How the digital space impacts on Talent Acquisition & Retention
Leonel van Aldere de Mendonça
Talent Acquisition & Retention is the key competitive advantage in most industries and the only truly differentiating competitive edge for highly value added sectors like Private Equity, Investment Banking, and the Internet. Even capital intensive service industries like Telecommunications, Media and Financial Services depend greatly on Talent Acquisition & Retention to grasp and maintain a competitive advantage.
Companies can use today a variety of internet sources to identify, connect, court and hire Talent. The relentless emergence of the new digital players is reshaping radically how companies manage their Talent Acquisition & Retention and those who don’t catch-up quickly, are incurring the risk to quickly become obsolete. The Digital companies changing the Talent Acquisition & Retention arena include LinkedIn, Xing, Viadeo, Glassdoor, CareerBliss, CareerLeak, JobBite and many others who are growing exponentially and making the market for Talent and employment increasingly transparent. As a result, companies must develop their digital capabilities to engage with this valuable and scarce Talent pool. They can no longer afford to be ambiguous or even secretive about their culture, best practices and career development opportunities. Employee reviews and ratings, CEO approval ratings, interview reviews and questions, even detailed company specific salary reports, are readily available online for anyone to access.
In order acquire and retain the best Talent in this Digital era, companies have to embrace the growing transparency and efficiency of the marketplace for Talent as an opportunity and develop a talent relationship management programme.
This includes gaining key insights by pulling data from multiple internal and external sources, and use analytic algorithms and Big Data predictive modelling to identify the most promising candidates as well as those that are most likely to leave and join competitors. It also requires an investment in the perceived attractiveness as employer. Talent is scarce and when markets are transparent, it will naturally choose to go where it perceives to receive the highest return. This is not financial return only, but a complex blend of elements that include remuneration, autonomy, career development, impact, ethics, peers, innovation, cultural fit, etc.
In this new world of digital transparency there is no place for head hunters and search consultants focused on transactional relationships. Finding candidates has become a commodity and filling positions adds little value. The value is unlocked by combining the digital world with real life human interaction and personalised trusted relationships. Talent Advisory professionals bridge the gap between digital and personal, company and talent pool, and Partner with companies using their discernment in the attraction and retention of Talent whilst nurturing and developing enduring relationships with selected candidates and advising them on the right fit and ideal timing to make a move.