Report – Findings
This report will look at Talent Planning in organisations. Talent Planning describes an organisation’s commitment to recruit, retain, and develop talented employees to meet current and future organisational needs. It focuses on recruitment, ensuring the right people are attracted to the organisation.
Factors that affect an organisation’s approach to attracting talent: There are a number of factors that affect an organisation’s approach to attracting talent, one of them being the image of the organisation. This has a great influence on attracting talent. An organisation with a good image may find it easier to attract and retain employees. The image of the company is based on what they do and how they are perceived. Actions like good public relations can help earn image. Also branded companies may find it easier to recruit, compared to a nameless brand. This is because they are more well known to the public and therefore they have more to offer candidates such as higher salaries, benefits,and bonuses. Another factor that influences attracting talent is the size of the organisation. Larger organisations may find it easier to attract talent as they may be in a better position financially for recruitment and advertising hence they are more likely to attract a wider range of applicants to choose from. The size of the company can also impress potential candidates. The unemployment rate also has an important part to play in attracting talent. If the unemployment rate in an area is high, it is easier for an organisation to attract talent as the number of applicants will be higher which makes it easier to attract the best qualified applicants. Hence with a low rate of unemployment the recruiting process can prove to be more difficult. Another factor is supply and demand. This refers to the availability of manpower internally and externally to the organisation. Organisations need to consider the current supply versus demand. Some companies have a higher demand for more professionals and there may be a limited supply in their market. In cases such as these they may have to rely on internal sources by providing them with training and development. On the other hand if demand is high and supply is low in order to attract talent an organisation may be able to restructure the renumeration package to attract the type of candidate needed.
Organisation benefits of attracting and retaining a diverse workforce: In today’s society it is increasingly important to attract and retain a diverse workforce. This means organisations should ensure they recruit and retain the best person from the widest possible talent base regardless of gender, sexual orientation, age, race, religion, or disability, and there are many benefits to this. It improves the knowledge of how to operate business in different cultures and countries, as a multi-cultural company can penetrate and widen their markets, which can then put the organisation ahead of their competitors. Having a diverse workforce can bring new ideas, cultural, and educational experiences which will be of great benefit to the organisation. Also employees that can speak different languages can be seen to be valuable assets to the organisation. Another benefit of a diverse workforce is it can also generate profits for the organisation which results in positive business outcomes. Existing employees can also introduce their employers to market segments in other countries. Therfore companies are better placed to understand international markets and represent different customer bases, which allows them to expand their business in different countries. It is also necessary when attracting talent and retaining a diverse workforce to have strategies in place that will ensure fair and equal treatment of all employees regardless of age, gender, religion, and disability. It will also help support better management of employees, as well as reduce the risk of...
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