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Talent Acquisition in 21st Century- A Big Challenge

It is estimated that at least 1/3 of business failures are due to poor hiring decisions and inability to attract and retain the right talent. The average cost of replacing a manager or professional is 1.5 to 3 times salary. The cost of working around an under-performer can run as high as six figures. The cost of consistently failing to attract and retain good talent - including declining productivity, morale, culture and reputation - is inestimable. Each vacant position costs your organization Rs. 60,000 on average. For some management positions, it can easily run into six figures.

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Talent Acquisition in 21st Century- A Big Challenge

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  1. Talent Acquisition in 21st Century- A Big Challenge

  2. It is estimated that at least 1/3 of business failures are due to poor hiring decisions and inability to attract and retain the right talent. The average cost of replacing a manager or professional is 1.5 to 3 times salary. The cost of working around an under-performer can run as high as six figures. The cost of consistently failing to attract and retain good talent - including declining productivity, morale, culture and reputation - is inestimable. Each vacant position costs your organization Rs. 60,000 on average. For some management positions, it can easily run into six figures. Notwithstanding the economic situation of a country which may affect the job market for a time being, many 'A-players' who have not had significant opportunities for growth and advancement change jobs, and the fundamental shortage becomes apparent - especially for those companies who have not developed a reputation as 'employer-of-choice', and who have not developed the capabilities and infrastructure to compete effectively to acquire and retain scarce talent resources. • 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.

  3. We would work harder than we do at identifying high performers: • Together with high performers themselves, we could establish some indicators of success or of high performance for each position we recruit for. These could be the number of sales they have made in a month, the number of reports they have written that resulted in consulting assignments, the amount of revenue their group has generated, and so forth. This is hard work though. There aren't a lot of benchmarks to go by, but we all know more or less who contributes the most to our organizations. Our task is to quantify those contributions. • For more, visit: Establishment Compliance Services.

  4. We would work with managers to develop profiles of the high performers in each group: • We would try to find commonalities and things we could identify during the screening process that might predict success. These could be competencies, activities high performers engage in, work methods, or processes. • For more, visit:Vendor Audit.

  5. We would find out where potential high performers like to go and what they like to do: • This step allows you to target your advertising toward high performers and decide which events are worth attending so that you can get at the kinds of people you seek. Doing this well requires a focus on competitive intelligence, or "CI." CI is well known in the industrial world; many companies employ CI experts to ferret our information about production capacities and equipment installations at their competitors. The same principles apply to recruiting. You can gather information from competitors and from vendors and suppliers about where good people may be located. You can certainly use your employee referral program for the same purpose. • For more, visit: Temp Staffing.

  6. We would do a better job of collecting and capturing critical information about candidates: • The knowledge you gradually accumulate is valuable and should be put into some sort of database where it can be shared with other recruiters. A BLOG can form the basis on an internal or external community of recruiters where this kind of information can be exchanged. This is a form of knowledge sharing and transfers that, when properly done, can save thousands of hours of work and bunches of money. • For more, Visit: Talent Acquisition Services.

  7. Finally, we would recognize the importance of developing people so that they can become high performers: • The recruiting function has to move towards becoming more like a talent agency – something it has not been historically. Talent agencies not only recognize talent but also develop it for strategic purposes. We as recruiters need to take our knowledge of what talent looks like and offer people who have “it” a chance to acquire the skills they need to perform the jobs we have. • For more, visit: Best Talent Acquisition Companies.

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