A study of talent acquisition practices in its industry: Innovations in HR strategies

Today-s business success hinges on strategic agility and the ability to execute in a timely-manner. In a continually evolving global business environment, opportunities for growth are juxtaposed against a shrinking pool of high-performing Talent that can quickly seize those opportunities. The ability to anticipate Talent needs, optimize a Talented workforce, and keep retention rates high)despite constant change)is the key to a company-s sustainable competitive advantage. According to the Price Waterhouse Coopers 11th Annual Global CEO Survey, *access to Talent+ remains a major issue. Less than half of all CEOs agreed that their HR teams were equipped to handle the change required to compete for Talent. Talent Management is one of the biggest challenges facing organisations this century. The demand for superior Talent far outweighs supply, and more and more companies are feeling the impact as they compete in the global market (Frank & Taylor, 2004). Globalization, workplace reform and changes in the demographic composition of the workforce have affected how Talent needs to be managed (Nankervis, Compton & Baird, 2005). These factors also reinforce the importance of having a flexible Talent Management system. The growth potential of organisations worldwide depends on the ability of companies to have the right people, in the right place at the right time. Research demonstrates that companies with enlightened Talent Management policies have higher returns on sales, investments, assets and equity (Caudron, 2001). *Savvy companies understand the competitive value of Talented people and spend considerable time identifying and recruiting high caliber individuals wherever they can be found. The trouble is that too many companies pay too little attention to allocating their internal Talent resources effectively.+ (Bryan, Joyce & Weiss, 2006)

This research paper aims to understand:

The dynamics of Talent Management

Significance of Talent Management in IT Industry

What are the fundamental talent acquisition practices followed in the organization

Population: Large Scale IT Industries in Pune Region Sampling frame: Software companies in software development, services, applications management etc. Sampling Method: Convenience sampling Sample Size: 30 large scale IT Companies in Pune Region Data Analysis: was conducted by ascertaining the population proportion and frequencies - maximum data points for a particular question. The interpretation was then based on the frequency outcomes.

Talent Acquisition needs innovative HR Approaches to enrich its results.