Talent acquisition refers to the process employers use for recruiting, tracking and interviewing job

candidates, and onboarding and training new employees. It is usually a function of the human resources
(HR) department. Talent acquisition is often seen as a more comprehensive and strategic subset
of talent management, the process employers use in hiring, deploying, training and evaluating the
performance and compensation of employees.

Why is talent acquisition important?

Talent acquisition is important because finding and hiring the right people is a crucial element of an
organization's business plan and it directly affects the company's future success. Without the right
employees, a business is likely to struggle with poor productivity, bad decision-making and unmotivated
staff. These factors make it difficult for a business to remain stable in a competitive market.

Furthermore, talent acquisition is forward-thinking. Instead of simply hiring a candidate to fill a current
opening, a talent acquisition team considers what the potential employee's career path could be within
the organization. As a result, talent acquisition ensures the organization hires people who could
eventually become managers and senior managers within the business. Therefore, talent acquisition
becomes less about filling open positions, and more about creating a long-term strategic plan for future
job openings.

An effective talent acquisition strategy also decreases risk throughout the business because it reduces
the chances of an unsuccessful hire. This, in turn, saves time and money that could otherwise be wasted
on training bad hires, while also improving productivity.

Compensation management

Compensation Management as it is known today has been a very

important source of attracting, retaining and motivating the required
human resource for any organization. Although most employees
specially at middle and senior levels claim that money does not play a
very important role in their decision to change or to stay in an
organization but in reality it is the money which motivate most of the
employees.
The employees need to be compensated for the services which they
render to an organization. It is not easy to workout suitable
compensation package for the employees and keeps them satisfied.
The experience is that the employees mostly remain dissatisfied with
whatever wage or salary they are paid by the employers.
Compensation management simply means that your business is strategically managing employees’
compensation. The goal of compensation management is to ensure that you’re spending your
compensation dollars in the right areas and getting the maximum returns from your employees.

Compensation is a tool used by management for a variety of purposes to further the existance of the
company. Compensation may be adjusted according the the business needs, goals, and available
resources.

Compensation may be used to:

 recruit and retain qualified employees.

 increase or maintain morale/satisfaction.

 reward and encourage peak performance.

 achieve internal and external equity.

 reduce turnover and encourage company loyalty.

 modify (through negotiations) practices of unions.

For more information: Compensation Consultants

Recruitment and retention of qualified employees is a common goal shared by many employers. To
some extent, the availability and cost of qualified applicants for open positions is determined by market
factors beyond the control of the employer. While an employer may set compensation levels for new
hires and advertize those salary ranges, it does so in the context of other employers seeking to hire from
the same applicant pool.

Morale and job satisfaction are affected by compensation. Often there is a balance (equity) that must be
reached between the monetary value the employer is willing to pay and the sentiments of worth felt be
the employee. In an attempt to save money, employers may opt to freeze salaries or salary levels at the
expence of satisfaction and morale. Conversely, an employer wishing to reduce employee turnover may
seek to increase salaries and salary levels.

Compensation may also be used as a reward for exceptional job performance. Examples of such plans
include: bonuses, commissions, stock, profit sharing, gain sharing.

BENEFITS ADMINISTRATION

Benefit Administration is the process of creating, managing and updating an organization’s employee
benefits program. Benefits administration typically falls under the responsibility of Human Resources
and involves managing health insurance, retirement accounts, vacations, paid time off and parental
leave. 

Providing employees with the right mix of benefits is critical to attracting and retaining talent and
creating engaged employees. Employees are less likely to look for another job when benefits fit their
needs. Better benefits reduce stress and offer peace of mind that both the individual and their family is
covered in case of emergency. 
To help create a competitive benefits program, organizations often start by determining what kind of
insurance coverage and copays the organization will offer. With a benefits program in place, employee
benefit administrators or other HR personnel are tasked with enrolling new employees and ensuring all
employees understand available plans. 

Companies provide benefit plans for their employees. Benefit plans vary among companies,
organizations, and industries. However, most benefit plans include medical insurance, life insurance, and
retirement and investment programs. Additionally, a company can offer various options from which an
employee can choose for one or more of the available plans.

To administer a benefits program, you need to be able to identify the features of each plan and maintain
current information on each of the employees in your company. Benefits administration consists of the
following tasks:

 Preparing for enrollment

 Enrolling employees

 Working with 401(k) fund allocations

 Working with dependents and beneficiaries

 Reviewing information on employee enrollment

 Working with enrollments in single plans

 Working with enrollments in group plans

 Updating rates

 Managing enrollment processes

Once you have added a record for a new employee in the system, you can prepare a personalized
enrollment form. The new employee can use this form to select from the benefits available.

Based on how you have set up your benefit plans and the eligibility standards you might have set for
employees or groups of employees, you can enroll employees in the plans with the following methods:

 Single plan entry

 Group plan selections

 Global enrollment

You need to maintain accurate and current information to successfully administer benefit plans to all
employees throughout your company. You can use the benefits programs to:

 Correct or change employee and enrollment information

 Link dependent and beneficiary information to employees and their plans

 Maintain current rates for all plans

 Manage plan changes and open enrollment

You can review information online and in reports about employees, their enrollment, and benefit plans.
The information is available by employee and by plan. Because the information is readily accessible, it
provides the benefits office staff the information they need to answer employee and company questions
about enrollment in the benefits programs. Additionally, the system compiles exception information
that you can use to correct errors or omissions. For example, if your company has benefit plans with
mandatory participation, you can print a report of all employees who have not yet enrolled.

TRAINING AND DEVELOPMENT

Training and development refers to educational activities within a company created to enhance the
knowledge and skills of employees while providing information and instruction on how to better
perform specific tasks.

Difference between training and development

Training is a short-term reactive process meant for operatives and process while development is
designed continuous pro-active process meant for executives. In training employees' aim is to develop
additional skills and in development, it is to develop a total personality.

The training and development process is a systemic approach aimed at improving the performance and
outcomes of individuals and groups within the business. While most managers and owners understand
the importance of a quality training and development process, many lack the tools and knowledge to
create and implement a plan of action.

Your employees are an investment in your business. Whether they are new to the company or seasoned
workers, providing opportunities for them to grow professionally is essential to the success of your
business. That's where a training and development process comes in.