Talent Acquisition and Retention Crisis
TALENT ACQUISITION AND RETENTION CRISIS
If the talent acquisition managers of HR team aren’t worried, here is a reason for them to worry!!! According to 2013 Manpower Talent Shortage Survey, 61% of Indian employers is having difficulty filling their vacancies and globally the average is 35%. In 2012, this figure was only 48% in India. Skilled trade workers, engineers, sales representatives, technicians etc are some of the top ten job employers are having difficulty filling their vacancies. This shows that the problem of talent acquisition is on a steep hike in India.
The question arises, why is talent acquisition a crisis?
According to recent findings of Charted Institute of Personnel and Development Resourcing and Talent Planning Survey, 73% of the institutes have noticed significant hike in the number of unsuitable candidates applying for job vacancies. Lack of technical competencies, experience and soft skills in available applicants are some of the major reasons which have led to talent gap. This has resulted in reduced ability to serve clients, reduced productivity which has led to low employee engagement and hence high attrition rate.
Now question is how to emerge out of this ‘Talent acquisition’ crisis!!!
Use of social tools is one of the ways. Here companies try to build corporate followers to drive employment brand. Followers include employees, alumni, candidates as well as potential customers. Now firm focuses on a unique topic of interest. The network is served by experts and social media managers. Here topic of interest is focussed more as compared to job alerts. Apart from them, the network is about revealing culture and how people are having fun etc. Through these networks, candidate relationship databases are also created which helps companies to send periodic information to interested people. Companies like AT&T, Microsoft and IBM are epitomes of this practise.
Use of big data is also getting popular these days. Big data analysis can measure
If the talent acquisition managers of HR team aren’t worried, here is a reason for them to worry!!! According to 2013 Manpower Talent Shortage Survey, 61% of Indian employers is having difficulty filling their vacancies and globally the average is 35%. In 2012, this figure was only 48% in India. Skilled trade workers, engineers, sales representatives, technicians etc are some of the top ten job employers are having difficulty filling their vacancies. This shows that the problem of talent acquisition is on a steep hike in India.
The question arises, why is talent acquisition a crisis?
According to recent findings of Charted Institute of Personnel and Development Resourcing and Talent Planning Survey, 73% of the institutes have noticed significant hike in the number of unsuitable candidates applying for job vacancies. Lack of technical competencies, experience and soft skills in available applicants are some of the major reasons which have led to talent gap. This has resulted in reduced ability to serve clients, reduced productivity which has led to low employee engagement and hence high attrition rate.
Now question is how to emerge out of this ‘Talent acquisition’ crisis!!!
Use of social tools is one of the ways. Here companies try to build corporate followers to drive employment brand. Followers include employees, alumni, candidates as well as potential customers. Now firm focuses on a unique topic of interest. The network is served by experts and social media managers. Here topic of interest is focussed more as compared to job alerts. Apart from them, the network is about revealing culture and how people are having fun etc. Through these networks, candidate relationship databases are also created which helps companies to send periodic information to interested people. Companies like AT&T, Microsoft and IBM are epitomes of this practise.
Use of big data is also getting popular these days. Big data analysis can measure
References: ManpowerGroup. 2013 Talent Shortage Survey. [Online] Available from: http://www.manpowergroup.com/ [Accessed 14th December 2013]. 2013. Recruiter Training Corner. Talent Acquisition Crisis: Bridging the Talent Gap [Online] Available from: http://hiring.monster.com/hr/hr-best-practices/recruiting-hiring-advice/employee-sourcing-strategies/closing-the-talent-gap.aspx/ [Accessed 15th December 2013] Norbert Büning, Susan M. Cantrell, Breck T. Marshall and David Smith. Solving the skills crisis. Outlook 2011;23(3):77-89 Jeana R. Wallace. Employee Retention: What Employee Turnover Really Costs Your Company. [Online] Available from: http://www.linkedin.com/groups/Employee-Retention-What-Employee-Turnover-2877.S.163360881 [Accessed 14th December 2013] Owen Thomas. Tim Cook Explains Why Apple Buys The Companies It Buys. Business Insider. [Online] Feb 12, 2013 Available from: http://www.businessinsider.in/Tim-Cook-Explains-Why-Apple-Buys-The-Companies-It-Buys/articleshow/21359211.cms