Blog by: Tony Antoniou
We have all heard of the phrase “Talent Acquisition” but are we really doing enough to provide our future people success?
If you really want to make a difference with the People Agenda, you need to look at what Talent you have today for tomorrow. Many leading companies are being too short sighted in this area of Human Resources. Eventually they will have such a shortage of Talent to promote to the next level, it will start to show in revenue shortfalls.
If you lose a good Software Accounts Manager (Personal Revenue Target £2m) with no internal replacement, it will take you at least 3 months to start a replacement and a further 6 months for that individual to get up to speed re the personal revenue target. This means a potential revenue shortfall in a software organisation of £1.5m for the year.
To recduce this risk along with others, every six months Human Resources needs to drive Talent Acquisition from board level down to key business leaders by reviewing the following areas:
What is our current recruitment strategy and is it meeting our projections and today’s needs?
How many High Potential (HiPos) Employees do we have on an individual development programme? I would suggest this should include no more than 10% of your total workforce.
How many High Potential Employees are leaving the business and why?
What is your Succession Plan for High Potential and Key Employee replacement telling you re any gaps?
What does the last Employee Engagement Survey tell you about the needs of the many. These needs will be diverse.
A Diversity & Inclusion focus is a must for business success.
What flexible work/ life style policies do we have in place and do they meet the current needs of the workforce?
Review the “Employee Relations” flow chart below and ensure you cover these subjects in your next Employee Engagement Survey broadcast.
Another area to consider for Talent Acquisition is do you have somebody accountable for this part of the HR strategy? If you are recruiting 50 circa employees per year, you need to consider hiring a Talent Professional who will focus on this subject 24/7.
The Talent Professional should pay for themselves by headhunting and driving a 80% policy of direct recruitment (not through recruitment agencies).
Only start being content when your labour turnover is below 8% and there is an 80% Succession replacement forecast (HiPos and Key Employees) coming from your current manpower team.
About Tony Antoniou
Tony is based in Berkshire, England, and is an experienced International HR executive, having worked in multiple global sector organisations including hospitality, retail, media and software. Having gained experience across global matrix and regional people structures, Tony has been very much in the depth of change management through the years.
Tony's career started in the late 70's with Embassy Hotels and he has professionally progressed through the years with Holiday Inns, Hilton International, Capital Radio, Millennium & Copthorne Hotels and Pitney Bowes Software. He has worked in operational positions and at all manager levels within the HR structure, up to International HR Director. With over 20 years at Director level appointments across Global, EMEA and AsiaPac, he has demonstrated a wide knowledge in Human Resources, Talent Acquisition and change management .
Tony now works with Braveagle to offer the talent management & services and has been a full member of the "Chartered Institute of Personnel and Development" for 25 years.