Let’s go back to our school days. Remember that one child who was meant to be the valedictorian, that one child who could solve complex algebraic equations in minutes, or that one child who could give Picasso a run for his money. That, my friend was talent. And then there were the average students. The current market scenario emulates that classroom. There are only a handful of those talented employees that actually have the potential and the strategic bent of mind to work in heuristic conditions.
The last two decades have seen a major shift from human resource management to talent management. And the prime concern of talent management has and will be talent pools. To maintain a talent pool is a necessity and also a contingency. So the challenge organizations face today is how to counter the dearth of talent in the industry and how to hire more and more talented personnel.
Well, for starters they can:
Look at the key skills required
Organizations must constantly refine their internal systems to find the key skills that are required from time to time according to the industrial changes. Organizations must not stop their search for new talent as the old talent might get redundant due to new conditions.
- Develop an internal succession plan
For the maximum optimization of the good talent in the organization the management must develop internal succession plans so that the talent is continually engaged within the business. This maintains the talent pool by increasing the employee retention.
Not shy from social media
Professionals must evolve their formal structure to adapt to the informal trends in the market. Hence, a mass source of potential talent that can be tapped into through social media mustn’t be ignored solely due to the unprofessionalism attached to the idea.
Have an inward approach
Often the process of recruiting, selecting and training of a talented prospective employee can be time and money consuming. Thereby to make the process more efficient and effective organizations must first look at the existing internal talent. Research tells that an external employee is 61% more likely to be fired as compared to an internal hire.
How it Effects Organizations
Without a proper breakfast you can’t have the required blood sugar, without proper blood sugar you can’t have the optimal performance of your mind and senses, and without proper control over your own body you can face a multitude of problems. The analogy I have so immaturely devised is applicable to every single organization. Without a sufficient talent pool you can’t have talented employees when needed, without the talent in organization major strategic decisions can’t be taken, without meticulous strategies the scope for development is constricted and that turns your firm into a frog of its own well. Hence, Talent management becomes imperative as it leads to:
Reduction of recruitment costs
Although the statement might seem unsatisfactory and even contradictory to some lengths but research tells that that the right talent pool can lead to a 50% reduction in recruitment costs. With the right talent pool the internal employees are better trained and developed, the business activities are optimized and the need for advertising is reduced.
Hiring time dwarfed
With appropriate talent pools organizations have been found to move swiftly through the screening, selecting, placement, etc. This substantially decreases the hiring time without disrupting the equilibrium of the day-to-day business working activities. 50% of the organizations using talent pools had reduced their hiring time.
Having a talent pool of candidates who have been under the organization’s radar helps appropriating the right candidates to succeed to the right designation. These candidates are talented and have proven their skills to be worthy already, which makes the succession more valid and un-prejudiced.
To Sum It All Up
Talent pools have led to a new type of specialization in the field of human resources. It has led to wholly differentiated departments in organizations that deal specifically with talent management. This has transmuted into a billion dollar industry where new modes of talent acquisition are being produced every day, whether it is through IT or outsourcing or social hiring. Organizations have realized the importance and the value that a quality hire with the right talent brings to the table. The benefits keep compounding with every new hire and the bigger the talent pool the lesser the impediments to business development