The twenty-first century can perhaps be considered as the ultimate era of sociability. It is a time in the history that idolizes and values interpersonal skills, charismatics, and social graces more than ever before! The business landscape of today’s century is one of the greatest examples of the same. Organizations are realizing that there exists no power greater than its people when it comes to resources. They have understood that the right talent pool is not only required to operate the in-house functionalities of a workplace but also to meet business goals efficiently. This is why most business organizations nowadays are laying more emphasis on acquiring a talented workforce over anything else.
It is proven in organizational and business surveys that the talent acquisition procedure has the power to impose an impact on extensive business processes, including daily business activities, market reputation, as well as annual remuneration. The human resource managers are thus leaving no stones unturned in revolutionizing their existing workforce along with the system of hiring. Employer branding, data-based research, one on one discussion, psychometric AI tests, employee profile tracking, interviewing, and OJT are some of the emerging metrics that are often included in the system of employee hiring. A crafty amalgamation of manual and technological strategies is used by the modern world HR managers to understand, analyze, and foresee hiring risks and possibilities in a much more accurate way. This enables them to build up the best possible workforce that can help drive the organization towards its ultimate goals.
The power of the high-potential hires
As per Forbes, the Department of Labor in the United States incurs the charge of each wrong hire at about 30% of the yearly remuneration for that particular position. The situation is no different in India as well. Wrong hiring, is in itself, a serious matter,and can severely impact the overall functioning of any organization. No wonder, businesses today, are preferably investing in people’s power to experiencing more rapid growth.
Some of the giant corporate brands like Tencent, Amazon, Tesla, Google are the believers of a dynamic multi-cultural talent pool. The primary and only focus of these highly successful brands is to recruit talents who are best compatible with the job characteristics and organizational values, irrespective of their demographic, age, or language boundaries. It has been found that a multi-cultural work pool with common skillsets and like minds is known to generate much higher productivity when it comes to achieving long-term process goals, performance goals, and outcome goals than that of the workforce with demographic confinements.
When the HR managers adopt the right talent acquisition strategy to build an efficient workforce, it enables the organization to:
- Slash the expenditure in the recruiting procedure
- Bring about a reduction in attrition percentages
- Save the training cost of incorrect hires
- Shield the confidentialities of organizations
- Heighten business productivity
One thing that is pretty evident is that with the rising competition in the corporate world, it is the HR managers who are showered with extended responsibilities of selecting, nurturing, preparing, and empowering employees to bring out their best in favor of the organization. However, the key to driving the workforce to work to their fullest potential is an art that HR managers must gain expertise on.
If you have chosen a career-line in the evergreen domain of HR management, we, at the K.R. Mangalam University, the Best Private University in Gurgaon, can provide you with an ideal platform to take your skills to the next level. At KRMU, we understand that to enable the aspiring HR professionals to carve a successful career for themselves tomorrow, they must be prepared with the right skillset, know-how, and insights. And this is exactly what we focus on while grooming our HR management students for the professional world ahead. We have designed our management program in such a way that it efficiently bridges the skill gap in candidates through high-end training, peer-based networking, hands-on field projects, and insights from industry personalities. Join KRMU and get onto the best platform to give wings to your professional aspirations.