Talent Management

– Business Scenario is changing.– Boosting productivity, augmenting distinctive

competencies, gaining competitive advantages, acquiring excellence, identifying news ways of processing, winning against cutthroat competition, discovering innovative organizational practices and benchmarking them, managing changes and utilizing the most valuable human resources need talent and continue to be the principal concern of any organization.

Purposes and Importance of Recruitment process

• Determine the present and future requirements of the firm in conjuction with its HR planning and job analysis activities.

• Increase the pool of job candidates at minimum cost.• Help increase the success rate of the selection process by

reducing the number of visibly under qualified and over qualified job applicants.

• Help reduce the probability that job applicants once recruited and selected , will leave the organizations only after the short period of time.

• Meet the organization’s legal and social obligations regarding the composition of its workforce.

• Begin indentifying and preparing potential job applicants who will be appropriate candidates.

• Increase organizational and individual effectiveness in the short and long ter.

• Evaluate the effectiveness of various recruiting techniques and sources for all types of job applicants.

Methods & Sources of Recruitment

• Internal Recruitment Internal recruitment is recruiting

individuals needs to fill particular posts within a business and it can done internally by declaring vacancy in the notice board. Internal recruitment refers to the internal mobility of employees. Internal mobility at higher positions is termed as succession planning.

Internal Sources include:• Present Employees• Employee referrals• Former employees• Previous applicants

Advantages of Internal Source

1. Less Costly2. The process is quicker3. Opportunity of promotion & ultimately

increase motivation.4. Familiar with the organization.5. Strengths & weaknesses of the candidates

are known.

Disadvantages

1. Limits the number of possible candidates2. Outsiders can bring new ideas3. May cause resontments amongst candidates

who are rejected4. Create another vacancy which needs to be

filled up.

External Recruitment

Recruiting individuals from outside sources which makes possible to drawn upon a wide range of talents from the markets.

Sources Notice board and advertisement. Internal job market Employee referral

• Employee exchange• Service commissions• Placement agencies• Educational institutions• Labor unions• Leasing• Nepotism• Professions or Trade Associate• Displaced persons• Acquisitions & mergers.

Advantages

1. External people may purpose new ideas for the organization.

2. Provided larger pool of workforce from which best candidates can be identified.

Disadvantage1. The process is longer2. It is more expensive due to the need for

advertisements and interviews.

• E-recruiting- It is an evolving face of recruitment and it may possibly replace traditional advertising.

• Job Portals : Companies post their requirements along with job description and job specifications on these portals.

• Creating a complete online recruitment section: Some companies have their own websites specifically for the requirements. Job Seekers can submit their resumes directly into the database, from where the organization chooses a suitable candidate.

• Recruitment Process1) Planning- Number of contracts, Types of

contracts.

2) Strategy Development- ‘Make’ or ‘buy’ employees, Technological sophistication- where to look (geographical distribution of labor market), how to look(sources of recruitments), where to look- searching, screening.

3). Evaluation & Control

• Recruiting Yield Pyramid

Blau and Boal(1987) categorised the employees into four types on the basis of extent of their job involvement and affective commitment , which are: stars, lone wolves, corporate citizens, apathetic employees.

Stars: High affective commitment and high job involvement.

Lone wolves:High job involvement and low affective commitment.

Corporate citizens: High affective commitment and low job involvement.

Apathetic employees: both low.Focus of HRM: Talent management• Organizations are always looking out for new

talent.• Talent refers to people with high degree of

aptitude having the innate and instinctive ability to contribute to organizational excellence.

• It is hard to search and get talented people even harder to retain them for an organization.

• Thus HRM has received a new dimension of responsibility.

• Talent Management is a conscious & deliberate approach to attract, develop, and retain people with the right aptitude and abilities to meet current and future organizational needs.

HRM services should not merely be limited into managing trivial and traditional administrative functions, rather, the services should look at providing , developing , advancing, promoting, recognizing, networking, and engaging talents in the organization in a integrated way having the people with requisite knowledge, skills, aptitude, attitude to contribute towards the achievment of an organisation’s present and future objectives and goals.

• Talent management encompasses:1. Acquiring talent- Manpower planning &

Recruitment(select error and reject error)2. Retaining talent- Induction and

placement(Process of receiving and welcoming an employee).

A carefully designed placement system improves employee morale, which in turn reduces employee turnover and absenteeism.

3. Nurturing talent- Performance management system defining performance, measuring performance, taking a feedback on the performance.

4. Multiplying talent- Development system. Training & development, performance

management system & performance appraisal.5. Developing talent- multi source feedback.

6. Advancing Talent- Potential appraisal & career system.

Identification and exploration of an employee’s potential and capabilities, career goals, career cycle, career paths, career progression, career development & counselling etc.

7. Recognizing Talent- Reward system, rewards & recognition play a crucial role in developing the levels of motivation, commitment, & loyalty of employees towards the organization.

8. Promoting Talent- Compensation Management.

The compensation system considers both intrinsic components covering monetary and non-monetary rewards & extrinsic components.

9. Networking Talent- Separation and Beyond. Adequate core must be taken to ensure that

during separation, the separating employee does not feel harassed or embrassed.

• Engaging Talent- Developing workers and staff.

• The seven engagement elements or levers that matter the most are shared values, effective leadership, motivational recognition, contribution to success, employee involvement, personal development,& economic self-interest.

Recruitment, selection, and socialization

• Recruitment• Reruitment involves attracting and obtaining as many applicants

as possible from eligible job seekers.• Recruitment is a process of attracting job seekers with

appropriate qualifications who are capable of meeting the organizational staffing needs and are likely to achieve the business goals. They should be recruited in sufficient numbers on a timely basis. The recruitment process is followed by selection, induction and placement.

• Recruitment has its philosophy. The main slogan of recruitment philosophy is to, ‘Hire the right people, for the right job , in the right time.’ It helps in filling up the Vacant positions by duly considering the job-related competencies and values.