The Article Summary
Failure to hire the right employee can be very costly to a business. Studies indicate that turnover costs can amount to 200% of a companies’ annual wage bill or $8,000 for every leaving staff (Employee turnover – A Critical HR Benchmark, Employment Policy Foundation, 2002). This is not all – it is even more costly to retain an employee in the business for long. Therefore, businesses must strive to hire the right employee they need. High turnover expenses are reflective of the tactical method of staffing- where employees are merely replaced without considering their strategic suitability to the business.
To achieve high performance, businesses should practice strategic talent acquisition. This implies streamlining talents with the strategic objectives of the business. To do this, the business first identifies the core competencies it requires in order to fulfill its mandate (Watterson Jr, Aldridge & Associates Inc). This is followed by employee screening using the right tools to minimize chances of misfit while at the same time standardizing staffing processes within the business as a whole.
There are four steps to strategic talent acquisition. First, the business analyzes its jobs and identifies their critical competencies i.e. the knowledge, skills, and attributes which will enable the business to achieve its mission. Businesses require a myriad set of competencies and traits necessary for success. Skills, innovation, and creativity are some key pointers of employee performance. Other indicators include initiative, teamwork, and leadership as some traits that characterize high performers (How Bell Labs Creates Star Performers, Harvard Business Review).
Secondly, the business determines the mechanisms of measuring the required traits and abilities of prospective employees. The business can use techniques such as competency models and behavioral or competency based interviews towards such. By reengineering an employees’ bio-data, a business may be able to predict their suitability for future roles. Thirdly, the business establishes the right staffing team. The team should be equipped with the skills to be able to gauge a prospective employees’ competence, ability and fit by asking the right questions. The hiring team must unearth and ensure the prospective employee has the desirable traits needed for the job.
Finally, the business should adopt its cultural brand as a tool of talent acquisition. By creating a strong cultural brand, employees will be inspired and motivated to identify with the organizational way of doing things. Only the employees with the right attributes will be attracted to the business. To be successful in strategic talent acquisition, the business should train its staff to conduct all the above steps since only one component does not guarantee success. This will help the business avoid the main risk in staffing – that of misfit or hiring the wrong employee for the job. By adopting the strategic best fit policy, the business avoids common pitfalls in staffing such as stereotyping, biases, order effects, and non-verbal expressions.
Reflective Summary
I definitely agree with the above article content. This is because staffing is the first phase in creating a competitive strength of a business. As clearly highlighted by the article, businesses must only hire the employees whose skills, knowledge, and abilities are in line with the strategic goals of the business. This implies that the right employee is a source of competitive advantage to the business. To achieve organizational success, the fit between the organizations’ strategic vision and the talent acquired is integral.
This information does not contradict but is consistent with my prior knowledge of staffing organizations. Staffing is a systematic procedure which begins with human resource planning – a process by which a business is able to establish its current workforce in view of its future needs and hence being able to identify the shortfalls. This is followed by job analysis which essentially involves preparing job descriptions and job specifications. The identified positions are then advertised and the responses managed. The shortlisted applicants are then interviewed, selected and finally inducted. This is what the four steps to strategic talent acquisition have summarized.
I hope to be able to apply what I have learned from the above case in the future and/or in my current HR career because of a number of reasons. First, the knowledge I have gained from the text is so rich. Second, this information comes from a renowned management consultant and expert, someone who has not only the theoretical know-how but also and the practical aspect of staffing combined in one. Thirdly, this information is first hand and relevant in today’s’ business management as it highlights what business must do to achieve strategic competitive advantage through its people. This information also goes a long way in reinforcing the knowledge gained in the classroom environment about staffing- a critical HR function in any business set up. It is also for these reasons that I would recommend others to read this article.