Human resource is perhaps the most valuable asset for any organization. The term talent acquisition refers to the process of finding and acquiring the right set of talent i.e. people with the right skill set in accordance with the job requirement and company policy. Profitability and success of any company depend upon its employees. When an organization’s objectives are met, it reflects that the work profile has been assigned to suitable talent and also highlights the importance of recruiting the right people.
The talent management system is a software-based tool which helps tackle the four key elements of talent management viz. recruitment, performance management, learning and development and compensation management. Talent acquisition is not just confined to recruitment; it involves employee sustainability as well. Nowadays, talent management is one of the specific subjects to study under management. Therefore, business management schools and even organizations have talent management programs and talent management executive courses for those who want to pursue an in-depth understanding of talent management concepts.
A LinkedIn report states that 83% of recruiters consider talent to be the pivotal criterion in the selection process in order to hire employees suitable for the job role. Currently, the dynamics of talent acquisition have expanded, replacing conventional methods with more advanced talent management programs. Now, it is not simply an HR activity but a process packed with logical and detailed analysis.
This change in the talent acquisition process can be attributed to economic and industrial fluctuations and demanding work dynamics of other organizational departments such as sales, marketing or engineering.
The changing dynamics of talent acquisition
Given below are a few ways in which the talent acquisition process is changing:
Advent of technology
In today’s world, it is not impossible to find people looking for jobs but it is difficult to find the right candidate with the desired key skills. The advent of technology has introduced systems for performance evaluation and simplified the process to a great extent. In fact, organizations are ready to offer quality perks just to acquire the right talent.
Innovative strategies
Effective strategic management also plays a significant role in acquiring the right talent and it is a core function to build a strong organization and inculcate teamwork. Innovative strategies are therefore ascertained in accordance with global standards to make the right selection, for example, online recruitment is used as a cost-effective policy.
Employee referral
Reference and feedback by employees are given vital value to source talent and it is quite a powerful dynamic.
Social media
Organizations are increasingly utilising the power of the most robust platform, social media. Recruiters now post HR requirement on social media such as LinkedIn, Twitter and elsewhere.
Job consultancy
One of the most reliable sources of talent management is job consultation sites or recruiting consultancies. Outsourcing HR requirements to these consultancies saves time and effort needed in acquiring the deserving talent.
Talent acquisition is all about paving a gateway for the right candidates into the organisation, making it a very crucial step for an organisation’s success.
More Information:
All About Building a Career in HRM
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