TALENT ACQUISITION AND EMPLOYEE RETENTION INTRODUCTION The organisations are facing many issues when the recruiters
find it tough to identify skilled and more challenging younger workforce, and also an increasing number of older workforces are heading towards retirement. The complexity in identifying and maintaining talented people is having a disastrous impact on many businesses throughout the world. In an organisation, there is nothing more crucial than fitting the right employee in the right position. Or else you would be trying to fit a square peg in a round hole. When people do jobs that just don't suit their liking, inclination or obvious. Low productivity, dissatisfaction, low morale, absenteeism and other negative behaviour will become typical till the employee is shown the door. Or perhaps, there is another option - Talent Acquisition. Talent acquisition is the ongoing cycle of processes related to attracting, sourcing, recruiting, and hiring (or placing) employees within an organization. This includes elements of employment branding, outreach, networking, and relationship building with potential candidate communities to continually build and enhance the talent pool for an organization. In addition to globalization and unprecedented competition, organisations are facing issues related to employee retention. Retention of an employee means to not permanently till the time retirement. Companies spend a lot of money on retaining their top talent and are pretty conscious of the loss incurred by the resignation of an employee and the expenses for hiring a new employee. Hiring them normally costs around 35% or more of the average employees salary. Further, providing training programs to new employees costs the company a good amount of money as well as time. The key to retention is to understand the employees expectations and achieve proper alignment of their expectations with those of the organisation.
STATEMENT OF THE PROBLEM The job market today is growing at a very fast pace. The jobs are available but the people for the suitable job are still a problem. Searching for the right person for the right job is a very important factor for the well being of an organisation. This is fulfilled by the process of Talent Acquisition. Because of the high competition retaining the people is becoming a great challenge. There are various reasons why people keep changing the organisations. Some of them are their personal reasons but many relate to financial aspects and the different benefits that an organisation offers to them. The retention of the employees is another major issue for the functioning of an organisation. Hence the topic Talent Acquisition and Employee Retention is choose for the study.
DESIGN OF THE STUDY Description of the study: The study is an analysis of Talent Acquisition and Employee Retention at Rangsons Electronics [Link], Company.
Objectives: To understand the process of Talent Acquisition. To provide measures to find and employ the best qualified persons for each Job. To understand the retention strategies used in the company. To provide suggestions to retain the most promising of those hired.
Limitations of the Study: The study is limited to the city of Mysore only. Sample size is limited to Time constraints the time for the study is limited to only 3 months.
Scope: The study aims at understanding various issues involved in managerial talent acquisition process and employee retention. The study is done only to know how the process of talent acquisition is carried on at various levels in organisation. The study emphasizes on understanding the importance on retention and strategies that are implemented in retaining the people.
RESEARCH DESIGN Collection of Data Primary Data : Questionares Secondary Data : HRM Journals, Internetetc, Sample Size : Sampling Method :
COMPANY PROFILE Background of Rangsons Electronics [Link], Company. Services Organisation and Management of Rangsons Electronics [Link], Company
ANALYSIS AND INTERPRETATIONS
CONCLUSION AND SUGGESTIONS
BIBLIOGRAPHY