Improving the Talent acquisition strategies

“I am convinced that nothing we do is more important than hiring and developing people.  At the end of the day, you bet on people not on strategies.”

-Lawrence Bossidy, Former COO of GE.

How do we build an empire? An intriguing question that everyone who wishes to build one hopes to know the answer to. Well to start with we all understand that people are the building blocks of any organisation; there is no second thought for that. We conducted a survey to find out that where does the HR leaders of our society ranks Talent Acquisition in the business development ladder. All the respondents agreed that who to hire is a really complicated task and retaining that hire in your organisation is even more complicated. These are leaders from different industries and varied experience.

When asked “Which is the most challenging area in talent acquisition for your organisation?” Most of them replied that enhancing workforce productivity and attracting the right talent with critical skills. We may get very few candidates to choose from as skills needed are critical. Alright, we got the right candidate. But is it so? Shouldn’t we be concerned about how the candidate is performing? How can we get the best from each candidate and maximise the productivity? According to 40% of the respondents enhancing workforce productivity was the most challenging area in talent acquisition.

Being a long term process talent acquisition is now a part of more than just “hiring” the candidates. It plays important roles from hiring to enhancing workforce productivity to retaining the high performing people. Getting the best talent is what wanted by most of the organisations but best talents have the best offers in the market. And today recruiting the right talent does not only imply recruiting but also attracting good talent pools as well. And employer branding plays a major role as well. Around 64% of people responded that closing candidates with multiple offers are the biggest problem in hiring the best talents. And the second most critical issue was with employer branding according to 58% of the respondents.

                               
Mr Rajiv Singh, (Head HR) views, On improvement in hiring the right talent in the organisation. “The flow of communication from the hiring partner to the candidates should be such that it should reflect not only what the JD says but also the image of the company. Also, the role of external hiring partner (i.e. Recruitment agencies) should not be limited to only sourcing candidates; Also, their fathom of clients culture, process & benefits etc. will help recruiters to source right fitment for the organisation. By his opinion, external hiring partners work as company’s unofficial Brand Ambassadors. Those are selling the companies Brand & creating brand awareness among the candidates. Choosing a recruitment agency with the mature understanding of Business & Industries will ease the hiring process.”

The most challenging issues in enhancing productivity were poor performance evaluation. According to 59% of the respondents, poor performance evaluation was the top most challenging area.

Now employee is performing well. The organisation is also performing well. But retaining them is also a major part of talent acquisition team. According to 65% respondents due to unmatched career growth expectations of the employees, it is hard to retain them as well. Monetary dissatisfaction is another significant reason according to 48% of the respondents.

Taking into account the huge strategic importance of talent acquisition it is important to look for the best of the best hiring partners. According to 72% of the respondents, the most important factor driving the outsourcing of recruitment process is cost cutting. Also, availability of huge talent base containing the proper matching candidates was another significant reason behind outsourcing the recruitment process.

Our viewpoint

1. Closing Candidates with multiple offers If you know it’s the right candidate then doesn't take much time to make your decision.
   Often meaningful job to the candidate with lower salary will be chosen over meaningless jobs with a higher salary. Having a backup candidate also helps.
2. Improving Performance EvaluationPerformance Evaluation should be more focused towards business results and should bring in objectivity.
   Include core self-evaluation as a part of PMS.
   Don’t just give them results give them recommendations and areas for improvement as well.

3. Defined Career Growth Ladder

The career growth ladder must be defined properly and it should be communicated to the employees as well.

4. Choosing Hiring Partners

The hiring partners must be chosen according to previous clientele, talent base, cost, candidate churn ratio.
Outsourcing has been found best for executive level hiring.
It’s important to maintain HR relationship with the business stakeholders to match their expectations as well.

Study Conducted by –
Abhilasha Bakhla – Summer Interns – B. Arch from BIT MESRA & Pursuing MBA in HR – IIM Ranchi
Mohit Kumar Sethy – Summer Interns – B.Tech. from IIT-Dhanbad & Pursuing MBA in HR – IIM Ranchi

Edited By –
Rishi Raman – Consultant

http://indianhrassociates.com/improving-talent-acquisition-strategies/ 

Are you ready for Variety of choices in financial Inclusion?

First Payment bank and then Small finance banks are the big idea.

The RBI's intention behind granting approvals to both of them is to create competition so that customers can get a variety of choices.

 Reserve Bank of India provide the opportunity for customers by shortlisted 10 micro lenders to set up small banks to advance loans primarily to the unbanked, small businesses and farmers, micro and small industries and unorganized sector entities which do not have access to finance from the larger banks.

Small finance banks are similar to regular commercial banks except that their scale of services will be much smaller.

These new type of banks should generate

• At least 75% of their business from the priority sector (largely agriculture)
• Mainly from areas where large banks are not present.
• 50% of their loans should be of ticket sizes under Rs 25 lakh 

With the goal to reach the rural customers who are deprived of the services provided by the larger banks. Micro banks provide them those services so that they are able to improve their livelihood and also assisting them to use govt. financial services, they are unaware off.   

Guidelines to be met by small finance banks:

• 75 percent of Adjusted Net Bank Credit to be extended to priority sector.
• 50 percent of loan portfolio to constitute loans & advances of upto Rs 25 lakh
• 25 branches must be in unbanked rural areas
• Maximum loan size & investment limit to single obligor and Group restricted to 10 percent of capital funds.
• Require minimum paid up equity capital of Rs 100 crore.
• Promoter stake must be at 40 percent in first 5 years
• Promoter stake to be brought down to 30 percent within 10 yrs, 26 percent in 12 years
• Listing mandatory within 3 years of reaching Rs. 500 crore net worth
• Maximum foreign shareholding of 74 percent allowed
• CRR, SLR requirement as applicable to existing commercial banks from Day 1

These banks thus will add a much-needed financial inclusion dimension to the banking system. Over the next decade or so their functioning has the potential to bring about another revolution in the banking sector.

Rebuilding Trust in Employee-Employer Relationship

In last decade and before, Firms offered lifelong Employment to their employees. They treated their employees as families, which developed trust and loyalty in employee-employer relationship.

Today, it is not possible in this era of globalization and technological change. Rather from treating their employees as families they are treated as free Agents. This has minimized employer-employee relationship on road of trust and loyalty.

Rather the firms in this new era should not treat them as families or agents rather take the employees as allies. In an Alliance, both sides are invested to each other i.e. company investing in employee and employee investing in company.

There should be a new model for defining term of employment, in order to rebuild trust and loyalty between employer and employee. They should be in path of building trust incrementally.

Like there should a meeting between a manager and employee, they discuss the requirement of the work that has to be carried out. The employee gives a timeline and all requirements. Finally they are on to a deal and the work is carried out. Once that timeline is finished, they meet again to discuss the work done and if the employee wants to continue then assign another project or they terminate and move on.

This leads to transparency, defining clear mission and objective. By employee giving his timeline and requirements about the project that has to be carried out, provides the employer with realistic time horizon and goal. Rather this increases a trust and loyalty between employer employee relations.

But, the current scenario states that there is a lot of mismatch between skills employers need and skills employee have. This overall leads to less trust and honesty. The whole thing revolves around three questions:

What skill they have?

What skill they need?

What skill they want?

 Even apart from this if a employee want to develop skills that are not relevant to current job but may be related to something in future that they want to pursue but one won’t tell it to their manager because of not much trust.

Employers must take it that no employee will work in their organization for long because it’s difficult to keep a good talent even if you are the best company in the world.

So, develop a relationship with employee such that you provide them with the career they are looking for and they provide you the services. It should be a two way process defining short term goals with transparency and help in developing trust and honesty. 

DILEMMAS LEADERS FACED

“The hardest job a leader has is to navigate among often conflicting goals. Identify them first, and you can steer a winning course.”                                                      

Dilemmas: a word from the Greek, two assumptions or premises.  Dilemmas are what your boss talks about when he says, "You're in charge, Fosdick, but make sure Susannah is on board." Managing dilemmas is what you do. However, you cannot manage what you cannot name. 

Poring over the interviews, researcher’s began highlighting phrases like "we must do a ... but also b," or "in going after x, we must not lose sight of y."  When he was done, he found nine "core leadership dilemmas."  They fit any business and any manager, though they may be felt most keenly at the top.

In those dilemmas that describe your job.  What do you do with them?

Notices that pattern these are all different, but they form a single, central dilemma.  Its name: empowerment vs. alignment, the never-ending balancing act of managerial Board in which you try to give people independence and authority while making sure they use it in a way you'd approve of it they asked, which you don't want them to do except, of course, when you do want them to. 

The most important lesson of these dilemmas was seeing that, fundamentally, leadership is about ambiguities, not certainties like said: "The dilemmas helped us come to a different understanding of the roles a leader plays.".

The simple steps are:

Talent Acquisition :- "Challenges and Solutions"

Developing quality talent pipeline is a biggest challenge for Recruiters now a days. Because of quick shift in jobs most of the talent lost their own talent and they become mix of things...after all they are qualified , interest candidates with skill and experience that meet your organization need.One of the many changes affecting talent acquisition practices today, and subsequently force HR to re-examine some of their traditional recruiting methods.

Challenges

The world of work and recruitment is changing fast, and it’s easy to miss new and critical challenges.  

We’re moving from a time where most work was continuous and predictable to discontinuous and unpredictable. For these reasons, it is imperative that recruiters re-imagine their approach to talent acquisition – rather than simply trying to re-engineer it.

There are four challenges hiring managers must overcome today.

How do you address these challenges? It’s time to rethink/transform the talent acquisition department.

DIFFERENT WAYS HR PROFESSIONAL USE SOCIAL MEDIA

COMMUNICATION

• Sharing of ideas within the Company.
• Informing their employees of training and promotional events.

BRANDING

• Brand Reinforcement.
• Sharing of information with Public.

PROMOTING EVENTS

• Showcasing companies activities and events.

EMERGENCY NOTIFICATION

• Setting up social media accounts so they can send messages to the employees in the event of an emergency.

RECOGNITION

• Giving employees praise and recognition for their achievements.

HR WEEKLY BLOG

• Starting a blog for weekly HR tip and to keep managers engaged and constantly learning.

Assessment: What’s Your Leadership Style?

Why do some leaders thrive while others struggle? Professional qualifications (the what’s of leadership) matter, of course. But far more often we find that success depends on the how’s  — specifically, how leaders’ styles mesh with their teams and organizational cultures.

We’ve designed a tool gives you immediate feedback about your style — potential strengths, weaknesses, and blind spots — and pinpoints the settings where you’ll be most and least effective.

To better understand your personal approach to leadership, select the style below that best describes you. If you’re a more collaborative leader, you’ll probably find your best match toward of the list; if you’re more independent, look further down.