Talent Acquisition in 21st Century-A Big Challenge (Part I)
IntroductionLast 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 ke