Finding and Retaining Talent
The primary challenge facing human resource is to have the right people ready at the right time at the right place.
The spread of technology and globalization has ensured a level playing field for firms in terms of technology, information, and availability of finance. The human resources of an enterprise, hitherto considered as just another resource such as land or capital, are now the key differentiator among firms, and as such the most critical source of competitive advantage.
Although the availability of labor usually exceeds the availability of vacant positions, talent that makes a difference has always remained scarce. The increased competitiveness among firms ensures that finding new ways to increase the level of talent in the organization remains the key challenge facing human resources. The very existence of many knowledge-centric firms in fact depends on the ability of the human resources department to hire and retain the right talent.
Retaining existing talent is easier than hiring new employees, and as competition increases among firms, human resources looks at various ways on how to retain talent. Possible interventions include custom-made compensation packages and fringe benefits, job enrichment, autonomy, better working conditions, and more.
Image Credit: flickr.com/dbking