Workforce Behavior and Talent as a Competitive Advantage in Business

Identify and assess at least four ways that affect the organisations approach to attracting talent

To identify and assess at least 4 factors that affect an organisation’s approach to attracting talent

This report identifies and assess factors that affect an organisations approach to both attracting talent and recruitment and selection. It also identifies and explains benefits of attracting and retaining a diverse workforce, describes methods of recruitment and methods of selection.

Employee Retention involves taking measures to encourage employees to remain in the organization for the maximum period of time. Corporate is facing a lot of problems in employee retention these days. Hiring knowledgeable people for the job is essential for an employer. But retention is even more important than hiring. There is no dearth of opportunities for a talented person. There are

Retention of crucial talent is the key to the continued growth and success of business that it is well worth investing the time and effort into ensuring these individuals are happy to stay put and develop within the company instead of looking elsewhere for 3.2 Staff Commitment, Competence & Development and Retention of talent

Consequently, the demand for talent is outstripping the supply. The ability for a firm to create an integrated system that yields a continual flow of talent ready to address specific strategic and operational opportunities may be the single most enduring competitive advantage. While organizations often find that their strategies, products, services, or markets require change, the need to have relevant, differentiated talent to achieve these business goals remains constant (pp. 73-35).

Talent planning is a part of Human Resources processes that “ensures the organisation is able to identify and attract key people with the capability to create competitive advantage and that it actively manages an appropriate balance of resource to meet changing needs, fulfilling the short and long-term ambitions of the organisations strategy”. This article aims to explore, identity and explain factors that can affect an organisation’s approach to attracting talent, retaining a diverse workforce, recruitment, selection

The book, Before Onboarding, illustrates a productive way to hire and retain quality candidates for executive positions in a cost effective and efficient way (Burroughs, 2011). Moreover, the book explains ways to improve the transition of the new leader, whether he or she is an internal transfer or an outside executive. Regardless of where the new leader originated, internal or external, the process is fundamentally the same and it consists of 6 distinct steps (Burroughs, 2011). The New Leader Integration process is first explained to the prospective new hire and the mutual benefit for both the new leader and the organization is explained. Primarily, a set of interviews are conducted with the bosses, peers and direct reports with all the answers to the questions kept confidential (Burroughs, 2011). In addition, interviews may be added to include large customers, suppliers and trustees if needed. Once the 6 steps of the process are completed, the new executive should have the necessary knowledge of the organization, thereby improving his or her chance for success.

During the recent past however, when the company became a more dominant global competitor and a publicly traded conglomerate, the numbers of employees leaving the firm have increased, generating adjacent problems of employee recruitment, training and retention. In other words, the major challenges currently faced by the company are related to talent management. At a more specific level, the issues refer to the following:

CIPD (2015) projects that corporate talent recruitment budgets allocation are likely to grow and there is an increased demand for labour in the UK job market. However, CIPD (2015) further notes that businesses are experiencing an acute shortage of skills and there is an increase in competition among companies for top talents in technical, managerial and supervisory positions. Dychtwald, Erickson & Morison (2013) further supports these findings and attributes the UK’s labour shortage to a rapidly growing older generation and a shrinking younger generation. The desire to be successful, outmanoeuvre competitors and remain sustainable is deeply rooted in the business’ survival strategy (Shachar & Hirschl, 2013). Organisations have come to realise that to excel, a skilled and highly trained workforce is necessary (Campbell, Coff & Kryscynski Wang, 2012; Lin & Chu, 2011). Thus, organisations in the UK are increasingly searching for alternative strategies to outdo their competitor’s and recruit top talents. This research involves a large private food processing company in Suffolk that seeks to increase the number of applications for two problematic positions: Machine Operators on the production line and Supervisory Staff in the sales and marketing department. The study will conduct a brief preliminary investigation to determine the recruitment channels available to the HR (Human Resource) manager and then focus on the suitability of employing a recruitment agency. The

Retaining skilled or talented staff can be the basis of developing real competitive advantage in your markets; it can also be a complete waste of management effort if your market strategy is not based on the use of rare or scarce skills and is simply used as a ‘mantra’ for progressive HR or employee relations practices.

The purpose of this paper is to discuss the role of recruitment and selection in strategic management. Byars & Rue (2008) defined recruitment as an activity that seeks and attracts a pool of people from which qualified candidates for job vacancies can be chosen. Byars & Rue (2008) also defined selection as the process of choosing from among available applicants the individuals who are most likely to successfully perform a job. The roles of recruitment and selection in strategic management are varies. Recruitment and selection is an important phase in order to hire the right candidates, to find qualified and skilled workers, to eliminate personnel glitches, to reduce costs of training and development, to recognise the needs of the organization and to manage the candidates.

Acquiring the best talent in current day can be a task for any organization and its HR team. Currently it can be said that the task of simply filling open positions, negotiating compensation and benefits is no longer a major task of an HR team. Instead, the team is charged with recruiting the best talent available in order to assist the organization in achieving its goals and creating the highest possible profits for its shareholders. For that reason, this paper is a case study of OCBC Bank’s unique approach to talent management and development, compare OCBC’s approach to talent manangement and development to other organizations I am familiar with from both my current and past employers, describe to what extent I agree that OCBC’s approach to talent management and development is a primary contributing factor in its success and what can be other contributing factors, to what extent does OCBC’s approach to talent management and development fit other types of organizations or industries, what can be some limitations if it is applied elsewhere without modifications, from additional internet research on OCBC discuss how OCBC has performed recently, and what has it done more, less, or differently in the area of human resource management. In order to do so, I will begin with a description of talent management’s conceptualization.

Talent acquisition is defined as the “strategic approach to identifying, attracting and onboarding top talent to efficiently and effectively meet dynamic business needs” (Erickson, 2012). Talent acquisition has the unique role of ensuring job applicants not only have the right credentials for the job, but also have the right mentality for the job. In other words, the person who ultimately will be offered the job needs to ‘fit’ within the firm’s structure and culture.

Attracting and retaining employees is a topic of in numerous articles, conference sessions, books and Websites, as well as the basis for numerous product launches to cub the concern of many organizations (Klepinger, 2007). Smith, (2007) notes that there is difficulty in finding and keeping talented people is having a catastrophic impact on many businesses and industries throughout the world. Money and benefits are important, but studies show most employees leave for other reasons. Employers have the need to retain the talents they have to attain the desired organizational goals which could include quality, customer satisfaction and the bottom line. Earle (2003) observes that