Talent Attraction and Retention

Human Resource Management in Global Context

Introduction:
For a long time, city leaders have made tremendous efforts and have often made big
sacrifices in order to attract the investors. Nowadays, however, more and more cities are
recognizing that the battlefield has changed: it is no longer primarily for companies, but for
competing with other cities to acquire and retain talented, trained (young) professionals.
Where talent is, the best companies are there! Without talented professionals, the local
economy is irreversibly declining.
The phenomenon is not entirely new: since the 1990s, companies have been mobilizing ever
more energy (and serious resources) for acquiring and retaining talent, recognizing that only a
company with a creative, innovative professional base can remain competitive. For the best
professionals - especially in the tech sector - there is a real struggle between companies,
companies are bidding on who offers the conditions for their employees. For more and more
companies, location selection factors have become the most important source of availability.
In developed countries, the aging society and low birth rates lead to a shortage of labor and
talent: in Europe 2010 was the first year when fewer people entered the labor market than
they retired.
The economy is becoming more knowledge-intensive. Knowledge is the basis for increasing
productivity, innovation and economic growth; this means that companies need more and
more well-trained young professionals. Labor mobility - especially for highly qualified
professionals has increased significantly: by 2010, 25 percent compared to the previous
decade and further drastic growth is expected - well-trained, talented young professionals
have become unbelievable mobile. With regard to mobility, it is a new factor that, while the
best professionals have previously chosen a job, young people are becoming more and more
frequent to choose a place - city - and find a job there - "economic migration" is replaced by
"lifestyle migration" when they are looking for a better quality of life, not a better job or a
salary.
In our following “essay” we would like to describe this problem and find different
conclusions, which could help to get closer to the solution and get a deeper insight in this
topic.

Moscow
2019
Human Resource Management – Levente Sz. | Vasiliy B.

Recommendation on talent attraction and retention.

1. Attraction
Attracting highly talented people is vital in order to sustain the company’s competitive status.
It starts with research of the market. So finding out where the potential candidates are looking
for jobs. Also important to know the competition, and what it offers to the candidates.
Companies have many ways to attract the people. The whole organisation should be up to
date in every platform, such as headhunter websites or even the social network. Young talents
are everyday users of different social sites (Facebook, VK, Twitter, Youtube, etc) The
company’s environment and intentions determine the way of recruiting. So Use Social Media
for recruiting.
The globalised world’s advantages reached most of the countries. The free flow of the labour
provides additional opportunities to enlist new people from abroad. It means most of the
organisations started to expand their “net” over It’s country’s borders and attract talents from
different nations. Using this tool “hiring immigrant talents” has several good effects. The
reputation could be increased by the foreigners abroad. New ideas, new point of views could
be gathered by the the people of other nations which would strengthen the competitive
advantage.
If a person is interested in the features of the co. He would like to gather as much information
as he can, so it is a good idea to provide eligible informations and creating a positive
candidate experience during the interviews. Not just the background but the future goals are
very important to tell them, thus they will have a clear image about the future achievements
and perspectives .
Beside the headhunter companies, the Reward Programs could be also very useful in terms of
the recruiting. The staff is a big help to find new employees. Usually they are reliable and
better to work with somebody’s acquaintance than a totally unknown person. Every
employees are rewarded for a suitable candidate in order to incite the recommendations.
Working with local high schools to create local job opportunities has the advantage that the
local employee has strong connection with the place where he graduated thus he would stay
closer to his relatives, birthplace, etc. On the other hand, it is incentive to the local economy.
2. Retention
According to several economist, the retention of the labour will be one of the most pressing
issues for the HR in the next 7 years. It is necessary for any business in all size to be sure that
their labour will remain and stable, and minimize the risk of highly talented people leaving
the organisation.
Giving meaning and purpose to the employees could decrease this above mentioned risk. The
clear vision and mission should be indicated frequently. It makes the employee feel that he is
the part of the “machine” and he is valued properly. Creating an internal fast route: an ability
to find and act on emerging talent quickly and effectively in order to catch him in time.
Human Resource Management – Levente Sz. | Vasiliy B.

The new stuff should be mentored by the existing staff. More experienced people can be
linked to the newcomers in order to give them quickly the knowledge and create a strong
collective.
As it was already mentioned the “colorful” collective with people from different nations
brings many great advantages, but it can be a darkside too which the HR should be aware of.
They should consider cultural sensitivity in order to prevent the inner tension or
misunderstandings. Organising cultural management programs for the employees