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Did you know that for most firms today, success or failure is determined by the ability to
find, attract, and develop some of the most talented individuals in the workforce internationally?
What exactly should these firms do not only to recruit these talented individuals but to also retain
the employees? There is a very competitive job market available, it is hard for employers to
retain their staff when better opportunities are offered. One area that has changed drastically over
the past few years is the way the human resource department carries out its role during the hiring
process. In order to recruit and retain talented people, employers have begun to take some
strategic approach when filing a vacant position.
II. Effective Approach for Human Resources
While human resource offices have always been an important part of every business,
exactly how important they were to the organization and its overall goals were not really
analyzed through until recently. The reason probably is due to a higher turnover rate among
disgruntled and dissatisfied employees. Each time an employee departure, the companies
experience increased workloads which in turn increase stress among those that are picking up the
slack. Then the company must face additional expenses to locate, interview, and hire a new
individual to fill the vacant position. In prior years, the human resource departments would
receive notice of the vacant position, list the position in a local newspaper under classified
advertisements, and give the offer to the most qualified candidate the position. Although this
seems to be a harmless approach, it can end up costing companies more money in the long run
since the employee that was the most qualified might not be the best fit for the position or the
As in any market, demand ebbs and flows in a talent marketplace. The task of putting a
price on talent, however, needs to be quite different from what it is in normal markets. It usually
employs prices to determine where resources are best allocated. The objective of a business,
however is to maximize profits per worker rather than wages per worker. An additional
alternative for pricing talent is common among professional firms, particularly for jobs where
assignments are temporary: per diems set at the estimated opportunity cost of deploying the
talent elsewhere. The advantage of an opportunity-based way of pricing talent is to recognize its
value more than the wages paid to employees (Bryan, L., Joyce, C., & Weiss, L., 2006, 102).
III. Attracting the Right Talent
A company?s reputation is the key to attracting the right talent when positions become
vacant for various reasons. A 21st-century company should put as much effort into developing its
talented employees as its put into recruiting them. Companies that understand the value of
talented people in generating brands, reputations, and other intangibles often spend considerable
time recruiting such workers but drop the hall in providing them with opportunities to develop
and grow. (p.109)
When an established company that has a reputation for being as loyal to their employees
as the employees are to the company lists a vacancy in the local Sunday newspaper the outcome
for talented applicants will increase and have a variety to choose from. This method gives the
company the upper hand to ensure this will be a recruitment rather than just another replacement
for a few months. As global markets become more dynamic and competitive, companies will
need to deploy talent even more flexibly across broader swaths of the organization. Talent is
becoming more critical to corporate performance, specific needs for talent are more
unpredictable, and companies must develop talent more rapidly than ever.
Each person in the human resources office needs to have a similar idea of what
qualifications the perfect candidate would offer as well as determining who will be the best
candidate overall for that particular position. Recruiters are the ones out these on the frontlines of
the workforce, trying to bring talent into organizations. And though there voluminous of
qualified people from a credential standpoint. The ?fit? is where the true challenges lies. Will this
person fit our organization? Recruiting and staffing is often seen by the organization as an easy
thing as a lower level skill. To the contrary, identifying the right match of talent to the
organization and the hiring manager that needs that talent is probably one of the hardest
objectives under the umbrella of talent manger. The best way to find those candidates is to grow
them. It is impossible to just hire them; because going outside the hire means that they had to be
?poached? from elsewhere, which costs money and is not a long-term solution to a recurring
problem (Odom, C. L. 2013, 61-62).
IV. Ways to Retain and Maximize Talent
According the article published by forbes.com, one of the main reasons big companies
lost their talent is due to their failure to find a project that ignites their passion. The number one
reason is the big company bureaucracy because no one likes rules that make no sense. But, when
top talent is complaining along these lines, it is usually a sign that they did not feel as if they had
a say in these rules. They were simply told to follow along and get with the program. Many
people leave and open their own company where they make the rules themselves with no boss.
You would be amazed at how many companies do not do a very effective job at annual
performance reviews. Or, if they have them, they are rushed through, with a form quickly filled
out and sent it off to human resource department, and back to the real work. Then, the impression
is left is that the employee does not have a career with the company. This happens in many
companies to include government and military units. From military experience, some military
personnel receives an annual performance report from the supervisor, but never really worked
with that person doing the year. That seems unfair to the individual receiving the report because
it is not fair game at that time.
Also, the article gives a secret for most bosses: most employees do not know what they
will be doing in the next five years. Statistics showed that about less than 5% of people could tell
you if they were asked. However, everyone wants to have a discussion with you about their
future. The downside is most bosses never engage with their employees about where they want
to go in their careers even in the top talent pool. If your best people knew what you think their
path going forward with the company, they will be more likely tend to hang around longer. Top
talent has to assume some responsibility as much as the organization. This should never be a oneway street for employees and employers. Smart Organizations are the ones who get out in front
of these top ten things named on the forbes.com website article, rather than wait for their people
to come to them, asking to implement these top ten items (www.forbes.com).
V. Lack of Appreciation
Sadly, there are several people I know personally that hate waking up and dealing with
another day of office drama and lack of appreciation. Satisfied employees can have a positive
impact on customers? satisfaction with the firm and its products. Companies must put employees
first because only satisfied employees can most effectively serve customers. Companies that
consider people their most valuable asset will survive and thrive in the 21st century. Unless
service employees are happy, customer satisfaction will be difficult to achieve. Employees who
believe their company values them highly will treat customers with excellent respect (Kundu, S.
C., & Vora, J. A., 2004, 42).
In some companies, management has a tendency to really bring the company down and
increase the turnover to an astonishing number. Sometimes, so much money, time and effort is
being allocated to replace the staff on a continuous basis instead of trying to solve issues within
the company with no job replacement. Some employees find it very comforting to receive words
of encouragement, compliments on the job, accomplishments being achieved, rewards, and
incentives. In contrast, without these items implemented in the company, the employee
sometimes feel like they are just coming to a job with no appreciation.
Talented employees work hard to be very successful when given the right opportunity. It
takes time and effort from the company members or management to enable the talented
employees the ability to use their talent and skills to their full potential. When companies provide
a nurturing and appreciated environment, opportunity will present itself for the employees to
release their best potential on every project. Sometimes, having an open-mind and listening ear
to complaints from your employees will assist the managers in creating the most talented
individuals. Furthermore, the turnover rate would decline and have a higher retention rate.
I have discussed the success or failure of a company when it comes to the most talented
individuals. I briefly talked about the competition and utilizing the talent within your company. I
explained the ability to find and attract talent to your company. I spoke about the ability to retain
and develop talent for any company.
Bryan, L., Joyce, C., & Weiss, L. (2006). Making a market in talent. Mckinsey Quarterly, (2), 98109.
Jackson, E. (2011). Top Ten Reasons Why Large Companies Fail to Keep Their Best Talent,
Retrieved October 1, 2013, from:
Kundu, S. C., & Vora, J. A. (2004). Creating a Talented Workforce for Delivering Service
Quality. Human Resource Planning, 27(2), 40-51.
Odom, C. L. (2013). Hiring the Best Candidate Not the Best Resume. Financial Executive,
Wells, R. J. (2007). Outstanding Customer Satisfaction: The Key to a Talented Workforce?
Academy Of Management Perspectives, 21(3), 87-89. doi:10.5465/AMP.2007.26421243
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