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    Business Plan Outline & Checklist
    Who needs a Business Plan?Every business needs one. It's not just for start-ups or new product launches or business expansion initiatives.Why? And what should be in one?Documenting a Business Plan is an extremely useful process to focus management and owners on their business concept, strategies, and operating plans. It forces consensus and decision making that might otherwise be neglected. It requires issues to be resolved and the decisions to be reflected in financial projections.A well-documented business plan will help you communicate the most important elements of your strategy and plans to the people who need to know them. Including you.Already in business for years and never needed a business plan? It's still a good idea for all the same reasons. And now is a good time.Ready to exit your business? Even better. A solid business plan will be the most important document in supporting the valuation of your business.The greatest value of a business plan, however, is likely to be in the process – involving your management team in a thorough examination of your business – its purpose, its strategies and its plans to ensure success. When completed, all the key players will be more knowledgeable of the issues, the opportunities, the risks, and the alternative paths considered, before committing to the final plan.Following is a suggested guideline of the layout and content for developing an effective Business Plan. It is a consolidation of best practices, based on our consulting and management experience with many different clients under a variety of circumstances.COVER PAGE: Includes title, date, purpose, prepared by whom, confidentiality statement, issued to whom, and a document control number.PURPOSE: Objectives of the Business Plan – attract financing, key executives, customers, or strategic partners? Document strategy and action plan for all participants? Set financial objectives and timetable?CONTENTS:1. Executive Summary (Max. 2 pages, written last as a stand-alon
    nt at that analogy, the talent marketplace becomes the equivalent of the NASDAQ or DowJones and the attractiveness of top talent will vary according to their performance relative to peers and the value added they can bring. Perhaps in the future you will see talent 'indexes' being used.

    That will prove to be more and more essential in giving corporations a leading edge and competitive advantage over others. If you have it you will be one of the survivors, if not then a 'market correction' may be soon be coming your way.

    What is difference between “Recruitment” and “Talent Acquisition”?

    One of the most frequently asked questions is “What’s the difference between ‘Recruiting’ and ‘Strategic Talent Acquisition’?”

    The easy part of the answer is to define “recruiting”. It is nothing more than filling open positions. It is an entirely tactical event.

    The more complex part of the answer is the definition of “Strategic Talent Acquisition”.

    Strategic Talent Acquisition takes a long-term view of not only filling positions today, but also using the candidates that come out of a recruiting campaign as a means to fill similar positions in the future.

    These future positions may be identifiable today by looking at the succession management plan, or by analyzing the history of attrition for certain positions. This makes it easy to predict that specific openings will occur at a pre-determined period in time.

    In the most enlightened cases of Strategic Talent Acquisition, clients will recruit today for positions that do not even exist today but are expected to become available in the future.

    Taking the long term strategic approach to talent acquisition has a huge impact on how an approach is made to a candidate. If the approach is purely tactical in nature,

    The Power of a Hand-Shake!
    Do you have a good hand shake? It’s amazing how many people don’t know how to shake hands properly! There is nothing worse than a cold clammy weak handshake. The other day I shook my friend’s hand and he had no grip at all! It felt like I was shaking hands with a 5 year old girl... so fragile.This shows people that he is not confident! ~which is not good to show people~Remember, People will decide if they like you within 2 seconds of meeting you!A. nice firm grip too strong = too aggressive too weak = submissive, lack of confidence They key to apply enough pressure to make the other feel like they are getting a response out of you.*how to be sexy note* When shaking hands with a nice looking female, use the left hand to lightly touch their elbow and slide down their forearm when the hand shake is done. (GENTLE + LIGHT)B. goes up and down once or twice to quick = they think they are dismissing them to many times = Let go of me FREAK!C. let go and back up Give people their space! Do not crowd them don’t be “in their face”D. SIMLE! And have good eye contact having a smile means you’re more approachable and friendly Eye contact, show’s your self-confidenceWhat does Eye contact Mean? Heavy = AGRRESSION, freaks people out a lot = sexual moderate = *your goal Little = shy, no-confidenceRemember to have a good hand-shake, smile, have a firm grip, and good eye contact. You can’t go wrong!
    Introduction

    Last week, I was in Rajasthan (One of the largest state in India), traveling from Jaipur to Jodhpur to Udaipur to Bikaner to Kota. It was not a fun trip but I was adding few more head counts on the roll of the company I am working with. I was in Rajasthan for 8 days, 1800+ people walked-in for interviews; 750 actually interviewed and we extended the offer to 107 people. Whether you refer to it as a ‘talent war’, skill shortage, or ‘employment seller’s market’, it’s threatening the competitive position of many corporations, and the situation is worsening. Over the next 10 years, the demand for talented people will far exceed the availability of skilled workers – at all levels, and in all industries. Before proceeding further, lets have a look at the following figures:

     It is estimated that at least 1/3 of business failures are due to poor hiring decisions and inability to attract and retain the right talent.
     The average cost of replacing a manager or professional is 1.5 to 3 times salary.
     The cost of working around an under-performer can run as high as six figures
     The cost of consistently failing to attract and retain good talent – including declining productivity, morale, culture and reputation - is inestimable.
     Each vacant position costs your organization Rs. 60,000 on average. For some management positions, it can easily run into six figures.

    Notwithstanding the economic situation of a country which may affect the job market for a time being, many ‘A-players’ who have not had significant opportunities for growth and advancement change jobs, and the fundamental shortage becomes apparent – especially for those companies who have not developed a reputation as ‘employer-of-choice’, and who have not developed the capabilities and infrastructure to compete effectively to acquire and retain scarce talent resources.

    Getting the best talent, and keeping the talent you have is becoming intensely competitive. Most corporate officers say that the biggest constraint to pursuing growth opportunities is talent.

    Few businesses have adequate talent acquisition, retention and development capabilities -
     Acquiring A-players is a both art and science. People who primarily make hiring decisions ‘from the gut’ are rarely consistently successful.
     Employer brand identity is increasingly important to compete for talented people who have numerous options. Rebuilding a damaged employer brand often takes years.
     New technology such as Internet sourcing has not reduced cycle times nor increased effectiveness
     Handing-off to a third party vendor is a transaction, not a process. Organizations that consistently attract players develop an employer-of-choice brand identity, deep capabilities in talent acquisition, retention and development, and the process & infrastructure to support them.

    Understanding Talent Acquisition

    So what exactly do we mean by the term Talent Acquisition? Well, just as Customer Acquisition describes the overall strategic process around identifying market sectors, targeting client prospects, running direct marketing campaigns, selling and receiving the order (i.e. acquiring a new customer), so Talent Acquisition involves all the sub-processes around finding, attracting and engaging highly talented individuals into your organization.

    Origin of the “Concept” of Talent Acquisition

    Let's take a closer look at the way traditional recruitment is re-emerging as a broader 'talent acquisition' concept - An approach that is becoming more and more critical in the 'War for Talent'. Just exactly how does this differ from 'plain vanilla' recruitment? Well, in a considerable number of ways.

    First and foremost, 'talent acquisition' forms a part of a much broader strategic approach in the corporate quest to gain and sustain a competitive advantage in today's marketplace. Other aspects include talent development, retention and transition, these are primarily inward facing, whilst the former is outward looking.

    The core concept of talent acquisition is to get away from the 'fill in the box' thinking to one that is more pro-active and much closer to building the skill sets required to achieve business success. Traditionally, a recruitment need occurs when an individual either leaves or is promoted to another function. That's when panic can set in, especially if no suitable internal solution is found, a situation that is becoming known as - "under the bus syndrome". Strong relationship building or networking skills are important here. The key to success in talent acquisition is the unique way that you are able to tap into the 'top performers' who are not really looking for another job. They never read the traditional job ads or go to the job boards on the Internet.

    Encouraging your own 'star' players to identify other outside top performers is an extremely powerful tool that is being used more and more. Corporations are offering a wide range of rewards in order to get these names and then act on them.

    Once the talent has been identified, the next stage is to start building on-going relationships and look for that all elusive 'trigger point' in someone's career that would get them to change jobs. This can be a number of things but it is often a negative experience or an outstanding opportunity. Gathering intelligence from their 'friends' and from previous market research will help in uncovering exactly what excites top players.

    Educating line managers that talent acquisition must also be an every day duty is also a success criterion. Most managers, rightly so, look at hiring only when there is a 'box' vacant on a purely transactional basis. Today's top talent has a very short shelf life; therefore you must have a sense of urgency in bringing them aboard, a job opening or no job opening. This tactic is considered very risky by some managers, but at the end of the day not making an offer the day a 'top' performer comes to the job market, you will most certainly loose them. Usually bringing in top management (CEO, CFO, COO, etc.) in the relationship building process helps considerably in influencing the 'star' performer.

    Money is of course essential in the talent acquisition quest, but it's not the only element. Many corporations are using traditional job classification and job grading systems in order to remain competitive in the 'cash compensation' side. Being able to mould an opportunity and make it exciting will also attract top performers, the notion of "a la carte" job descriptions is becoming more and more adopted as a way of finding the "hot button", and excite people enough to make the move. Benefits and perks are at the fore here with long-term incentives such as stock options, being widely used. The work/life concept will also have an impact, a lot of corporations talk about this element but not many have fully embraced it. Others look at it from an investment banker perspective and view potential 'top performers' as they would any targeted acquisition, some people are even thinking of attributing P/E ratio values to top talent. Just think for one moment at that analogy, the talent marketplace becomes the equivalent of the NASDAQ or DowJones and the attractiveness of top talent will vary according to their performance relative to peers and the value added they can bring. Perhaps in the future you will see talent 'indexes' being used.

    That will prove to be more and more essential in giving corporations a leading edge and competitive advantage over others. If you have it you will be one of the survivors, if not then a 'market correction' may be soon be coming your way.

    What is difference between “Recruitment” and “Talent Acquisition”?

    One of the most frequently asked questions is “What’s the difference between ‘Recruiting’ and ‘Strategic Talent Acquisition’?”

    The easy part of the answer is to define “recruiting”. It is nothing more than filling open positions. It is an entirely tactical event.

    The more complex part of the answer is the definition of “Strategic Talent Acquisition”.

    Strategic Talent Acquisition takes a long-term view of not only filling positions today, but also using the candidates that come out of a recruiting campaign as a means to fill similar positions in the future.

    These future positions may be identifiable today by looking at the succession management plan, or by analyzing the history of attrition for certain positions. This makes it easy to predict that specific openings will occur at a pre-determined period in time.

    In the most enlightened cases of Strategic Talent Acquisition, clients will recruit today for positions that do not even exist today but are expected to become available in the future.

    Taking the long term strategic approach to talent acquisition has a huge impact on how an approach is made to a candidate. If the approach is purely tactical in nature,

    Art in the Workplace - Does It Improve an Employee's Motivation Level?
    Does offering employees a pleasing work environment make a difference? Or is it just another excuse to spend money? Read on….Essentially it is all about enriching the work environment, and if you are wondering why you need to bother then I'd like to offer you three reasons: o It create better attitudes o It improves morale o It enhances the employees commitment to the organisation There is a fair bit of research in this area looking at the concept of improving employee motivation from different angles. For example during March 2002 Arts & Business released the results of a MORI commissioned survey. The research investigated attitudes towards the Art's and their effect on the working behaviors among business leaders and the general public. The results revealed that 53% of the workers surveyed felt that if their employer were to provide opportunities to enjoy artistic activities they would be motivated in their work. 95% of business owners surveyed said they felt that motivation is 'essential' or 'very important' in directly driving company performance. Employees can participate in community related art projects or the employer could sponsor an initiative, and I'll cover that in a future articles but for now I'd like to focus on why art should be used to enhance the working space, or put another way using art to break up plain walls, and relieve the potential visual boredom for the employee. Open place offices are very commonplace nowadays, and to some extent have diminished the employee's sense of having a private space of their own that reflects their personality. Thus the art in their view becomes more important especially if they don't have a window nearby. I even heard of a company that has produced space dividers for open plan workplaces that are limited edition prints on mesh by British contemporary artists. Studies by BOSTI a US based workplace design consultancy make it clear there is a relationship between how people experience the offices they work in and their productivity levels on job in
    developed the capabilities and infrastructure to compete effectively to acquire and retain scarce talent resources.

    Getting the best talent, and keeping the talent you have is becoming intensely competitive. Most corporate officers say that the biggest constraint to pursuing growth opportunities is talent.

    Few businesses have adequate talent acquisition, retention and development capabilities -
     Acquiring A-players is a both art and science. People who primarily make hiring decisions ‘from the gut’ are rarely consistently successful.
     Employer brand identity is increasingly important to compete for talented people who have numerous options. Rebuilding a damaged employer brand often takes years.
     New technology such as Internet sourcing has not reduced cycle times nor increased effectiveness
     Handing-off to a third party vendor is a transaction, not a process. Organizations that consistently attract players develop an employer-of-choice brand identity, deep capabilities in talent acquisition, retention and development, and the process & infrastructure to support them.

    Understanding Talent Acquisition

    So what exactly do we mean by the term Talent Acquisition? Well, just as Customer Acquisition describes the overall strategic process around identifying market sectors, targeting client prospects, running direct marketing campaigns, selling and receiving the order (i.e. acquiring a new customer), so Talent Acquisition involves all the sub-processes around finding, attracting and engaging highly talented individuals into your organization.

    Origin of the “Concept” of Talent Acquisition

    Let's take a closer look at the way traditional recruitment is re-emerging as a broader 'talent acquisition' concept - An approach that is becoming more and more critical in the 'War for Talent'. Just exactly how does this differ from 'plain vanilla' recruitment? Well, in a considerable number of ways.

    First and foremost, 'talent acquisition' forms a part of a much broader strategic approach in the corporate quest to gain and sustain a competitive advantage in today's marketplace. Other aspects include talent development, retention and transition, these are primarily inward facing, whilst the former is outward looking.

    The core concept of talent acquisition is to get away from the 'fill in the box' thinking to one that is more pro-active and much closer to building the skill sets required to achieve business success. Traditionally, a recruitment need occurs when an individual either leaves or is promoted to another function. That's when panic can set in, especially if no suitable internal solution is found, a situation that is becoming known as - "under the bus syndrome". Strong relationship building or networking skills are important here. The key to success in talent acquisition is the unique way that you are able to tap into the 'top performers' who are not really looking for another job. They never read the traditional job ads or go to the job boards on the Internet.

    Encouraging your own 'star' players to identify other outside top performers is an extremely powerful tool that is being used more and more. Corporations are offering a wide range of rewards in order to get these names and then act on them.

    Once the talent has been identified, the next stage is to start building on-going relationships and look for that all elusive 'trigger point' in someone's career that would get them to change jobs. This can be a number of things but it is often a negative experience or an outstanding opportunity. Gathering intelligence from their 'friends' and from previous market research will help in uncovering exactly what excites top players.

    Educating line managers that talent acquisition must also be an every day duty is also a success criterion. Most managers, rightly so, look at hiring only when there is a 'box' vacant on a purely transactional basis. Today's top talent has a very short shelf life; therefore you must have a sense of urgency in bringing them aboard, a job opening or no job opening. This tactic is considered very risky by some managers, but at the end of the day not making an offer the day a 'top' performer comes to the job market, you will most certainly loose them. Usually bringing in top management (CEO, CFO, COO, etc.) in the relationship building process helps considerably in influencing the 'star' performer.

    Money is of course essential in the talent acquisition quest, but it's not the only element. Many corporations are using traditional job classification and job grading systems in order to remain competitive in the 'cash compensation' side. Being able to mould an opportunity and make it exciting will also attract top performers, the notion of "a la carte" job descriptions is becoming more and more adopted as a way of finding the "hot button", and excite people enough to make the move. Benefits and perks are at the fore here with long-term incentives such as stock options, being widely used. The work/life concept will also have an impact, a lot of corporations talk about this element but not many have fully embraced it. Others look at it from an investment banker perspective and view potential 'top performers' as they would any targeted acquisition, some people are even thinking of attributing P/E ratio values to top talent. Just think for one moment at that analogy, the talent marketplace becomes the equivalent of the NASDAQ or DowJones and the attractiveness of top talent will vary according to their performance relative to peers and the value added they can bring. Perhaps in the future you will see talent 'indexes' being used.

    That will prove to be more and more essential in giving corporations a leading edge and competitive advantage over others. If you have it you will be one of the survivors, if not then a 'market correction' may be soon be coming your way.

    What is difference between “Recruitment” and “Talent Acquisition”?

    One of the most frequently asked questions is “What’s the difference between ‘Recruiting’ and ‘Strategic Talent Acquisition’?”

    The easy part of the answer is to define “recruiting”. It is nothing more than filling open positions. It is an entirely tactical event.

    The more complex part of the answer is the definition of “Strategic Talent Acquisition”.

    Strategic Talent Acquisition takes a long-term view of not only filling positions today, but also using the candidates that come out of a recruiting campaign as a means to fill similar positions in the future.

    These future positions may be identifiable today by looking at the succession management plan, or by analyzing the history of attrition for certain positions. This makes it easy to predict that specific openings will occur at a pre-determined period in time.

    In the most enlightened cases of Strategic Talent Acquisition, clients will recruit today for positions that do not even exist today but are expected to become available in the future.

    Taking the long term strategic approach to talent acquisition has a huge impact on how an approach is made to a candidate. If the approach is purely tactical in nature,

    There Is Nothing Wrong With Winning On Price!
    So many business leaders and MBA professors say that cutting prices actually hurts profits and it hurts the industry and no one wins. This may be well documented in industries where price competition was not applied correctly or one company started dumping into the market in order to increase market share, but if a company is truly on the ball and has their systems, supply chains, manufacturing processes and management under control and they are operating as efficiently as possible, then their business model should allow them to win a price war.In fact in reality; There is nothing wrong with winning on Price! And there is nothing wrong with winning. Artificial market or industry price boosting actually can be a bad thing, because it makes companies weak and fat, instead of lean and trim and ready to complete the marathon at a record breaking pace. I would like to state for the record that if you cannot beat your competition on price if they start a price war, then you are not as efficient as you should be.In that case you are too fat and no longer have the agility of a start up in the market place and have slipped into a micro-managed stodgy, bureaucracy and well, in that case, my Dear Sir, I am not impressed, because I think you are weak and have lost your competitive edge and therefore my friend you better check six, because the whole nine yards are loaded and we plan to win, using any and ALL methods possible including perhaps cutting price to do so. Consider all this in 2006.
    approach that is becoming more and more critical in the 'War for Talent'. Just exactly how does this differ from 'plain vanilla' recruitment? Well, in a considerable number of ways.

    First and foremost, 'talent acquisition' forms a part of a much broader strategic approach in the corporate quest to gain and sustain a competitive advantage in today's marketplace. Other aspects include talent development, retention and transition, these are primarily inward facing, whilst the former is outward looking.

    The core concept of talent acquisition is to get away from the 'fill in the box' thinking to one that is more pro-active and much closer to building the skill sets required to achieve business success. Traditionally, a recruitment need occurs when an individual either leaves or is promoted to another function. That's when panic can set in, especially if no suitable internal solution is found, a situation that is becoming known as - "under the bus syndrome". Strong relationship building or networking skills are important here. The key to success in talent acquisition is the unique way that you are able to tap into the 'top performers' who are not really looking for another job. They never read the traditional job ads or go to the job boards on the Internet.

    Encouraging your own 'star' players to identify other outside top performers is an extremely powerful tool that is being used more and more. Corporations are offering a wide range of rewards in order to get these names and then act on them.

    Once the talent has been identified, the next stage is to start building on-going relationships and look for that all elusive 'trigger point' in someone's career that would get them to change jobs. This can be a number of things but it is often a negative experience or an outstanding opportunity. Gathering intelligence from their 'friends' and from previous market research will help in uncovering exactly what excites top players.

    Educating line managers that talent acquisition must also be an every day duty is also a success criterion. Most managers, rightly so, look at hiring only when there is a 'box' vacant on a purely transactional basis. Today's top talent has a very short shelf life; therefore you must have a sense of urgency in bringing them aboard, a job opening or no job opening. This tactic is considered very risky by some managers, but at the end of the day not making an offer the day a 'top' performer comes to the job market, you will most certainly loose them. Usually bringing in top management (CEO, CFO, COO, etc.) in the relationship building process helps considerably in influencing the 'star' performer.

    Money is of course essential in the talent acquisition quest, but it's not the only element. Many corporations are using traditional job classification and job grading systems in order to remain competitive in the 'cash compensation' side. Being able to mould an opportunity and make it exciting will also attract top performers, the notion of "a la carte" job descriptions is becoming more and more adopted as a way of finding the "hot button", and excite people enough to make the move. Benefits and perks are at the fore here with long-term incentives such as stock options, being widely used. The work/life concept will also have an impact, a lot of corporations talk about this element but not many have fully embraced it. Others look at it from an investment banker perspective and view potential 'top performers' as they would any targeted acquisition, some people are even thinking of attributing P/E ratio values to top talent. Just think for one moment at that analogy, the talent marketplace becomes the equivalent of the NASDAQ or DowJones and the attractiveness of top talent will vary according to their performance relative to peers and the value added they can bring. Perhaps in the future you will see talent 'indexes' being used.

    That will prove to be more and more essential in giving corporations a leading edge and competitive advantage over others. If you have it you will be one of the survivors, if not then a 'market correction' may be soon be coming your way.

    What is difference between “Recruitment” and “Talent Acquisition”?

    One of the most frequently asked questions is “What’s the difference between ‘Recruiting’ and ‘Strategic Talent Acquisition’?”

    The easy part of the answer is to define “recruiting”. It is nothing more than filling open positions. It is an entirely tactical event.

    The more complex part of the answer is the definition of “Strategic Talent Acquisition”.

    Strategic Talent Acquisition takes a long-term view of not only filling positions today, but also using the candidates that come out of a recruiting campaign as a means to fill similar positions in the future.

    These future positions may be identifiable today by looking at the succession management plan, or by analyzing the history of attrition for certain positions. This makes it easy to predict that specific openings will occur at a pre-determined period in time.

    In the most enlightened cases of Strategic Talent Acquisition, clients will recruit today for positions that do not even exist today but are expected to become available in the future.

    Taking the long term strategic approach to talent acquisition has a huge impact on how an approach is made to a candidate. If the approach is purely tactical in nature,

    Professional Moms: How to Get Ready to Re-Enter the Workforce
    Finally! Your youngest is in school and you are ready to hit the job market after an extended absence. As you scrape the last of the Fruit Loops from the kitchen table, you ponder a few unfortunate truths:• Your network has gone stale• Your industry contacts have moved on• You are not in the loop anymore.Face the facts: you are at a disadvantage compared to those who have been in the job market continuously. You need a winning job search methodology to jump-start your career. Most job seekers use only one or two methods to cover the marketplace, and miss 75% of available opportunities. In order to get maximum exposure you will need to use multiple job search methods simultaneously. Let’s get started!First, assess what you have to offer. Take a personal inventory of your:• Knowledge• Skills• AccomplishmentsIf you can’t think of many accomplishments, ask those around you to give you feedback on your talents and abilities. Often those close to us are more aware of what we have to offer than we ourselves are. When you have completed your skill and accomplishment review, use the results to write a compelling resume that clearly shows your value to a potential employer.If you have been out of work for a while, you many be wondering if your skills are still relevant. You can burnish your resume by taking on some volunteer work in your area of expertise. Here’s a great example. Is your niche public relations? There is bound to be a community group or local non-profit that would really benefit from having a professionally designed newsletter. Or, you could volunteer to serve as a media contact to publicize the organization’s events. Is marketing your area of interest? Approach a local school and volunteer to design some marketing materials to promote their programs. Local organizations are hungry for talent. Only your imagination will limit what you can accomplish. While you are volunteering your skills, you will also be gaining exposure in the community, and yo
    pportunity. Gathering intelligence from their 'friends' and from previous market research will help in uncovering exactly what excites top players.

    Educating line managers that talent acquisition must also be an every day duty is also a success criterion. Most managers, rightly so, look at hiring only when there is a 'box' vacant on a purely transactional basis. Today's top talent has a very short shelf life; therefore you must have a sense of urgency in bringing them aboard, a job opening or no job opening. This tactic is considered very risky by some managers, but at the end of the day not making an offer the day a 'top' performer comes to the job market, you will most certainly loose them. Usually bringing in top management (CEO, CFO, COO, etc.) in the relationship building process helps considerably in influencing the 'star' performer.

    Money is of course essential in the talent acquisition quest, but it's not the only element. Many corporations are using traditional job classification and job grading systems in order to remain competitive in the 'cash compensation' side. Being able to mould an opportunity and make it exciting will also attract top performers, the notion of "a la carte" job descriptions is becoming more and more adopted as a way of finding the "hot button", and excite people enough to make the move. Benefits and perks are at the fore here with long-term incentives such as stock options, being widely used. The work/life concept will also have an impact, a lot of corporations talk about this element but not many have fully embraced it. Others look at it from an investment banker perspective and view potential 'top performers' as they would any targeted acquisition, some people are even thinking of attributing P/E ratio values to top talent. Just think for one moment at that analogy, the talent marketplace becomes the equivalent of the NASDAQ or DowJones and the attractiveness of top talent will vary according to their performance relative to peers and the value added they can bring. Perhaps in the future you will see talent 'indexes' being used.

    That will prove to be more and more essential in giving corporations a leading edge and competitive advantage over others. If you have it you will be one of the survivors, if not then a 'market correction' may be soon be coming your way.

    What is difference between “Recruitment” and “Talent Acquisition”?

    One of the most frequently asked questions is “What’s the difference between ‘Recruiting’ and ‘Strategic Talent Acquisition’?”

    The easy part of the answer is to define “recruiting”. It is nothing more than filling open positions. It is an entirely tactical event.

    The more complex part of the answer is the definition of “Strategic Talent Acquisition”.

    Strategic Talent Acquisition takes a long-term view of not only filling positions today, but also using the candidates that come out of a recruiting campaign as a means to fill similar positions in the future.

    These future positions may be identifiable today by looking at the succession management plan, or by analyzing the history of attrition for certain positions. This makes it easy to predict that specific openings will occur at a pre-determined period in time.

    In the most enlightened cases of Strategic Talent Acquisition, clients will recruit today for positions that do not even exist today but are expected to become available in the future.

    Taking the long term strategic approach to talent acquisition has a huge impact on how an approach is made to a candidate. If the approach is purely tactical in nature,

    Migrant Boost Fills Australian Skills Shortage
    The ranks of Australia's skilled workers have been boosted by almost 78,000 in the past year in an effort to solve the country's skills shortage.It's the largest intake of skilled migrants since the late 1980s. Australian Immigration Minister Amanda Vanstone said the government had responded to the shortage by bringing record numbers of skilled migrants to the country. The Australian Government has made over 97,500 Skilled Visas available for 2005-06.In recent months over 150,000 jobs have been advertised weekly, and unemployment is at the lowest level in the last 10 years. Australian Government statistics confirm 89% of Skilled Independent Visa holders gain employment within the first six months.A total of 18,700 migrants took advantage of the state-specific and regional migration program, with 7,100 settling in Victoria and almost 5,000 calling South Australia home - an increase of almost 140 per cent in SA on 2003-04 figures.When it came to specific skills, the biggest increase came in the form of doctors, with 260 migrating to Australia in 2004-05 – this is a 300% increase on previous year.A Senior Migration Agent from National Visas said that accountants, nurses and trades-people, including mechanics, electricians and builders, are among the most sought-after skills wanted by Australian employment groups.To find out more information about migration to Australia visit www.nationalvisas.com.au
    nt at that analogy, the talent marketplace becomes the equivalent of the NASDAQ or DowJones and the attractiveness of top talent will vary according to their performance relative to peers and the value added they can bring. Perhaps in the future you will see talent 'indexes' being used.

    That will prove to be more and more essential in giving corporations a leading edge and competitive advantage over others. If you have it you will be one of the survivors, if not then a 'market correction' may be soon be coming your way.

    What is difference between “Recruitment” and “Talent Acquisition”?

    One of the most frequently asked questions is “What’s the difference between ‘Recruiting’ and ‘Strategic Talent Acquisition’?”

    The easy part of the answer is to define “recruiting”. It is nothing more than filling open positions. It is an entirely tactical event.

    The more complex part of the answer is the definition of “Strategic Talent Acquisition”.

    Strategic Talent Acquisition takes a long-term view of not only filling positions today, but also using the candidates that come out of a recruiting campaign as a means to fill similar positions in the future.

    These future positions may be identifiable today by looking at the succession management plan, or by analyzing the history of attrition for certain positions. This makes it easy to predict that specific openings will occur at a pre-determined period in time.

    In the most enlightened cases of Strategic Talent Acquisition, clients will recruit today for positions that do not even exist today but are expected to become available in the future.

    Taking the long term strategic approach to talent acquisition has a huge impact on how an approach is made to a candidate. If the approach is purely tactical in nature, all we ask of the prospective candidate is “are you qualified and interested?”

    However, if the approach is more strategic in nature, the intent of the call is to go much further, and the conversation becomes more relationship building. The candidate has an opportunity to explain his/her future career aspirations, and the recruiter gathers enough information to determine if there is a potential fit in the client organization. If during a strategic recruiting call the candidate declares that they are both qualified and interested, then the tactical nature of the call has been automatically fulfilled. If, however, the candidate lacks sufficient experience, or the timing for a career move is not propitious, then they become candidates for the future, and all the recruiter has to do is keep in touch until either they become available, or a position with the client organization opens up.

    Most of the money spent on Strategic Talent Acquisition would have been spent in a tactical recruiting mandate anyway. The only additional cost is in collecting data on high-potential candidates and then keeping in touch with them until hire is made. The additional cost becomes insignificant compared to the value of hiring top competitive talent over time.

    Strategic Talent Acquisition allows us access to a pool of competitive talent that would otherwise have been missed or even worse, ignored.

    Clearly the business case for acquiring talent strategically is far more compelling than simply paying to fill positions today. What we are doing is adding a small incremental effort, in exchange for a huge potential reward.

    Importance of Talent Acquisition

    • Understanding workforce demographics (current and future)


    • Identifying economic issues impacting organizational sustainability


    • Identifying organizational and cultural issues impacting talent acquisition


    • Knowledge of industry trends and emerging issues

    Linking Organizational Strategy to HR Strategy

    • Understanding the organizational strategy


    • Translating the organizational strategy into a HR strategy


    • Reviewing key components of the HR strategy


    • Identifying talent acquisition and retention issues

    Designing and Implementing a Talent Acquisition Strategy

    • What is an Employer of Choice?


    • Demystifying the generational implications on recruitment


    • Reviewing the base elements of a talent acquisition strategy


    • Utilizing talent acquisition tools and templates


    • Identifying considerations when implementing a talent acquisition strategy


    • Learning from best practices


    • Analyzing performance metrics (business impacts, financial considerations, etc.)


    • What is meant by Strategic Talent Acquisition


    • How HR strategy, policies, and practices support and facilitate corporate strategy


    • Key design elements required in an HR talent acquisition strategy


    • Practical application of a talent acquisition strategy


    • Knowledge of emerging trends and best practices in attraction and retention of talent

    Talent Acquisition – As A Strategy

    Historically organizations have not treated the recruitment process as one of strategic importance, but latterly many are now waking up to the reality that the world has changed dramatically. No more can the organization pick and choose between several great candidates for one position. Several changes in our connected world have tipped the scales in favor of the highly talented individual looking for a new opportunity.

    Firstly, of course, there is the Internet. Never before in the history of humankind, has there been such an enabling technology. Candidates can now advertise their desire to change jobs within minutes of making the decision and receive enquires about their talents within hours.

    Potentially, it is feasible that a high quality employee of yours, having received the final 'straw which broke the camels back' (bad appraisal, inappropriate negative response from boss, extra workload stress etc.) can post their CV/Resume up on a particular jobs board at midday today, receive three interested requests for contact with third party recruiters or headhunters within hours, be interviewed for an outstanding role (at one of your competitors) tomorrow, receive an offer in writing the following day and resign that afternoon (within 2 days). Scary, isn't it? But if the Internet has enabled this process for candidates, it has also brought significant advantages for organizations.

    Direct access to the candidate market

    Now organizations can go direct to the candidate market, thereby cutting the time it takes to find the right people, whilst dramatically reducing their recruitment costs. However, simply posting up jobs on various jobs boards is not the answer.

    Best Practice Process

    Instead, based on all the research we have compiled over the last 18 months, we believe that Talent Acquisition needs to be addressed at the most senior levels within all organizations - big or small, public or private. This means that Talent Acquisition needs to fit 'hand in glove' with your overall organizational strategy. It needs to have the appropriate level of resources behind it; it needs to be monitored and reported on at all board meetings and it needs to involve many people within the organization who attribute to it the importance that the organization requires.

    But don't despair, given the correct focus we can help ensure that your organization becomes and employer of choice' in this brave new world.

    The realities of today’s demographics have elevated the issue of talent attraction and retention to become a critical leadership concern, receiving significant attention. Given the projected labor market and demographic trends, an organization’s approach to talent acquisition can become a key differentiator and source of competitive advantage. The changing market has revealed that prevailing “one size fits all” HR practices are no longer effective. Organizations must develop specific people strategies for their most critical segments that directly align with and support the business strategy. While individual approaches are customized to the needs of each organization, all approaches are based on key critical success factors. This course focuses on the issues and challenges organizations face in attracting and retaining key talent. While introducing participants to emerging recruitment trends in the industry, this course will also provide participants with a selection of tools and best practices from which to draw as they design their own strategy to win the war for talent.

    Bibliography

    Interaction with my own friends who are into hiring…from across the globe Inputs from the Research Team of 07/09 Management Consultants.

    Other books referred are:

    1. The Talent Management Handbook: Creating Organizational Excellence by Identifying, Developing, and Promoting Your Best People (Hardcover) by Lance A. Berger, Dorothy R. Berger
    2. Recruiting Excellence: An Insider's Guide to Sourcing Top Talent; by Jeff Grout, Sarah Pe

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