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Talent Acquisition in HRM

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  • 1. NATIONAL INSTITUTE OF TECHNOLOGY KARNATAKA Surathkal Talent Acquisition function in HRM Subject: Human Resources Management Course code: MBA 726 Project Guide: Prof. Dr. Aloysius Henry Sequeira Team members: 13HM16 - MAHENDRA PRABHU K 13HM17 - MAHITESH 13HM20 - NISHA ROY 13HM26 - RAVI CHANDRA 13HM34 - SRANIVASAN A S
  • 2. ACKNOWLEDGEMENT I have taken efforts in making this project. However, it would not have been possible without the kind support and help of many individuals mentioned here. I would like to extend my honest thanks to all of them. I am highly indebted to my faculty Prof. Dr. A. H. Sequeira for his guidance and constant supervision as well as for providing necessary information regarding the project & also for his support in completing the project. I am also very grateful to my team members who have much harder than me and without them this project would not have been possible. My thanks and appreciations also go to my colleagues and faculty members in contributing meaningful ideas for the project and people who have willingly helped me out with their abilities. I would like express respect for my family and friends for giving me their attention and support which has nurtured my intrinsic motivation, beliefs and values.
  • 3. CONTENTS 1. INRODUCTION and ABSTRACT…………………………………………..…4 2. INFORMATION REVIEW………………...…………………………………...7 3. STUDY TECHNIQUES…….…………..….…………………….…………….12 4. SURVEY FINDINGS…..………………………………....................................16 5. CONCLUSION………………………………………….……………….……..28 6. REFERENCES………………………..……………………………………..…29
  • 4. INTRODUCTION and ABSTRACT In the rapidly changing global world economy, it‟s important to keep pace with the competition and succeed. Today, one of the most crucial sources of competitive advantage is based on human resource efforts through attracting and retaining talented individuals. The 1990s ended with a call- to-arms to fight "the war for talent." While the war for talent clearly has cooled in the early stages of the 21st century, dampened by economic doldrums and concerns with global security, the real battle to attract, develop, motivate, and retain talent is going to heat up considerably. The pool of available talent, particularly those with the necessary skills and experience, is running extremely low. Talent acquisition as” a strategic approach to identify, attractand on board top talent to efficiently and effectively meet dynamic business needs” The term Talent Acquisition (TA) is often used synonymously with Recruiting. However, these are two very different things. Recruiting is a subset of TA, and includes the activities of sourcing, screening, interviewing, assessing, selecting and hiring. As a result firms are facing fierce competition to find staff for their projects. This paper through a research tries to examine the ways to identify the various methods are employed to evaluate the talents needed and the steps involved in the execution of strategic talent acquisition. The internet has helped in attracting potential candidates to an organization from the recruitment process. The practice of issuing a vacant position and applying for a job via a website has increased steadily. The purpose of this paper is to broaden the research on the recruitment practices. A number of methods will be used for the study and the secondary data available.
  • 5. TA (TALENT ACQUISTION) Talent Acquisition is the process of identifying, attracting, engaging and retaining highly qualified and talented individuals.Talent acquisition is quickly becoming a unique profession, perhaps even distinct from the practice of general recruitment. Talent acquisition professionals are usually skilled not only in sourcing tactics, candidate assessment, and compliance and hiring standards, but also in employment branding practices and corporate hiring initiatives. Talent acquisition as a function has become closely aligned with marketing and PR as well as Human Resources. Talent acquisition is a combination of resources, process and intellectual property combined with the organization‟s recruitment practices adopted in tackling the so called “War for Talent”. Its sub process are to: Find, attract and engage highly talented individuals into the organization. It also manages all candidate channels for improving the talent flow into organizations. Acquiring and Retaining the best talent acts as competitive advantage, but it equally important and difficult to find the right person for the right job. The increased competitiveness in the recruitment market has led to organisations spending more time, effort and resources on developing their recruitment strategy. Strategic Talent Acquisition, as against recruitment, is a long term perspective by which we also plan their succession in advance. As global organizations need to recruit globally with disparate needs and requirements, effective recruiting requires a well thought out corporate messaging around hiring and talent development. Talent acquisition professionals often craft the unique company message around the approach the company takes to hiring and the ongoing development of employees. The employment brand therefore encompasses not only the procurement of human capital, but the approach to corporate employee development. The unique needs of large companies especially to recruit and hire as well as attract top talent led to the development of a unique talent acquisition practice and career. As a craft, talent acquisition is of course not new; it is the simple process of recruiting good talent to meet company needs. As a profession, however, talent acquisition is quickly evolving into a unique and important job function.
  • 6. STRATEGIC TALENT ACQUISITION The worldwide market for talent management technologies is thriving. A number of factors are fueling the exponential growth: a dynamic geo-economic climate that increases focus on the workforce; a changing global labor market; and the need for organizations to transform their workforce and build a climate and culture of performance and innovation. The worldwide market for talent management technologies is thriving. A number of factors are fueling the exponential growth: a dynamic geo-economic climate that increases focus on the workforce; a changing global labor market; and the need for organizations to transform their workforce and build a climate and culture of performance and innovation. The impact of organizational brain drain and the fear of a global talent shortage due to an increasingly aging workforce have caused companies to focus on finding, developing and retaining superior, talented employees. That makes talent management technologies must-haves for organizations committed to developing a competitive human capital advantage. Demand for talent management solutions is pervasive throughout North America, Europe and Asia, where interest is high and adoption is brisk.In the present days where technology has made spectacular progress and revolutionizes the work in every field, particularly in the corporate world, it is not the physical assets which are gaining importance but talent has emerged as the forerunner in determining the worth of the organizations. As such, sourcing for best talent continues to hold prominence for the organizations. Worldwide organizations are subjected to heavy pressure due to the declining supply of talent. According to a recent report, over a decade, the demand for talented people exceeds the supply of skilled workers at all levels and in all industries.As we have progressed in our HR department, we prefer calling talent acquisition over recruitment. The former would mean that we are not just hiring a person, but we are acquiring the talent they possess as our asset. Talent acquisition is one of the most important tasks that every organization performs. It is imperative not because we need so many people to perform our task, but because we need the right talent to achieve our goals; rightly quoted by Mr Jim Collins – “People are not your valuable asset; Right people are!”
  • 7. THE NEED FOR TA Organizations have recognized the need for maintaining reserve talent to fill a vacancy as and when it arises. But the whole process of talent acquisition, i.e., how to fix and select talent for the organization remains largely undefined and is often left to the discretion of the individual managers hiring them. This whole process of individual hiring by individual managers for the same organization places heavy burden on its exchequer. Talent acquisition is not a form of art, but a defined process. If the strategies are well-defined, the whole process will be a success. o Understanding the demographics of workforce both current and future. o Identification of economic issues which have an impact on the organization‟s sustainability. o Identification of organizational and cultural issues which influences the talent acquisition. o Knowledge about industry trends and emerging issues. BASIC STRATEGIES IN TA The following are some of the basic strategies adopted by various organizations for the talent acquisition: o Identifying high performers and fixing of certain indicators for success. o Maintaining a good network of connections with other companies and motivating the employees to interact with them. By this kind of interaction internal talent will develop more rapidly. o Cooperating with managers for developing profiles of high performers. This can be done by defining the „critical success factors‟ like competencies, nature of activities of high performers and their work methods. Also these will help in development of tests to identify potential candidates. o Finding out the choice of firms in which these high performers like to work. This can be done by advertisements towards attracting them, focusing on Competitive Intelligence (CI). The information can also be collected through competitors, vendors, suppliers and also through employee referral program.
  • 8. o Maintaining a database of candidates list selected through the above methods, which can also be shared with others. o Developing a talent review process for identifying and developing potential talent within the organization. This can be done by conducting periodical performance review of the employees, providing feedback to the employees regarding the report by highlighting on their strengths and weakness. o Creation of strategies for development of talent through training, career paths, mentoring and coaching. o Assigning the top performers with new challenges, responsibilities and the tasks which they are keen on performing. o Encouraging less performing employees for improving their performance by guiding on the areas in which they need improvement. o Encouraging employees for further education to improve their talents and skills. o Searching for new talent while improving the performance of the existing ones. o Searching for new employees using outside industry contacts by scouting for talented people and attracting them to work for your industry. o Giving employees new challenges and opportunities to explore themselves and help them grow with the organization. o Encouraging blogging and networking across different sites to attract the potential talent. SOURCES OF IDENTIFING CANDIDATES The following are some of the ways in which we can source talent: o Search engine optimization – (It is the process of developing and structuring web content to be easily discovered by search engines and hence people.) o Employee referrals o Campus visit o Social Media o Networking o Training and Development programmes
  • 9. o Poaching and Head-Hunting o Others: Educational associations and events RESEARCH QUESTION and RESEARCH OBJECTIVES REVIEW OF RELATED INFORMATION GarimaKohli, May (2013). This research primary focus is on people management, multiple country payroll, customer relationship management, and financial management.Talent acquisition as” a strategic approach to identify, attract and on board top talent to efficiently and effectively meet dynamic business needs”The term Talent Acquisition (TA) is often used synonymouslywith Recruiting. However, these are two very different things. Recruiting is a subset of TA, and includes the activities of sourcing, screening, interviewing, assessing, selecting and hiring. Areiqat, A. Y., Abdelhadi, T., & Al-Tarawneh, H. (2010) Talent acquisition is the process for planning, sourcing, assessing, hiring and on-boarding of new or existing employees into appropriate positions within the organization. Talent Acquisition allows us access to a pool of competitive talent that would otherwise have been missed or even worse ignored. The focus of the RESEARCH QUESTIONS o What is TA and strategic talent acquisition? o Is talent acquisition the most prominent function of HRM? o What are the sub-components of TA? o What is the contemporary procedure for TA in respected organizations (institutions and companies)? RESEARCH OBJECTIVES o Need for framing strategic talent acquisition policy in HRM o Methods adopted to evaluate talent, strengths and skills of candidates and job aspirants. o How is strategic talent acquisition beneficial to respected organizations (institutions and companies)? o Analyze the difference between talent acquisition and recruitment.
  • 10. process is on attracting talented workers to the organization. The process stages were typically performed as disconnected steps that made the process inefficient and ineffective. Srivastava, P. &Bhatnagar, J. (2010) The term talent management refers to the strategic management of the flow of talent through an organization. The purpose of talent management is to ensure availability of adequate supply of talent to align the right people with the right jobs at the right time based on strategic business objectives. Therefore, the talent management is not just an HR activity, but it is a mindset that goes towards a holistic and integrated approach to maximize the competitive advantage through people. Duttagupta, Rhea (2007) Talent management is a complex collection of connected HR processes that delivers a simple fundamental benefit for any organization. It is the systematic attraction, identification, development, engagement/ retention and deployment of those individuals who are of particular value to an organization, either in view of their „high potential‟ for the future or because they are fulfilling business critical roles. Prof. Ruchi Anand & Prof. Caral Lopes (2012) Majority of the companies indicated that they use employee referrals as one of the major sources of recruitment since it is a reliable and quick source of recruitment. When it comes to minimum qualification requirements for medical representatives companies equally consider both science graduates and graduates in any stream. In terms of work experience, few companies give preference to candidates with 6 months to 1year of work experience. The survey also revealed that background checks are mainly conducted by their own employees (i.e. HR department) and is rarely outsourced. It was observed that conversion ratio of prospective candidates into employees was very high. The companies adopted various retention strategies such as providing lucrative incentives, perks, bonuses, LTA, increments, insurance policy, medical allowance etc. AasthaTyagi, (2012) To study the effective talent acquisition through e- recruitment,the Recruitment Processes helps companies in implementing the Best Practices of recruitment and hiring the best talent available in the market. It provides more effective recruiting tools for selecting suitable candidates. Traditional methods of recruitment can‟t be replaced by the process of e-recruitment fully. It complements the traditional methods, making the recruitment process faster. E-recruitment method ensures efficient recruitment functions and helps busy line managers fill their vacancies in the best manner. E-recruitment has bought a radical cultural and behavioral change, both within functioning of the HR department and the potential candidates. In spite of the
  • 11. large number of companies and candidates using the E-Recruiting, there are still many possibilities to advance Understanding of e-Recruitment. RESEARCH METHODOLOGY Philosophy: Post-Positivism Research Design: Exploratory Research (mostly) We have selected the exploratory study. We reviewed various journals and article available on the internet as secondary data source. Exploratory research design is used to make a general study around the main area where the problem lies and also tries to evaluate some appropriate course of action. Data Collection Technique: Qualitative and Quantitative (both) We used mixed strategy of qualitative and quantitative data collection for our research study. Qualitative research is used to explore and understand people's beliefs, experiences, attitudes, behavior and interactions. It generates non-numerical and non-empirical data which has to be further analyzed by human intelligence. Secondary Data: Secondary data was obtained by means of information gathered from various reports, newspapers, reference books, magazines and websites. Secondary data is scrutinized on the basis of suitability, reliability, adequacy and accuracy. Statistical analysis of data: The statistical analysis of the data was mainly done by computing the percentages obtained for various questions and by presenting these by means of pie-charts and bar graphs. Only human ability and no computer software packages were used in processing the data. Analysis & Interpretation of Data One of the objectives of this study is to gauge the level of difference in recruitment and selection process among various companies.
  • 12. PAST SURVEY FINDINDS (recorded information): 1. Is talent acquisition a current challenge at companies? Source: JPMorgan Chase & Co. HIRING CHALLENGES 2. Which of the following positions present the greatest challenge for hiring? Source: JPMorgan Chase & Co.
  • 13. IMPACTS OF SKILLS SHORTAGE 3. What are the impacts of the skills shortage companies has experienced? Source: JPMorgan Chase & Co. RECRUITING 4. How does your company recruit for employees? Source: JPMorgan Chase & Co.
  • 14. Limitations of the Study  The research is confined to the recruitment & selection practices of sales workforce at limited and few companies only.  The sample size was small and hence the results can have a degree of variation.  The respondents were reluctant in sharing company‟s confidential information. CONCLUSION We have understood the rationale behind need of Talent acquisition in respected organizations - both institutions and companies. Talent acquisition is the main concept in HRM and Recruitment is a subset of Talent acquisition. Recruitment of right candidates for the right job at the right time with long term aspirations of the entire firm taken into consideration is strategic TA. Good employees are the ones who possess the best talent and skills to perform their job with a positive attitude amid competition. High quality pool of talent is one of the biggest assets of every successful organization, therefore TA and retention of highly skilled employees is a major concern for the HR Department. We have gone across the best survey findings readily available on the internet before arriving on a predictable conclusion. We have found out various sources of hiring talent from a large and diverse pool of applicants.
  • 15. REFERENCES o Aasthatyagi,(2012). Effective talent acquisition through e-recruitment: a contemporary study. International Journal of Multidisciplinary Research, 2, 302-312. o Areiqat, a. y., abdelhadi, t., & al-tarawneh, h. (2010). talent management as a strategic practice of human resources management to improve human performance Interdisciplinary journal of contemporary research in business, 2(2), 329-341. o Duttagupta, rhea (2007). NEWS article “Talent management”. The Sun. o Garima Kohli. (2013). Research paper on "talent acquisition latest trends". Indian journal of research, 3, 223-226. o Prof. Ruchi Anand & Prof. Caral Lopes. (2012). The Talent Acquisition War in Pharmaceutical Sector. IOSR Journal of Business and Management (IOSR-JBM), 01-09. o Srivastava, P., & Bhatnagar, J. (2010). Employer brand for talent acquisition: An exploration towards its measurement vision, 14(1), 25-34.