such that after considering the maintenance, opportunity,replacement, evaluation and search costs the company receives considerable returns on its investments. As they say to spend in manpower is the best investment for a businessman. The talent pipeline passes through various stages forming the funnel process with the following steps:
% of suspects becoming prospects;
% of prospects becoming candidates;
% of candidates being sent to hiring managers;
% of candidates sent to hiring managers receiving offers; and,
% of candidates receiving offers accepting to become employees
Is there any sphere of life untouched by internet? Gone are the days when looking for job applicants you would ring up a consultant to source CVs. Now companies have their talent acquisition teams in action on social media for hunting. They are fastest, cheapest and easiest means to search for talent as well as for background check.
LinkedIn, Facebook, Twitter and their specific applications like Gist, JobDeck are supporting the techniques well. Earlier when I as a recruiter wanted to gauge a person’s nature and attitude, the only way was through questioning; so he has to be brought to the interview panel but now minor information regarding the same can be guessed by a little research online. Companies also use these mediums to gauge the candidates profile and other behavioral aspects.
In order to cut costs further organizations have turned to video interviews.
This is why it is said that man trust his eyes better than his ears.
Building Talent Network is another sign of far-sightedness. To build up the talent network nowadays companies have taken the path of social media, old applications database, referrals etc. The key to build a useful Talent Network is to integrate your sourcing efforts into your recruiting process. Make it easy to capture candidates in the application process and on the recruiting portals in which they interact with your organization. Whether it’s your Career Site, social recruiting profiles (Twitter, Facebook, LinkedIn), recruiting blog, corporate website, YouTube Channel, recruiter’s personal blogs or any other recruiting portal, make it easy for your recruiters to add opt-in forms to all these channels.
The more accessible you make your organization, the larger your Talent Network will grow and the more useful it will be. Once it is in place you have it as your first priority to look for, thus your lead time is reduced.Secondly, make sure that the links to these forms are prominent on these channels. A link that is in the bottom right hand corner of your Career Site, won’t build the Talent Network you should be striving for.
Talking about all the things in this world how can we forget our lifeline i.e. Mobile. With nearly every candidate having a mobile phone with SMS, have candidates text their information to a dedicated phone number that you own. The candidate information will flow into your database and a follow up email for more information will be sent to the candidates
When there are so many things to be done a wise man saw a business opportunity here and this led to the trend of recruitment marketing Companies. Companies like Smash Fly Technologies provide an integrated service of designing a comprehensive Recruitment Marketing engine giving organizations tools for social and mobile recruiting, while managing the sourcing strategy across all active and passive sourcing channels. It delivers a comprehensive view of recruitment return with robust analytic dashboards that visualize results of sourcing efforts through ad delivery, social engagement, recruitment CRM, mobile and career site management.
There exist some out of the box methods rather tricks of the consultants where they use the annual reports of the rival companies to find the details about their managers and then poach for them with an enticing offer. Such ideas make the talent acquisitions worth.
Apart from all these new techniques the industry still sticks to the old ways of blind ads, campus recruitments, trade associations, former employees but with a new style and convention.
With the beginning of this new era companies have made their process more crucial since they do not want to be wrong now as the costs of losing the strength of the company(people) is increasing by a considerable amount. They also emphasize the candidates to be the best cultural fir for the organization and thus we would soon see some more things in this regard.
This article has been authored by Esha Pagaria from Goa Institute of Management.
Views expressed in the article are personal. The articles are for educational & academic purpose only, and have been uploaded by the MBA Skool Team.
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