Human Capital is a top notch issue for all companies around the world. Most of the CEO’s are aware of the challenge that stands ahead, companies need to adapt to mega-trends. As per the recent study of PWC, 93% CEO’s say that they recognize the need to make a change, or are already changing, their strategy for attracting and retaining talent But there’s still an enormous gulf between intention and action.
Yes, Talent acquisition and learning and development departments are different but both never be done on cheap and they belong together for strategic advantage. If you try alternative cheap option the candidate will leave the company early and your company has to pay the price of Mis-recruiting. These two departments are responsible for how long the new employee will stay if the recruitment process is smooth and he gets the right training he needs for the job then the chances of him leaving the company are less. The alliance of these two departments can decide together to “build” or “hire” talent?
Let’s take a look at talent acquisition department. It’s very critical to find the right people who will take the business forward. Talent acquisition department always has to be on the lookout for the perfect candidate with right skills. A smart recruitment needs a smarter forecast of the recruitment; it understands the required skills for the job. To find a specific talent recruiters need a strategic plan for recruiting such candidates but companies always try to minimize budget of talent acquisition department. If companies do not invest in HR technology then they should know why companies should invest in HRTech? Saving a few hundred dollars may sound good for a short time but a bad hire can cost companies fortunes.
Learning and development should develop employees’ ability to lead the teams, further the company’s mission, create more leaders that will lead the organization toward its goal. The goal of learning and development department is to provide individuals and the organization with the tools to respond effectively to customer needs as well as current and future demands for service.
HR managers adore eLearning since it’s hard to measure the effectiveness of the training given. Nowadays top e-learning tools help evaluate everything based on skills & cost. Millennial Branding and Monster.com found that one-third of Millennials rank training and development opportunities as a prospective employer’s top benefit.
A clubbed Talent acquisition and learning development can solve many problems because it will shift the organization’s focus from cost saving to value creation.
Companies need to think strategically rather than just from the cost saving perspective. Online hiring tools that help recruiters in recruitment and eLearning solutions that help them minimize the cost and measure the delivered output. It’s a world of technologies today if your company isn’t investing in the right technology then you may stay behind in the competition to attract and retain the top talent.