Talent acquisition and retention challenges are equal when it comes to cost to the company. The cost of replacement could be equal to the cost of an executive’s salary. Employees consider job change for better career prospects, salary hike, perks & benefits, company culture and brand value, new challenging profile, etc. The reason could be anything but ultimately it’s a cost to company to fill that position. A position vacant for too long is a missed opportunity from business perspective. To fill this vacuum we have listed down challenges and combat strategy.
Challenge # 1: Find, develop & retain
Talented employees play a critical role in an organization’s growth strategy and attainment of success. Companies have indicated that one of their top challenges are finding, developing and retaining quality talent. Talent acquisition professionals are expected to be a part of the balancing game; one they need to keep a tab and monitor talent acquisition efforts consistently and another to build and cultivate relationships with top active and passive talent inside and outside the organization.
Challenge # 2: Low cost and best candidate
‘Cost cutting’, this is the most commonly heard team these days. While there are exceptions for certain positions, companies are under pressure to find the best talent at reasonable cost. This becomes more challenging while competing with International brands and promising start-ups.
Challenge # 3: Social media awareness
Social media has become an integral part of hiring process. A hiring manager just cannot say that they can’t afford to spend time on social network or they find twitter complex. These excuses are no-no in today’s dynamic hiring culture.
Challenge # 4: Two C’s - Compensation & Competition
Lucrative compensation and healthy competition is an important factor. Compensation should be rewarding in terms of pay, perks and other benefits. Knowing your competitor will give you a winning edge in selecting the best talent.
Challenge #5 Employer brand
Flexibility: ‘Flexibility’ is the key thing that the best hire want from an employer. It could be in form of work culture, time, remuneration, projects of anything. Companies need to understand what flexibility their prospective candidates are looking for.
Transparency: The new generation is looking for more transparent work culture and clear employer and employee communication.
Screening: Gone are the days when recruiters used to bang on the number of hires. Today is quality hire has taken a front stage. Get your requirements and expectations from hiring managers’ right. This will ensure getting the right fit candidate.
Consumerism: The way candidates search for jobs is more like their consumer experience. Make your job postings simple and clear. Ensure your online application process is easy and quick. Communicate immediately and frequently keep them updated.