The war for talent” is a term coined by Steven Hankin of McKinsey & Company in 1997, following by a book written by Ed Michaels and Beth Axelrod in 2001. The term has since been adopted as a critical term in human resources.
By the war for talent, it refers to an increasingly competitive landscape for recruiting and retaining talented employees; it emphasises the importance of talent to the success of an organisation. Talent is the secret weapon in a knowledge-based economy, where strategic success depends upon creativity and innovation. In today’s increasingly competitive global marketplace, recruiting and retaining top talent is a strategic imperative. To stay competitive, leading employers are investing in new techniques to recruit and retain their top qualified professionals.
Attracting and retaining the right employees can make a significant impact on your organisation’s financial performance. Optimised organisations hire and develop talented employees – a process that starts at the beginning of the recruitment process. Employers are fighting a war for talent that continually challenges them to rethink recruitment tactics. Hence, in a bid to stay competitive in the talent market, organisations must device newer methods to make them win in the war for talent!
Traditional methods of attracting talents are already fading off with the emergence of ‘new methods’ – web 2.0, social media. The Internet age has brought with it online recruitment and now the social media age has birthed – social recruiting.
This is the age where employers are not limited to a local pool of talent but they can reach a global pool of talent in an effective and efficient way simply by the adoption of social media in their talent attraction strategy. These would help build in no small way a talent pipeline for deployment at the shortest time.
If your organisation is committed and hopes to win in the war for talent, a good place to start is the adoption social recruiting. In simple terms, social recruiting is the effective use of social media or networks by employers to attract, source, engage with and hire candidates. At best, social recruiting is to support the recruitment efforts of organisations and not completely replace it. As a result, it is important to understand how to best leverage social networking sites.
In order to make social recruiting effective and a strategic initiative to find and hire new employees, an organisation needs to adhere to the following best practices:
Till next time, we are all work in progress