TALENT MANAGEMENT-III

Internal Development or Outside Hiring

If company produces less number of talent or skilled project manager than required, in that Condition Company has to push inexperienced people into the fresh job. But if reverse happens and excess of talent occur as like a spare in the warehouse and becomes the excesses of inventory.

Internal talent development is important because it is less problematic, continuous and cheaper but in contrast outside hiring can be faster and more responsive.

Maximum variation occurs in the talent forecasting is generally 30-40%. To cancel out this variation company develop 60-70% talent internally and rest of the vacancies are filled by outside hiring.

 Solution of Uncertainty in Talent Management

It is difficult to forecast demand for longer period of time but if you recruit in small batches you not need to forecast for a longer period.Rather than going for a recruitment in bulk for a year companies now a day’s prefer to recruit in small batches 3-4 times in a year and in between company can adjust its plans according to the market situation and demand.

Companies generally prefer centralized recruitment rather than decentralized recruitment for separate divisions and department. Centralized recruitment have various advantages such as it reduces cost of recruitment, duplication of work, recruitment can be done by specialists at one spot and candidate can be placed in specific department depending on its education, experience and skills.

Source - HBR South Asia,March 2008.