TITLE: TALENT ACQUISITION AND ITS INFLUENCE TEAM PARTICIPANTS: ANTONY CHRISTOPHER.M SUBRAMANIAN.

RM SRM UNIVERSITY TALENT ACQUISITION AND ITS INFLUENCE

OBJECTIVES OF THE STUDY 1. To define and interpret talent 2. To analyse the various sources of talent 3. To evaluate the techniques and strategies of talent search for various levels of career Talent is doing easily what others find difficult. In an organization, there is nothing more crucial than fitting the right employee in the right position. Or else you would be trying to fit a square peg in a round hole. When people do jobs that just don't suit their liking, inclination or temperament, the results, or rather the lack of them, will be disastrously obvious. Low productivity, dissatisfaction, low morale, absenteeism and other negative behavior will become typical till the employee is shown the door.
No matter how inspiring the Leaders are, they are only as effective as their team. A team's output is healthy only if the members are in sync. To achieve such harmony, the key ingredient is "putting the right people in the right jobs". While there is no magic formula to manage talent, the trick is to locate it and encourage it.

Talent Acquisition involves all the sub-processes around finding, attracting and engaging highly talented individuals into your organization. First and foremost, 'talent acquisition' forms a part of a much broader strategic approach in the corporate quest to gain and sustain a competitive advantage in today's marketplace. The core concept of

talent acquisition is to get away from the 'fill in the box' thinking to one that is more proactive and much closer to building the skill sets required to achieve business success. CONCEPT OF TALENT ACQUISITION

The biggest constraint to pursuing growth anywhere is lack of talent availability. Getting the talent and retaining them is a major challenge for all organizations today. It is almost equivalent to acquiring a customer and retaining the customer throughout. Talent acquisition involves all the sub processes around finding, attracting and engaging highly talented individuals into your organization. The way in which it is different from plain vanilla recruitment is : Talent acquisition is part of a broader strategic approach in the quest to gain and sustain a competitive advantage. Other aspects include talent development and retention which are primarily inward facing, whilst the former is outward looking. Traditional recruitment or vanilla recruitment occurs when a vacancy arises when an individual resigns or retires or promoted. Panic sets in, if no suitable internal candidate is found. The organizations recruit under pressure. Compromises are made under the bus syndrome Talent acquisition is to get away from the fill in the box thinking ,to one , that is more pro-active and much closer to building the skill sets required to achieve success. Traditional recruitment is filling open positions. Talent acquisition takes a long term view of not only filling positions of today, but also identify talents for future openings These future positions may be identifiable by looking at the succession management plan or by analyzing the attrition. In highly advanced talent acquisition process, organizations recruit today for positions that do not even exist today but are expected to become available in the future. Educating line managers that talent acquisition must also be an every day duty is also a success criterion. Most managers, look at hiring only when there is a 'box' vacant on a purely transactional basis. Today's top talent has a very short shelf life; therefore you must have a sense of urgency in bringing them aboard, a job opening or no job opening. This tactic is considered very risky by some managers, but at the end of the day not making an offer the day a 'top' performer comes to the job market, you will most certainly loose them. Usually bringing in top management (CEO, CFO, COO, etc.) in the relationship building process helps considerably in influencing the 'star' performer.

Money is of course essential in the talent acquisition quest, but it's not the only element. Many corporations are using traditional job classification and job grading systems in order to remain competitive in the 'cash compensation' side. Being able to mould an opportunity and make it exciting will also attract top performers, the notion of "a la carte" job descriptions is becoming more and more adopted as a way of finding the "hot button", and excite people enough to make the move. Benefits and perks are at the fore here with long-term incentives such as stock options, being widely used. The work/life concept will also have an impact, a lot of corporations talk about this element but not many have fully embraced it. Others look at it from an investment banker perspective and view potential 'top performers' as they would any targeted acquisition, some people are even thinking of attributing P/E ratio values to top talent. DIFFERENCE BETWEEN RECRUITING AND STRATEGIC TALENT ACQUISITION One of the most frequently asked questions is "What's the difference between 'Recruiting' and 'Strategic Talent Acquisition'?" The easy part of the answer is to define "recruiting". It is nothing more than filling open positions. It is an entirely tactical event. The more complex part of the answer is the definition of "Strategic Talent Acquisition". Strategic Talent Acquisition takes a long-term view of not only filling positions today, but also using the candidates that come out of a recruiting campaign as a means to fill similar positions in the future. These future positions may be identifiable today by looking at the succession management plan, or by analyzing the history of attrition for certain positions. This makes it easy to predict that specific openings will occur at a pre-determined period in time. In the most enlightened cases of Strategic Talent Acquisition, clients will recruit today for positions that do not even exist today but are expected to become available in the future. Taking the long term strategic approach to talent acquisition has a huge impact on how an approach is made to a candidate. If the approach is purely tactical in nature, all we ask of the prospective candidate is "are you qualified and interested?" However, if the approach is more strategic in nature, the intent of the call is to go much further, and the conversation becomes more relationship building. The candidate has an opportunity to explain his/her future career aspirations, and the recruiter gathers enough information to determine if there is a potential fit in the client organization. If during a strategic recruiting call the candidate declares that they are both qualified and interested, then the tactical nature of the call has been automatically fulfilled. If, however, the

candidate lacks sufficient experience, or the timing for a career move is not propitious, then they become candidates for the future, and all the recruiter has to do is keep in touch until either they become available, or a position with the client organization opens up. Most of the money spent on Strategic Talent Acquisition would have been spent in a tactical recruiting mandate anyway. The only additional cost is in collecting data on highpotential candidates and then keeping in touch with them until hire is made. The additional cost becomes insignificant compared to the value of hiring top competitive talent over time. Strategic Talent Acquisition allows us access to a pool of competitive talent that would otherwise have been missed or even worse, ignored. Clearly the business case for acquiring talent strategically is far more compelling than simply paying to fill positions today. What we are doing is adding a small incremental effort, in exchange for a huge potential reward.

IMPORTANCE OF TALENT ACQUISITION

o o o o o o o o o o o o o o o o o o o o o o Understanding workforce demographics (current and future) Identifying economic issues impacting organizational sustainability Identifying organizational and cultural issues impacting talent acquisition Knowledge of industry trends and emerging issues Linking Organizational Strategy to HR Strategy Understanding the organizational strategy Translating the organizational strategy into a HR strategy Reviewing key components of the HR strategy Identifying talent acquisition and retention issues Designing and Implementing a Talent Acquisition Strategy The choice of the Employer Demystifying the generational implications on recruitment Reviewing the base elements of a talent acquisition strategy Utilizing talent acquisition tools and templates Identifying considerations when implementing a talent acquisition strategy Learning from best practices Analyzing performance metrics (business impacts, financial considerations, etc.) What is meant by Strategic Talent Acquisition How HR strategy, policies, and practices support and facilitate corporate strategy Key design elements required in an HR talent acquisition strategy Practical application of a talent acquisition strategy Knowledge of emerging trends and best practices in attraction and retention of talent.

Getting the best talent, and keeping the talent you have is becoming intensely competitive. Most corporate officers say that the biggest constraint to pursuing growth opportunities is talent. Recent scenario observed is

Acquiring A-players is a both art and science. People who primarily make hiring decisions 'from the gut' are rarely consistently successful. Employer brand identity is increasingly important to compete for talented people who have numerous options. Rebuilding a damaged employer brand often takes years. New technology such as Internet sourcing has not reduced cycle times nor increased effectiveness Handing-off to a third party vendor is a transaction, not a process. Organizations that consistently attract players develop an employer-of-choice brand identity, deep capabilities in talent acquisition, retention and development, and the process & infrastructure to support them.

TALENT ACQUISITION STRATEGIES FOR 21ST CENTURY

New Talent Mindset A. A deep conviction that Talent Leads to Better Corporate Performance B. All Managers Are Accountable for strengthening their talent Pool C. Talent Manager is a central Part of How we run the company D. I take bold actions to build the talent pool I need .

RECENT TRENDS:
1.Establish a talent Standard sharp difference between poor; average and excellent performance is creating a benchmark for evaluation and promotion Start by setting the gold standard for talent for your organization. Identify and articulate the characteristics and caliber of leaders that the organization should have. 2. Weave development into your organization. Emphasis must be on the development of your people. Everyone in your organization - even if he/she cannot be a superstar - can push the limits of what they can.

3. Influence People Decisions Far Down your Organization. Defining the standard for leadership talent isn't enough, though. Leaders who manage talent well get directly involved in the hiring, promotion and firing decisions for many people as they possibly can.
4. Drive

a Simple, Probing review of Talent. Do you regularly discuss the talent in

your company with the same rig our and intensity that you discuss the budget? You should. Every company, indeed every business unit or division, should have a rigorous talent-review process.
5.

Last but not least lets discuss about another way of "Talent Acquisition"

POACHING Poaching is not wrong and it is not unethical as well. It only shows some loop holes in the retention strategies of the company whose employees are being poached. If I identify a talent of my requirement in your company and if I can afford that talent in terms of Compensation and growth then I have every right to poach the same. Poaching talent is the practice of proactively targeting and hiring top talent away from a competitor or top firm

Emerging Trends :
1. Jugaad is now required: The intense competition for candidates that occurs in a war for talent, coupled with dramatic and continuous changes in recruiting technologies, now require recruiters to continually innovate. Unfortunately, this expectation for continuous innovation must now be accomplished under the existing do-more-with-less resource realities. Executives must learn how to shift away from the well-funded innovation model and toward a leaner and more immediate approach like jugaad. Jugaad is a phrase popularized by managers in India. It fits the bill precisely because the word means low cost, just-in-time innovation. The recruiting process for recruiters will have to be modified so that recruiters are now selected based on their ability to come up with jugaad innovations. In a broader context, because the organization will need many jugaad-type innovators in many of its various jobs, the overall sourcing and assessment approaches for the firm will need to be updated in order to ensure that these innovators are successfully hired wherever they are needed.

2. Improved candidate experience: As candidates begin to realize that they are now more in the drivers seat, the talent acquisition function must update its recruiting and interviewing functions so that it becomes more candidate-centric. That means examining and improving the candidate experience, so that more in-demand candidates will engage with the application and screening process and stick with it until a final decision is made.

3. Redesign onboarding: As the power shifts, it is also more likely that you will lose a higher percentage of new hires immediately after they start, because they will immediately walk away from a first-week experience that counters that promised. That means that candidate-centricity must be paired with employee-centricity. Your on boarding process should be updated to ensure that a large percentage of new hires successfully reach their minimum level of expected productivity as rapidly as possible.

4. Learn how to counter negative employer branding messages: Employer branding has been an important element of most talent acquisition strategies for many years now, despite a relative lack of understanding in branding science. That said, even those who dont understand or invest in branding initiatives have seen examples of individuals damaging the image of the organization by posting scathing reviews of their experience online. As expanding technologies and social media make it easier for almost anyone to post a negative comment about working at a firm (that can be seen almost immediately by thousands), employers are rapidly losing control over their own brand image. Tools like Googles sidewiki and websites like glassdoor.com are making it even easier for candidates researching jobs to find such commentary. Firms needs to develop a process for identifying negative messages and then either countering them or burying them. 5.GreenPrioritize these recruiting tools More recruiting tools to follow On-line assessment continues to grow andrecruiting must be more sophisticated Intelligent decisionCRM software alternatives to ATSs grow improve software allow your human resources to be managed more scientifically Your corporateContests to identify candidates or to gather external ideas web site is probably 6.Keep an eye on these recruiting tools Over the horizon but some are already Building online talent communities based on learningtrying these Utilizing credit card and financial information for sourcingCrowdsourcing Personalized100% remote hiring Virtual simulations for assessment recruiting (individualized). 7. Adopt a direct sourcing strategy: Currently most large corporations use a you find us approach that involves broadcasting their job vacancies. Because the resulting candidate pool largely consists of talent that has opted to engage in the process, it may contain a wide array of talent your managers wouldnt want to hire on their most desperate days. The best talent from a pool of crappy talent is still crappy talent! To remedy the situation, invest significantly in direct sourcing initiatives that help your organization identify,

reach out to, engage, and convert only the candidates who you determine are highly desirable. This approach will produce a smaller candidate pool, but it will be comprised of higher quality talent. While it may seem infeasible to direct source via an array of fractured online communities, a number of tools are emerging that unify sourcing channels. As more and more people around the globe embrace Internet services that make them more visible, finding talent will no longer be a complex issue. 8. Social media: The expanded use of social media is an obvious trend but it will still take some time to develop into an effective sourcing tool. This transition will require the development of source effectiveness metrics and decision criteria to help recruiters understand which of the social media tools they should use, as well as when they work and when they dont, and why. Recruiting managers will also begin to learn to manage the overall effort but to shift the work of being active on social networks away from recruiters and onto the organizations employees, i.e. distributed sourcing. 9. Boomerang re-hires: It should be obvious that if you were forced to lay off some of your top performers during the downturn, that you should now begin to keep in touch with them so that when business improves, you can effectively convince the very best ones to rejoin your organization. 10. Shift away from active tools: With the rebounding economy, fewer individuals will be unemployed. A lower number of active job seekers will require corporations to shift away from recruiting tools that are designed primarily to attract active candidates. An increased emphasis must be put on tools that are primarily designed to identify and attract employed individuals not actively seeking a new job. 11. Use the mobile platform: Because data-enabled smart phones are becoming ubiquitous around the globe, I am forecasting that the mobile platform will become the most effective messaging and communications tool in recruiting. If your site isnt designed to support job seekers and candidates coming from mobile devices, you will lose out on some top talent.

CONCLUSION:
In the previous years, the market appeared to be a "Buyer's Market" with excess talent and few employers. But the situation has reversed with the employee becoming a "seller of his talent" or precisely the market has turned out to be a "Seller's Market". In this situation wherein the best talent is absorbed by reputed organizations and others who have not developed the reputation of "Employer-of-Choice" and are not capable enough to compete.

REFERENCE : 1.www.hrcite .com 2.www.hrblog.com. 3.www.essaypapers.com 4.Human resource management by R S Dwidevi. 5.Personnel management by Momoria and Momoria 6. Human resource management by Aswathappa 7.Managing Human Resources by David .B. Balkin