STRATEGIC HUMAN RESOURCE MANAGEMENT

A company's strategic function of talent acquisition is where important choices about talent development, evaluation, and forecasting are made. It entails compiling a talent pool of qualified applicants for the open positions. Because talent acquisition specialists are skilled in a variety of areas, including candidate evaluation, upholding recruitment standards, employment branding, and corporate hiring, the field is quickly becoming unique in and of itself. Since talent acquisition is a component of recruitment, it has come to be synonymous with marketing and human resources.

The term "positive recruitment" refers to the process of finding potential candidates and encouraging them to apply for open positions within an organization. Talented individuals are always needed, so it is usually encouraged to have a large pool of job seekers. Recruitment facilitates the connection between job seekers and employers seeking to fill open positions. It facilitates the possibility of the selection process.

Selection is the process through which a qualified candidate with the necessary soft skills and the ability to successfully complete the job requirements is chosen for placement at the organization. When choosing a candidate for an administrative position, recruiters may interview them one-on-one. When choosing candidates for management or director roles, they may interview them in a panel.

Talent Acquisition and Staffing :-

Determining the amount of human resources required to fill open positions within an organization is the process of staffing. To fill open positions, applications from qualified candidates are requested in a convoluted process. After screening and shortlisting the candidates for the selection process, the organization places the qualified applicants.

Caruth and Pane define staffing as the process of identifying an organization's needs for human resources and obtaining enough competent candidates to meet those needs.

However, talent acquisition has taken the place of staffing in large organizations. The process of locating and hiring qualified workers to fill an organization's talent needs is known as talent acquisition. We need to acquire these skills in the same manner that we acquire assets.

A tactical talent acquisition function that emphasizes building an employment brand and using social media to track candidates is replacing the traditional staffing function. Additionally, talent acquisition facilitates the development of internal promotion opportunities for in-house candidates and makes use of employee referral networks within the organization.

Employing diverse opportunities like joint ventures, contracting, etc., to find new ways to approach and engage people is one of the benefits of talent acquisition for organizations.

Elite companies develop unique techniques for finding top talent. Using social media networks to create "talent communities" is one such creative technique. Permanent workers, retired workers, independent contractors, and numerous other people with some sort of affiliation with the company support these communities. In order to attract potential employees, AT&T, for instance, offers its talent community a forum where people can engage in lively discussions about mobile computing and tele-communications. Facebook, Google Plus, LinkedIn, Twitter, and other social media platforms are being used by a number of organizations to build a compelling employment brand, find talent, and promote their businesses in the jobs market. Additionally, referral marketing initiatives are started, in which companies send their best recruiters to universities.

In order to attract talent, organizations also use candidate relationship techniques. In order to draw in new customers, they market themselves through stories and merchandise, piquing their interest and encouraging them to submit an application for employment. For instance, Ford and Delphi have blogs that they use to interact with engineers, car enthusiasts, and manufacturing workers who are interested in pursuing careers in the automotive industry.

Strategic Approach to Talent Acquisition and Staffing :-

A plan must be in place for an organization to find talent and meet its staffing needs. The plan should be able to identify skill gaps, pinpoint areas where the company is deficient, and handle the necessary requirements for acquiring talent through appropriate recruitment procedures. It should also have a specific plan for succession planning within the organization and be able to develop the talent already present to effectively perform the strategic functions of an organization, new talent that can spark innovation and contribute to the creation of a knowledge base must be sought out and nurtured. The development and implementation of aggressive recruitment strategies can facilitate the assembly of a diverse and inventive talent pool.

Let's go into more detail about these stages. Talent mapping: This stage entails assessing the organization's present talent pool in light of salary, educational background, career advancement, and demographic considerations. Numerous studies have indicated that women and minorities face greater obstacles in rising to the top of multinational corporations; however, this trend is gradually shifting. Determining future talent needs and how they will be satisfied is another aspect of talent mapping.

Identification and acquisition of talent: During this stage, an organization looks internally for talent before concentrating on creating external strategies to draw in women, minorities, and other marginalized groups. Giving opportunities to employees who might have gone unnoticed and didn't get enough attention from supervisors or a chance to show off their skills can help identify internal talent. However, in order to meet the organization's talent needs, external talent can be found by using creative recruitment strategies like social media platform referrals via Facebook, LinkedIn, and other sites.

Talent support: Assisting the newly recruited talent in the organization is the next step. To prevent talent attrition, organizations ought to make an effort to create a peaceful and inviting atmosphere. Talent should be given competitive pay, training and skill development opportunities, employee ownership, generous incentives, and job security by the organization. Talent development: In order to support newly hired talent's career advancement, organizations should offer networking, mentoring, and succession planning opportunities. Additionally, the talent should receive constructive criticism so that they can further develop their skills for both their own growth and the benefit of the company.

Make vs Buy Staffing Decisions

The make/buy decision, also known as the talent focus decision, refers to the decision about whether to develop talent internally (make) or replace talent externally (buy) when recruiting talented individuals in an organization. Even though all organisations employ the make or buy strategy in some form or another, it is considered to be a waste of resources if both the strategies are used together in an organization. Let’s discuss these strategies in more detail in the following sections.

THE MAKE STRATEGY

If the organization's current leadership is certain that the manager development opportunities it is providing will still be relevant and useful in the upcoming years, then the make strategy can be put into action. Participating in leadership development programs by managers is pointless if the skills they learn will become obsolete before they can put them to use. This approach relies on the presumption that the organization currently has a wide range of talent available. This can be put to the test by having the organization's current leaders compete for their own positions with other job seekers.

PERKS OF THE IMPLEMENTATION STRATEGY

The primary benefits of the make strategy are as follows: promotes organizational continuity by giving junior managers the chance to pick up skills and observe senior managers in action. This makes it possible for inexperienced managers to acquire complex business knowledge. encourages managerial learning while working.

DISADVANTAGES OF CREATING A STRATEGY

The following are some drawbacks of the make strategy: The process of preparing promising managers to take over executive positions in the organization is a drawn-out one that could take several years. Because the organization frequently evaluates the caliber of its leadership using outdated criteria, there is a chance that it will become insular.

Organizations frequently use this tactic to launch operations in new markets or revitalize their performance. For this strategy to be effective, it is imperative that the leaders the organization is replacing possess far greater strength than the current leaders. In addition, these leaders ought to possess a more diverse range of skills in comparison to the current leaders.

Should the organization's leadership fail to meet its growth targets, the buy strategy might become inevitable. In a situation like this, hiring talent from outside the company could help the organization expand.

When an organization reaches a point where talent acquisition is no longer the only way to support growth, it may transition to a make strategy to support the ongoing development of the leaders it has brought in.

Advantages of the Buy Strategy

The following are the benefits of using the buy strategy: When it comes time to replace senior leadership positions, this approach makes it possible to acquire leadership skills quickly. Additionally, it gives the organization the chance to improve on the current talent it has on hand. This tactic works well for stealing talent from rival companies as well because it benefits your organization and undermines your rivals at the same time.

DISADVANTAGES OF THE BUY STRATEGY

The buy strategy has one major drawback, which is its high cost. It's possible that the company will have to pay a premium to acquire exceptionally talented leaders. Compared to the current leaders who have worked their way up to the managerial position, their compensation might be significantly higher. Furthermore, providing severance packages to the fired managers comes at a high cost. If this strategy involves hiring outside talent on a regular basis, it is also disruptive. In the event that this happens, the organization will need to put in place a transition plan to facilitate the talent integration process.

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