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Talent acquisition and development: opportunities for business innovation. Abstract: This research provided preliminary understanding regarding the concept of talent acquisition and talent development for the business expansion and growth. The purpose of writing this research paper provides the understanding regarding the requirement of talented workforce and their development which play important role in business innovation activity. Secondary method of data collaboration is used with the help of an internet. This research includes finding on how the talented workforce help the organization to grow, key force of talent development in your company, steps for building talent acquisition strategy in company.
Talent is helpful for the growth and expansion of business and for that purpose organisation need to allocated talented people. Talent acquisition means acquiring the skilled and talented employees for growth of the organisation. Talent acquisition is not only important but talent development is also very important for business prospective. Talent development is nothing but providing training to employees so their skill is improved. Marketing department required talent for the promoting and understanding the customers requirement, finance department required talented people’s for providing appropriated financial polices and fulfilled the companies requirement. Talent acquisition team must be responsible for the finding, acquiring, assessing and hiring candidate which fulfilled the required role and helps in achieving the goal of business. Nowadays talent acquisition is separate department in an orgaisation which perform unique function and also helps in development of workforce. The process of acquiring talented workforce is major and long term activity and for these purpose they need to frame a long term strategy.
Once new workforce recruited, organisation need to provided appropriate training to employees so their skills, competency must be increases which helps in expansion of business. Talented workforce also needs to be creative so they innovate something which create opportunities for business organisation. Talent development is the strategic process in which skills and competencies of employees improve in order to perform their role within the company. These will help employees in order to achieve their career goals in their life. Objectives: To understand requirement of talented employees in the company in order to achieve better opportunities. To understand the talent development requirement in the company. To identify the skill set of the employees in order to put right candidate at right place. To identify the requirement of talent acquisition and development planning system. To find out the source of talent acquisition to meet the requirement of company. To understand the areas where development need to employees for achieving the companies goals. Research methodology: This research is accomplished with the help of primary data using survey method. Secondary data refers to data collected from internet, magazines, newspaper, etc… These kinds of data are collected by someone else.
The main motive of researching with secondary data is to understand this topic more accurately. Literature review: Antecedents and Consequences of Talent Management Practices in Banking Sector: Rani Roomni. According to this research talent management (TM) is a professional term which gained popularity in the late 1990s. Presently, it has become most essential term in the strategic and managerial concept every organisation as it focuses only on hearts and minds of the talented people rather than their bodies. It analyses, bridges and manages the gap between talent demand and talent supply. A study on talent management in IT industry: Ramani Mabel, B. According to this research talent acquisition is finding people’s skill and ability to perform a particular job and offering them those. It’s a job of HR manager to find out the competency of each employee and according to put the right candidate for right job. If there is any kind of mistake happen then it resulted into wastage of resources. Talent acquisition and retention both the things are equally important to organisation and workforce. Talent Management Systems and Business Performance an Empirical Study in the Indian IT Industry: Anju Kumar. According to this research the growth of the organisation is based on talented workforce.
They acquiring skills, competency, and attitude or motivated which created difference in growth of the organisation performance. In these activity developmental programmed nurture them and increase their competency and efficiency to performed on the job and increase their knowledge. Many times organsation also provided certain kind of event through which employees can develop and nurture their off the job skill through retention of workforce done. Hypothesis: In an organisation talent acquisition and talent development is require for the opportunities of business innovation. In an organisation talent acquisition and talent development is not require for the opportunities of business innovation. Approach: The positive hypothesis is based on either the organisation require the talented employees in order to expand the business. These talented employees require development programmed in order to increase the skill set and competencies in order to achieve the business goal and objectives so organisation can perform well and survive in the industry. The null hypothesis is based on either the organisation not require the talented employees in order to expand the business without talented employees they perform well in the market and grab the opportunities.
Help talented workforce for Business Innovation: During the last decade of economic expansion, organizations have focused on finding the right talent to drive business growth. But with record-low unemployment rates and skills shortages in many technical areas, recruiting has gotten harder, leading to an escalating war of employment brands, recruitment marketing campaigns, and artificial intelligence (AI)-driven tools to deliver recruiting excellence. In 2019 and 2020, as the economy is likely to slow, we think a new approach is needed. Rather than automatically opening a job requisition when a manager needs a role filled, it’s time to think about how organizations can continuously “access talent” in varying ways: mobilizing internal resources, finding people in the alternative workforce, and strategically leveraging technology to augment sourcing and boost recruiting productivity.
As the economy continues to grow and unemployment remains low in developed countries, recruitment has become harder than ever. This year, 70 percent of respondents to the Global Human Capital Trends survey cited recruitment as an important issue, and 16 percent told us it was one of the three most urgent issues their organization would face in 2019. Economic data points out the issue: In the summer of 2018, the quit rate in the United States, the percent of employees who leave their jobs each month, rose to 2.4 percent, the highest it has been since 2001.On an annual basis, this means that more than 25 percent of the US labor force changes jobs each year. Elsewhere, leading economies including Japan, the United Kingdom, Germany, and others saw their unemployment rates fall to lows not seen in decades; China’s unemployment rate hit 3.8 percent in the fourth quarter of 2018. Beyond high rates of employee-initiated turnover and lower rates of unemployment, other challenges unique to today also exist. The accelerating adoption of automation is creating intense demand for technical skills that don’t widely exist in today’s workforce. And many employers believe that large numbers of college graduates are missing skills in complex thinking, collaboration, teamwork, and communication. All of these challenges make finding qualified talent particularly difficult.
Key forces of talent development in your company: Ten years after publishing its research on the War for Talent, McKinsey produced follow-on work reemphasizing the need to make talent a strategic priority. Despite launching expensive programs to attract and retain talented employees, many senior executives remain frustrated with the results and admit their own failure to pay close enough attention to these issues. Simply put, leaders are responsible for developing the talent in their organizations. Yet, while many acknowledge its importance, few deliver the coaching and training at scale to develop their people. Recently, PDI Ninth House published its research on the ability of senior-level leaders to develop their employees. The study found that as leaders move up the organization, their ability to develop others decreased — even though they readily recognize its necessity at every level. In fact, the responsibility for coaching and developing talent persists while the expectations and context for leaders change. The research sheds light on a glaring gap in what everyone agrees is one of the most important competencies of leaders: their ability to build talent. Cori Hill is the Director of High-Potential Leadership Development at PDI Ninth House and co- author of Developing Leaders and Organizations Through Action Learning. I spoke to her about this research and learned that this disconnect is caused by a set of interrelated issues, including but not limited to.
Human Resource of the company using certain steps for forming a strategy for acquiring talented workforce each organization is using according to the requirement they are as followed: Assessing and analyzing the company’s data: First and foremost, it is important to have a comprehensive understanding of your business, its long-term growth prospects, average monthly or yearly hiring load, past turnover trends, etc. to better understand periods of high or low demand. Armed with data and using some of the top recruiting metrics available, recruiters can analyze new recruiting performances and track how new hires are performing in their roles. Collaboration: Recruiting cannot happen in a vacuum. It is important to collaborate with other departments to leverage their skills in better tailoring your talent acquisition strategies. For instance, the marketing department can help you with the print and digital recruiting materials that can be used to attract potential candidates. Aided by technology: Automation in recruiting is yet another invaluable tool that saves HR a lot of time and resources. Be it screening candidates or assessing soft skills, it takes out human bias out of the equation and makes the process more efficient and effective. Work on the company’s employees branding: Employees diligently check out a potential workplace on social media sites and read employee reviews on sites such as Glass door to get the real scoop on companies before applying for a job.
Apart from these, HRs need to strategize in collaboration with the marketing manager how best to align the employer brand with the corporate brand on social media, job boards as well as print and digital media. Recruit and engage with workforce: Once the employer brand aligns with the corporate brand and this is reflected in the myriad social media campaigns and job posts, it is time to allocate resources to screen and assess job applications that would have started pouring in. After a careful screening procedure that leverages appropriate recruitment tools, the recruiter needs to arrive at a hiring decision, keeping in mind not only the technical skill-set but also the cultural fit of the candidate.