Another measure to attract the best talent is the identification of the appropriate recruitment channels based on an organization’s culture and characteristics and selection practices which helps an organization to select the best candidate for a given position. In simple terms, this can be defined as the employment processes which helps a company achieve its talent goals. An EVP cannot be depended upon since it doesn’t result in the hiring of the best talent. Therefore, the recruitment and selection process of a company is desired to ensure an organization hires the best candidates. Thus, if the recruitment and the selection process isn’t well planned and the organization loses both time and money (Hatum, 2010).
An organization must recognize the industries and the selection processes used by the competitors. Additionally, instead of attempting to fill the current vacancies, it is mandatory for an organization to search for new talent in order to broaden their scope (Hatum, 2010). Improved results can be achieved within a slight duration when the most appropriate contenders are encouraged, and the best people are hired. Professionals state that the price of an incorrect hiring decision can vary from 20% to 200% since it will be based on the newly hired employee’s unproductive which would lead to inefficiency. A replacement for such an employee would consequence in an added cost for training of another employee (Merlvede, 2014).
Therefore, it is crucial that an organization has sophisticated recruitment and a selection process. Merlevede (2014) describes a few challenges and the relevant solutions encountered with regard to recruitment and selection.
- Identify the right candidate – Articulate a model which consists of job requirements based on values and skills.
- Attract the right candidates – Create a job advert that captures the attention of the appropriate candidates.
- Select the exact CV – Develop a candidate or profile template which maps the job requirements, rather than resume observation.
- Select the best match - Based on the developed template in the third point mentioned above.
- Minimize cycle time – Communication between the employer and the selected recruit is an important factor as this can affect both the organization’s and the recruit’s time. For example, if the organization is interested in a certain recruit, that recruit should be made aware of that immediately.
- Motivate to join – Be aware of the candidate’s motivational patterns.
- Talent retention – Implement actions to retain employees.
Moreover, after successful recruitment and a selection process an organization is equipped with new recruits as well as the existing employees. An ideal talent management strategy must be implemented such that it ensures the combination of the new recruits and existing employees outcomes in a positive manner to the organization. Furthermore, an organization should comprise of a development strategy to support its varying requirements (Hatum, 2010).
Armstrong & Taylor (2014) states that “learning and development policies and programmes are key components of talent management. They aim to ensure that people acquire and enhance the skills and competencies they need. Policies should be formulated by reference to ‘employee success profiles’, which are described in terms of competencies and define the qualities that need to be developed” (Armstrong & Taylor, 2014, p. 267). What should be kept in mind here is that talent development is dissimilar to training. Training focuses on the employee performance on a short term basis. But development focuses on the long term and prepares the individual to manage multifaceted issues in the long run. A company’s main focus should be on developing talents which are crucial for a company’s success. In order to do so, an organization’s business requirements have to be defined as the first step. Mutual goals for development comprises of engrained individuals in areas of leadership, extreme capabilities, high achievers and perilous talent (Hatum, 2010). Concept of “Superkeepers” emerges at this point. Super keepers can be defined as a small but a superior set of individuals who represent and reflect an organization’s core competencies and values and who have been proved to gain superior accomplishments while inspiring others to do the same. Training provided to the super keepers is different from the training provided to the other employees. A holistic approach, the unearthing of deep interactive insight, the active participation of top management and sustained relationships with the trainer or the organization are few factors that represent difference mentioned above (Berger & Berger, 2004). This is confirmed in the book “Next Generation Talent Management” where super keepers are referred to as the “high potentials” which comprises of the ability to accomplish many complex tasks in the future. Performance is an important factor as well. On the contrary, performance is a measure to identify talented individuals. In contrast, to measure performance, one’s past is needed. Past implies if an individual possesses a good track record and the impact that particular individual had on the organization’s results (Byham et al, 2002, in Hatum, 2010).
CONCLUSION
The success of an organization depends on the organization’s talent management strategy. The talent has to be nurtured in such a way that it helps an organization achieve its objectives. The nurturing doesn’t always have to be similar to other organizations. Breaking the rules may sometimes result in a positive impact. Retain talented individuals and encourage them to achieve the best. Even though the focus is short-term or long term inducements, creativity plays a major role in talent retention.
REFERENCES
Armstrong, M and Taylor, S. (2014) Armstrong's Handbook of Human Resource Management Practice. 13th ed. London, Kogan Page.
Berger, L. A and Berger, D. R. (2004) The Talent Management Handbook: Creating Organizational Excellence by Identifying, Developing & Promoting Your Best People. 1st ed. New York, McGraw-Hill.
Hatum, A. (2010) NEXT GENERATION TALENT MANAGEMENT - Talent Management to Survive Turmoil. New York, Palgrave Macmillan.
Merlvede, P. (2014) Talent Management: A Focus On Excellence. [Online] Available at: https://bookboon.com/ [Accessed 18 April 2019].
Additionally I would like to add some views about Retention and Succession as well.
ReplyDeleteIn Talent Management, Retention and Succession are two of biggest issues that companies are facing. (Ali and Boustani, 2014)
Retention of knowledge workers can become a source of competitive advantage for a company (Sigler, 1999). One of the greatest benefits of a talent management is its effect on the recruitment and retention of valuable employees.
According to Lalitha (2012) employee retention is the biggest challenge faced by HR in the modern economy. The author suggested some effective retention strategies and Procedures i.e. employer branding, changing hiring practices, talent management, and exit interview (Ali and Boustani, 2014).
Indeed. For retention and succession coaching for retention is very important. Coaching key employees is becoming an increasingly popular trend. As pointed out by Larson and Richburg, on leadership coaching, “While coaching focuses on the individual, its successful implementation brings significant benefits to both the individual and the organization. These benefits include retention of valued talent, increases in productivity, development of high-potential performers, greater job satisfaction for the participant, and achievement of organization objectives.” Many organizations are assessing these potential benefits and extending coaching deeper and deeper into their organizations. Karol Wasylyshyn, discusses the trend of Superkeeper coaching that targets “must keep” individuals. She defines Superkeeper coaching as “a company-sponsored ‘perk’ for top high-potential employees, a customized development process intended to accelerate effectiveness at work. This coaching is based on a collaborative relationship among the employee, his/her boss, his/her human resources manager, and an executive coach.” The key to coaching success is that “coaching for Superkeepers must be positioned in the company as an essential ‘perk.’”(Berger & Berger, 2004)
DeleteA requisite pool of qualified and talented employees can make easier the process of achieving the organizational goal and facilitate focus on issues that truly matters in the interest of the organization (Kevin Oakes, Pat Galagan 2011).Therefore, the general purpose of talent management is to stay up a talented and efficient workforce for the organization. In contemporary organizations, the importance of talent management is high. Unless an organization has the desired talented personnel, it cannot achieve attaining its goal though it possesses different factors like natural resources, infrastructure, and technology. In fact, it's people those who take an organization to its next levels of success.
ReplyDeleteTalent management practices ensure that the right people want to join the company and effectively bring new, talented workers into the company. Moreover, talented workers are identified and valued, and incentives exist to retain them (Ringo et al., 2008; Brundage and Koziel, 2010, as cited in Langenegger, Mahler and Staffelbach, 2011). To attract and retain talent, the company needs to know what talents want and, consequently, have to set the incentive system in line with their needs. Subsequently, their esteem needs are fulfilled and, as a result, talents demonstrate higher job satisfaction and motivation (Maslow, 1954, cited in Langenegger, Mahler and Staffelbach, 2011). Furthermore, talents are valued and retained by specialised programmes existing within the company; they get meaningful work combined with special rewards. According to previous studies, this appreciation and recognition leads to higher commitment (Beechler and Woodward, 2009; DeConinck and Johnson, 2009, cited in Langenegger, Mahler and Staffelbach, 2011) and job satisfaction (Herzberg et al., 2008, cited in Langenegger, Mahler and Staffelbach, 2011). Furthermore, the quality of work ought to be enhanced through the use of this strategy in view of the fact that experience is an essential source of learning (Kolb, 1984, cited in Langenegger, Mahler and Staffelbach, 2011). The longer the talents stay in a company, the higher the level of company-specific knowledge and qualification remains (Evans and Jack, 2003, cited in cited in Langenegger, Mahler and Staffelbach, 2011).
ReplyDeleteAdding on to your article .The viability of recruitment and selection and organisational performance has fundamentally been surveyed by inspecting the rates of turnover, work survival and job performance alongside organisational issues, for example, referrals by current personnel, in-house work postings, and the re-hiring of previous employees (Zottoli & Wanous, 2000). Bohlander, Snell & Sherman (2001) proclaimed that it is critical for managers to comprehend the objectives, approaches and practices utilized for selection. All the more essentially, those in charge of making selection
ReplyDeleteIn addition to the content above, it is important to consider about following view point of Talent Management. Since human resources are the biggest assets for any organization, employers have to well managed and take care of their employees all the time. These employees generate value for the company and employee success is totally depend on their skills and competencies (Snell, 2011). Therefore, HR managers have to be ensured that human resource use in its optimum for exceptional business results. Hence, talent management of employees has positive impact on the attitude of the employees and the organizational performance. Further by accounting effective measures to manage talent pool of individual talents will be provided competitive advantage over their competitors (Bano, et al, 2011). All in all this would improve organizational learning and development initiatives and also focus more on their retention strategies (Sareen and Mishra, 2016).
ReplyDeleteSince the late 1990s, the concept of talent management has gained increasing currency
ReplyDeletein debates around the strategic contribution of employees to organisational success.
Practitioner reports clearly indicate that talent management occupies a significant amount of senior managerial time and, additionally, that it is something which managers struggle to manage effectively. In the European context, a recent report by the Boston Consulting Group concluded that talent management is one of the five key challenges facing the HR profession. Worryingly, it is one of the challenges which the function was least competent in (BCG, 2007). Thus, within the practitioner community talent management has become an accepted part of the managerial lexicon and gained legitimacy as an important contributor to business success.