The author has made an attempt to elucidate the reasons why an effective talent acquisition strategy is vital for a successful organization. In addition to the above, he has enumerated the benefits of having an effective strategy in matters of talent acquisition.
For better understanding of this blog,, the author suggests that readers should go through the following blog, which , CHRMP has published earlier.
The Differences Between Talent Acquisition, Recruitment and Talent Management
1.0 Contents of the blog
- Definitions
- Why an effective talent acquisition strategy is very vital for a successful organization
- Benefits of an effective talent acquisition strategy
- Industrial sectors which direly need talent acquisition strategy
- Conclusions
2.0 Definitions
2.1 Definition of strategy, as per the reference, Cambridge English Dictionary
“A detailed plan for achieving success in situations such as war, politics, business industry or sport, or the skill of planning for such situations.”
They further define it as follows:
-”A way of doing something or dealing with something.”
-”A long range plan for achieving something or reaching a goal, or the skill of making such plans”
-”The way in which a business, govt or other organization carefully plans its actions , over a period of time, to improve its position, and achieve what it wants.”
2.2 Definition of strategy, as per Webster Comprehensive English Dictionary, International Edition
“The science or art of conducting a military campaign, by the combination and employment of means, on a broad scale , for gaining advantage in war.”
-”Skill in management”
-”Use of stratagem or artifice, as in business, policies etc.”
-”Stratagem is defined in Webster Dictionary, as “A maneuver designed to deceive or outwit an enemy in war. Also, any device for obtaining advantage.”
2.3 As per CHRMP
Author has defined the strategy with respect to business as follows:
A business strategy is preparation of a detailed action plan. While doing so, it should keep the following in view :
- Both short term and long term goals and objectives of the organization.
-It must aim at improving the existing position of the organization, with respect to products, processes, sales, markets, technology and any other related aspects therein.
-It should aim at having a competitive edge over players in the field.
- In order to do above,, we should be fully aware of what our competitors are doing , or intending to do in future.
-It should also clearly state the methodology or the way, by which the organization will achieve its set goals , and have a competitive edge.
3.0 Why talent acquisition strategies are very vital for an organization
3.1 Talent acquisition strategies focusing on people
Any organization thrives on its people.
A good talent acquisition strategy helps in the following way ,to hire the right kind of people . They in turn , benefit the organization.
-It enables one to look beyond a person's credentials.
-The right attitude and personality of people matter a lot more than their academic credentials.
-The right kind of talents help in creating the business value.
-It aligns the business goals of organization with its HR goals and individual goals of the people.
-An effective talent acquisition strategy shapes the future of employees. They expect to grow and assure higher position in future. This makes them more motivated. Motivation leads to innovation and it helps in nurturing of creativity.
-It continuously analyzes the availability of skillsets in the organization ,through skill mapping.
- We may do the above for the present as well as for the future. Thus, it ensures a smooth talent pool in all times to come. In that way , it protects the interests of organization.
3.2 Talent acquisition strategy focusing on other aspects
Apart from the hiring of right kind of people, talent acquisition strategy also takes care of following:
- Merging of business goals into talent acquisition strategy may bring better results for the organization
- Building up a work-culture, which is inclusive
- Emphasizing on employers brand
- Enhancement in retention of employees
- Nurturing creativity and innovation among employees
- Strengthening of emotional culture in the organization
- Coach to learn and learn to coach
- Leveraging technology
4.0 Benefits of an effective talent acquisition strategy
If you scan the literature on the benefits of an effective talent acquisition strategy, lot of information is available.
However, all these benefits maybe summarized as follows:
-Improves the quality of talents acquired
-Increases the quantity
-Reduces the time of talent acquisition
-Overall cost of talent acquisition is reduced
-Reduction in financial risk to the organization
-Continuous supply of skill sets and talents, required for the company through formation of talent pool
-Enhances operational efficiency
-Understanding the local market sentiments and culture may help in expanding your business in that area. This becomes a major force in the economic sense, if you recruit local people. They in turn, augment your business.
-Talented people with key skills , and state of art expertise provide excellent business solutions. This in turn, brings success to the organization.
-Effective collaboration along with diversity may bring tangible results.
- The effective collaboration may prove to be a reality, in view of advanced technologies like Zoom meeting, video conferencing . It provides a unique opportunity to have access to skilled people , across the continents. Thus, they may be accessed and heir help taken in expanding the business.
-Hiring raw talents and grooming them for your present and future requirements, may prove to be an excellent proposition.
-Use of social media may help in recruiting talented people.
-Use of artificial intelligence (AI), machine learning (ML) and predictive HR analytics may help in reducing the personal errors / biases , and recruiting the really talented people.
5.0 Industrial sectors which need direly, an affective talent acquisition strategy
In modern day world, all the organizations need an effective talent acquisition strategy for being successful.
However, the following industrial sectors need it more than anyone else. Further, it should be the top most priority for CEOs and future leaders , belonging to any sector.
-Fast expanding businesses
-Highly competitive sectors
-Companies based on technology
-Information technology organizations
-Medicine manufacturing firms
-Firms with global presence
6.0 Conclusions
Based on the discussions in this blog, we may arrive at the following conclusions :
- An effective talent acquisition strategy is extremely important for the success or failure of any organization.
- Its importance is gaining momentum day by day , due to rapid rate of technology advancements and globalization.
- An effective talent acquisition strategy is accompanied by immense benefits to organizations.