Talent acquisition refers to the process of searching and selecting individuals with specific qualifications and skills to fill a particular position (job vacancy) in an organization.
Moreover, Talent Management is also known as the core process of attracting, identifying, developing, deploying, engaging, and retaining the human resources which are of value to the organization due to their knowledge, skills and abilities are crucially important and are playing critical roles for the institution.
For this long-term HR toll to implement beneficially, we at WebHR suggest our valuable customers follow the guidelines of investing in their people to cut the costs for talent acquisition and rather go for talent management.
What is more, in an exceptional circumstance like the COVID-19 global pandemic, internal skills development is focused that is the creation and fostering of the skills in employees: Emotional Intelligence [as per the current vision of the World Economic Forum - WEF], Spiritual intelligence, and Accountability for performance enhancement as per latest research being carried out resulted in so. Such research is in process of final write-up before publishing, collaborated by the City University New York United States of America; University of Karachi Islamic Republic of Pakistan; Technical University Berlin Germany; and 3Q Institute London United Kingdom.
Organizations should adopt talent management for the following reasons:
Strategic talent management starts with workforce planning. Workforce planning is said to be the ever variable organizational need with its people's strategic viewpoint. Strategic thinking about the future manpower needs and the number of employees should be made ready within the organization to fill the senior positions. Organizations should carry on current manpower requirements and filled positions analysis, with market trends to follow and business expansion plans, the definite workforce increase would require. Looking into the gap between the present and the future forecast, empowering the existing workforce can be a good talent management strategy for the sustainability of the business through the manpower available onboard the payroll.
In addition, for supporting longer-term business goals, organizations should be clear enough and possibly near-forecast when they (will) need, when; and how that will be provided with what timelines, etc. In other words, the 5 W’s of the business world should be made clear: What, When, How, Why, and Who.
Organizations should know: Deploying the right person, on the right job posting, at the right time, and on the right wage structure is one of the key success factors for HR Management functions in action.