Talent Acquisition and retention

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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…show more content…
Here variable pay system comes to rescue with of course some company specific benefits. The benefits one can receive at Google are amazing and include free haircuts, gourmet food, on-site doctors, gym facilities, massage, maternity benefits, death benefits for their spouse etc. Some companies give their employees full freedom of innovation and implementing new ideas. These companies basically try to fulfil self esteem needs of employees. Consider HCL. It has got a ‘Value Portal’ where HCL employees submit their ideas. If approved by management, those ideas get implemented. Exit interviews are also being conducted by companies so that the reasons for the turnover can be worked upon. Regular meetings and reviews also help a lot. When employees are close to their management, they are likely to feel more involved. Such employees tend to achieve longer tenure. Also, surveying ones top performers in order to find out- what keeps them there, why they might leave, what type of competitive offers they may find attractive, and what they need to be happy and more productive in their jobs, is also beneficial for employee retention. At the end of the day, acquisition and retaining talented employees is very critical for the success and profitability of a business model in long run. Minimizing turnover and hiring just the right employee definitely maximizes effectiveness and productivity of a workplace. REFERENCES: ManpowerGroup. 2013 Talent Shortage

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