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So, after nurturing the leaders for tomorrow, we will go by the process of Talent Acquisition. In this session, we will talk about talent acquisition, operational workflow in the case of the talent acquisition, what should be the operational processes that are to be followed at the time of identifying the talent and acquiring the talent, what should be the different strategies for the acquisitions, and then we have to also see the issues and challenges for this particular acquisition. Because normally what happens? It is when we are looking for talent, and then we feel that there is a shortage of talent; we do not get the right people. This is when we compromise, and as a result, the organization suffers. So, whenever we need people and if we are not getting the right people at the right place with the right attitude and right skills, then there you will not find enough talent. (Refer Slide Time: 01:22) We will also discuss why there is a shortage of talent. So, first, we will talk about talent acquisition. What happens in the HR department? We normally talk about the organizational structure, and there are different organizational structures. (Refer Slide Time: 01:49) When we go by the manpower planning and find out how many persons are to be recruited, we see 2, 4, 6, 8, 10, 12, and then 13, 14, 15, 16, 17. In the fill-in-the-box, it is becoming the 17. So, there is pressure on HR to recruit the people, and then it becomes the number game. When we talk about the fill-in-the-box that is the number game, then we have to get away from this. If we are more focusing on the number game, your less focus will be on the talent recruitment acquisition. Because when you go by the quantity, and there are the chances, not always, I agree, but most of the time there are the chances that there will be a compromise on quality. So, to avoid that quantity that is the number game, we have to go away from the fill-in-the-box thinking and move towards being more proactive. So, what is required, how to get away from this? If you are proactive, then you will definitely be more successful. How to be proactive? Now, we also have to understand the future demand. Recently, I have completed one project with the Indian Council of Social Science and Research (ICSSR), and then it has been observed that it requires to be proactive. If you understand what management education's future is, where is a demand, what type of skills are required? Knowledge is required by the industries as nowadays everybody is talking about the World Economic Forum Report 2020. And according to World Economic Report 2020, it is critical skills, analytical skills, business development skills that are becoming the prime areas because the business environment is going to be very much uncertain. So, to develop that prediction, it becomes very important to have proper analytical skills and development skills. So, that fill-in-the-box has to be replaced by being proactive. So, you will not have that pressure. Much closer to building the skill sets, this is very important for that. In the family also, we have children who are talented, but we do not see the proportionality of their carrier. So, what goes wrong? In spite of the talented children, we do not see his bright future or their carrier, or he is in the high positions. So, something went wrong. Building the right skill sets goes wrong. (Refer Slide Time: 05:28) So, if you want to achieve business success, then please build those skill sets. And if you are able to develop, so what analysis is required? The future requirement has to be understood. You have to keep on reading more and more, and I will advise you, please go with more readings, more readings of the business environment, newspapers, business magazines. And therefore, you will understand, we may take a short period of 2020 to 2025, which is five years only. And in that five years, building particular skills is required. So, therefore, in that case, it becomes very important that you are not only proactive, but you are also achieving that business success by building the skill sets. (Refer Slide Time: 06:45) The key to success in talent acquisition is the unique way of your ability to tap into the top performers. Every word is very, very interesting. You see, who will be the top performers? Top performers will be those employees who are meeting the goals if they are meeting the goals and all expectations of the organizations. Now, here I would also like to introduce one concept about nurturing the leaders of tomorrow. So, for nurturing the leaders of tomorrow, we did develop the team-building skills with the leader, where the followers are able to meet the goals according to the need of the boss. One of my Ph.D. scholars has done research on this concept and identified that it is not the people who leave the organization. They leave their bosses. So, for meeting the goals of top performers, it should be clear by the boss that this is a goal, and there is sufficient time to be proactive. If they are proactive and meeting and that taking the actions, then definitely they will become the top performers who are not really looking for another job. So, there will not be many challenges for employee retention. Otherwise, it becomes very difficult to retain the employees. So, here it shows a very close example that how by becoming proactive, you can develop those skills looking so that they are not looking for another job, and they are developing themselves with the organization. (Refer Slide Time: 08:58) So, what should be the operational flow for talent acquisition? The first is the requisition process. Now, here I would also like to talk about the role of technology. The more you use the technology better you will have the manpower requisition process. I would like to give an example. I have visited the plant of the Maruti in Manesar, and also I have visited the plant of Hyundai in Seoul in 2018 November, I have visited the Maruti plant. And there, I found that the manpower requisition was totally different. Why was it different? Because in Seoul, machines were working, robots were working. While, in the case of Maruti, most of the jobs are done manually. So, therefore, in that case, this requisition process and the role of the technology have to be connected. Please be sure to connect the requisition process with the technology. If you ask me, I will say that please first give preference to the technology, then you go for the recruitment process, sourcing process. Because in the sourcing process, it becomes very important that you are designing the job-manual, and that job-manual should be based on the technology. Now, I would like to give the example of the State Bank of India case study. In the State Bank of India, you will find earlier in 1978; there was a slogan that there should not be any computer in the SBI. And today, we see that where SBI has reached. It has reached from the WWW – world wide web to the worldwide wireless web, and on the mobile banking. So, the bank is in your palm. So, here the development process is because of the technology. So, technology has been developed. The manpower requirement has to be changed accordingly. However, when you expand the business, you require manpower. So, therefore, it is not that when you expand with the help of technology, you reduce the manpower. You reduce the manpower may be for a short period of time, by the time the technology is not adopted. But, once the technology is adopted, your expansion of business is high, so hence, you recruit more people. So, therefore, in that case, you will find that it becomes very important for your requisition process; how are you going to make the sourcing? What type of sources you are going to have. Then we are going for the application process. Nowadays, it is online only. For online processes, you can imagine a multinational company, a very successful company, you know I would not like to take the name of any company. When they are advertising you will find there is a number of applicants. How will you filter those applications? That application filtering will be done with the help of keywords. (Refer Slide Time: 12:34) What keywords would you like to keep, and here it becomes critical that what type of critical keywords you would like to use in the application process. Because there are thousands of applications, and you have to manage those applications. So, for screening those thousands of applications, you have to use the keywords. If there are keywords, these keywords have both- yes and no. This means if the keywords are there, that CV is responded as yes; if the keywords are not there, then CV is no. So, therefore, you have to understand that it becomes very important that how you are going for the process of the talent acquisition. And in that case, you have to see that this particular process of the strategies should be adopted. So, it is the whole I would like to integrate with the technology management process. In the technology management process, this screening and interviewing, and filtering of the applications becomes important. Here another important point which I would like to mention is the screening process, how the screening is done. Whenever you are using these keywords, many times you find some important CVs, they may not have used these keywords, and therefore, they will be filtered. So, subsets of the keywords are to be properly designed; if it is properly designed, then your application is filtered in those thousands of applications or maybe the lakhs of applications. The next part is about the interviewing. Now, you see the relationship between interviewer and interviewee becomes very important. If the interviewer is smart enough, he will be able to identify the hidden potential. The hidden potential means he will be able to find out whether the particular employee will be performing or not performing in our organization, and the process of interviewing will create the ultimate decision. What type of decision? If the employees are fulfilling all the requirements, so there is an offer, and if the employee does not fulfill the requirement, then the notification of non-selection is given. In India, we are not having a system of notification of non-selection. But, many organizations are following, and they send a letter saying thank you for your interest, this time. We are not able to select you, but we hope in the future, whenever there will be a requirement, we will consider it. So, this total acquisition process has to be taken into Consideration. (Refer Slide Time: 15:57) Now, how to measure the success of talent acquisition strategies? Quality of hire. What does it mean? Percentage of the new hires that are the organization's top choice. So, the strategy is that whomever we will be recruiting, there should be quality. There will not be any compromise with the quality of hire. At the same time, the new hires should also have the quality. The new hires will be taking the frontline leadership. And frontline leadership means they are becoming the heroes of the organization. And organization's top choices will be the percentage of new hires. The organization is always looking for a new plan, new ideas, and new suggestions, new ways of practicing, and new technologies. And therefore, by these parameters, they decide the quality of hire. Now, the quality of the candidate - the ability of the organization to define the knowledge, which is the ultimate power. It is not a body which you are hiring; you are hiring a body with the knowledge. And therefore, in that case, it is the knowledge base of the employee that has to be strong. Like when Arjuna asked Sri Krishna about knowledge management, I am talking about what is the ultimate power which a person should have. And then Sri Krishna said it is a gyanameva shakti. Knowledge is power. So, whenever a person has the power of knowledge, the person will be able to win. But only knowledge will not be enough to practice; skills are required. What types of skills are required in the current time? It is the IT skills - technical skills. What does a manager require? A manager is required to have the job skills, knowledge, human skills, conceptual skills, analytical skills, and designing skills. So, these skills are becoming keys parameters for the success and the quality of the candidate, that is, what skills he can demonstrate, and thus, those demonstrations of the skills will make him successful. His ability to adapt knowledge in combination with the skill at the right time and demonstrate them at the right place is needed to succeed in the job and work environment, and sourcing those candidates who meet the competencies are defined as the competency of the candidate. So, what is a competency? That is job and work environment. If the job and work environment are different and you have different knowledge and skills, and if there is no integration between them, then you will not be successful. So, when the job and work environment are matching, that will bring the source candidate who will meet the competencies and develop the competencies. Program satisfaction, hiring managers, satisfaction with the recruitment and hiring process, and quality of candidates are very important. The candidates who are appearing for the interview, those who are interacting with the organization, create an impression leading to satisfaction. It is not the question, whether the candidate is selected or not. It is the question that is the manager who is having the satisfaction when the recruitment hiring process, and develop the quality of candidates; then there is a program satisfaction. The next measure of success of talent acquisition strategies is time to hire. The time it takes to hire a candidate, to fill a position from the job opening until the position is offered and accepted. So, therefore, many times, it has been seen that when jobs are offered, people do not respond. Then three months notice, and like this, the time of the employer is wasted. So, we should avoid that. Then comes the new hire retention rate. The new hire retention rate is the number of new hires who remain on the job for the first 12 to 18 months. If you recruit 100 trainees, and at the end of the year, when a complete whole year of the recruitment process is done, and you find that hardly 15 to 20 are continuing, you will feel very sad that 80 people after all hard exercise are selected, and then they leave. So, therefore, in that case, this Becomes very, very important. (Refer Slide Time: 21:34) Earlier was the new hire retention rate, and this one is the new hire failure rate. The percentage of new hires in the key jobs that were terminated or asked to leave. That is, the expectations of the recruitment of those employees have not been fulfilled. And as a result of which it becomes a very critical issue that how those new hires are becoming a failure. Performance ratings of the contributor or the extraordinary contributor, where the top candidates meet or exceed expectations on performance reviews, and therefore, in that case, whether they are contributing or not. So, when you have such a buzzword of the talent management, then definitely what has expected their contribution of the employees. So, when you select the candidates from the IIT and IIMS, and National Institutes, then what is your expectation? The top candidates meet expectations on the performance or performance reviews. And therefore, that extraordinary contribution really defines the talent management practices. (Refer Slide Time: 22:58) There are certain tips for talent acquisition strategies. Proactively build and expand the pool of candidates. We have seen in this slide that proactiveness is very important. It is not fill in the box or the numbers game. The x department requires 10; the Y department requires 20, z department requires 30. So, these 60 employees are recruited and given rather than being proactive. So, therefore, if you find difficulty in getting the right person, you have enough time to recruit another. Try to fill positions internally if applicable, and if you are able to fill those positions internally, it is better. Internally means from the existing employees rather than recruit from the outside. It is always better to fill the positions from inside only. Improve candidate's pre-screening process. So, why this failure rate is becoming high? Because there is a gap, which is not properly screened. So, seek to fill positions internally if applicable. If internally you know the people, you will be satisfied while giving them promotion, you know their career, you know their past record, you know their personnel file. So, therefore, you will be able to create and build the right candidates. Improve the candidate's pre-screening process. So, the screening process has to be done carefully. Enhance employer brand. We will take the employer branding session later on. And when we are talking about employer branding, why are some organizations getting a lot of applications, and some organizations are not getting enough applications? And that is the work culture, work practices, talent management practices, talent acquisition practices by the organizations that are becoming important. Those who are having proper talent acquisition practices will become more successful. While those who are having problems with the proper hiring process, those organizations will not be successful. So, at the global level, people are asking about branding—employer brand and reputations in the recruitment market-place. If proper employee branding is done, then there will be the reputation of the organization; this is a good culture organization, a good valued organization, where we are to work. Now, in many organizations, you find employee turnover is very high. They join the organization; they leave the organization. While the organizations say, they were not fit. The employee says that when we were not fit, why you have selected. Once you selected, now you are asking to leave is not correct. And therefore, in that case, enhanced employer brand and reputation in the recruitment field is becoming very important. (Refer Slide Time: 26:28) Explore new marketing outlets using internet-based technologies. Nowadays example has been given to social networking sites. If you are able to use the social networking sites and you see nowadays, organizations also watch your Facebook, Linkedin, Twitter. So, all these accounts are seen. And then how you are using all these social media, and what are your comments, what are your pictures, what are your lifestyle is reflected on this particular social media are also taken into consideration by exploring the new markets. So, these social sites are for reaching passive candidates and targeted groups. So, many times the organizations ask, for example, maybe through Linkedin to send your CV to a particular company, so here Linkedin may be used. Creating efficiencies in recruitment processes and workflows is very important. If you are supposed to create the recruitment process, efficiencies should be there to obtain the output from the hiring managers. The hiring managers are supposed to get the output. (Refer Slide Time: 27:49) Now, here you have to solicit the new hire's feedback. When the employees join, you should ask them what problems did they face in the recruitment process, which process they found most satisfied, which process they found was not highly satisfied. And which process in this hiring process, they found was fantastic, fabulous. Emphasize the strategic workforce planning beyond 18 months. And therefore, in that case, it is important, you start your manpower planning before 18 months. So, that after 18 months, you are going to recruit the employees. Scale back or freeze talent acquisition efforts. So, that is whatever the talent acquisition efforts are made by the organization that has to be noted down. When the need arises, you are able to see them. (Refer Slide Time: 28:59) So, in 2020, what is the talent shortage? High-skill workers, advanced economies Europe, United States, will be having a shortage of talent by 2020 by 16 to 18 million. China will be having high skill workers shortage of 23 percent. In medium skill workers, India will be facing a 13 million shortage. And Sub-Saharan Africa and South Asia will be facing a 31 percent shortage of talent. So, the percentage of the total demand, the shortage of talent of the high skill workers is ten percent in the advanced economies. For China, it is 16 percent; for India, 10 percent will be the medium skill workers shortage out of the total demand. And 19 percent for the Sub Saharan African and South Africa will be there. (Refer Slide Time: 30:09) A whopping 82 percent of the Fortune 500 executives do not believe that their companies recruit highly talented people. So, the percentage of the fortune 500 executives who agree that their organizations recruit high talented people is 18 percent, and the source is McKinsey's War for talent 2000, refreshed in 2012. Fourteen percent know who are high and low performers, 7 percent retain high performers, develop people quickly and effectively 3 percent, 3 percent quickly remove new performers. So, therefore it is showing what percentage of the 500 fortune executives do not believe their companies regularly highly talented employees is there. (Refer Slide Time: 31:03) So, finally, I would like to say about the talent demand-supply gap in 2013 and 2020 in India; when we compare Karnataka, Delhi, and Tamil Nadu, they have a negative gap. It means there is a dearth of quality talent vis-a-vis the employment opportunities. If employment opportunities are available in the state, then this gap is expected to increase further by 2020. So, in the case of the talent demand-supply gap in Delhi, you will find total demand was 194,000 in 2013. And total employable talent supply was 606,664; the gap is 4,12,664. So, it is 412 million. So, therefore, in that case, if you saw in 2020, you will find the gap of 340809 million. So, here the supply number is estimated using the employability numbers based on dipstick assessment. Why is it important? Because we have to understand the demand and supply. We have to follow the talent acquisition process in such a way so that we are able to fulfill the demand in time, and there will not be high pressure on the company sometimes. Also, sometimes they are not able to hire the right talent and able to retain the employees. To avoid this, if you follow these practices of talent acquisition at the right time with the proper hiring process, then definitely there will be a satisfactory talent acquisition. So, this is all about the talent acquisition and current scenario. Thank you.