Organization and Talent Strategies in Emerging Markets
Attracting the most talented pool of candidates and satisfying their needs and retaining them might seem a simple mathematical formula but it is a really tough challenge for many. University of Southern California for example knew that luring and having people on the board was not enough. They had to offer a culture and system that they could cherish for long.
The process of recruitment is formally defined as process of finding a person as per specific job role and matching the job role with the searched person is called recruitment. Employment opportunities of a firm are reflected in the recruitment process of an organization. Thorough need analysis of the organization is to be made first before starting the recruitment process. Organizational development strongly depends upon the recruitment process. Key factors of an organization that attract people to work with them are personal / professional development, career guidance and training (Recruitment & Selection Process, 2013).
2.1. Recruitment at USC
USC evaluated the university structure and global needs to be successful and then attracted and hired the best possible talent around. The university needs to make decision in terms of evaluating the structure globally and making use of opportunities (Recruitment and Selection Process, 2013). The university understood its needs and fulfilled them strategically in following steps:
2.1.1. Identifying purpose:
The USC evaluated job roles and person perspective to understand what it actually needs. The company wanted to have a quality culture where it has best personnel that could serve the faculty.
2.1.2. Attracting Talent:
This step is about knowing where best people can be found and then attracting set of interested and qualified candidates for the role both from outside and inside of the organization.
2.1.3. Accessing Talent:
USC systematically gained detailed information about the particulars of the candidates. The university targeted professors of UCLA that best matched university's requirements.
Selection of the best person for the respective job role is made in this step.
USC, with all of the terms and conditions, make an employment offer to the selected candidate. The massive employment by the university facilitated it since it did not have to repeat same orientation and initial sessions separately for each newly hired employees.
3. Evaluation of Remuneration Strategy of the USC
The USC adopted a remuneration and recruitment strategy where it offered higher salary and superior culture to the newly hired employees. The company's strategy can be evaluated if it results into higher retention rate of the employees, win-win situation for both careers and consumers, well-motivated staff with higher productivity (Optimum Remuneration, 2013) in terms of working as a team and individually, employees directed for professional development and ongoing learning, staff aimed at welcoming change, inspiration and teaching potential within staff for peer productivity and finally as the outcome of good recruitment, an organization got the staff that is able to incorporate recovery principles for every aspect of profession.
The university's policy, in my opinion is not effective in long-term since it is based on offering hiring salaries which is not possible every time new talent is hired. Also the company cannot possibly sustain same culture for the professors and the genitors. The company should understand and act according to the difference in jobs and should not make it one. The reason is that the higher level employees may think that they are not well entertained.
However, the university policy is effective in terms of valuing the social and personal lives of the employees too. Thus the professors feel that they are valued and the university knows their worth. USC knows that after decades of work experience, the employees seek to be valued and not necessarily paid more.
4. Strategic Remuneration
The remuneration and recruitment strategy of USC is strategic. The abundant inflow of the new talent in the university understands that it has long lasting impact on company's HR. Strategic HRM is aimed at providing long-term objectives for the retention of human resources. It focuses in providing the practices for an organization in order to achieve the best performance for the services and business (42 USC § 1397gg, 2013). Discourage isolated working and make sure that at least one employee have the complete idea of the other employee, as it will be helpful in task switching and also in case an employee leaves in emergency. Supportive and being involved feelings should be injected into the environment of an organization.
4.1. HR is Asset
University of Southern California strategically hired the workforce to meet the strategic objectives of the company. The university understands that an important asset of an organization is the human resource and an organization should know the practices to retain the human resource so that to save the additional recruitment cost in case of losing a productive human resource. The other assets like building can be acquired and sold without damaging the image of USC but the HR is a sensitive issue. When employees could not be retained, it can be a strategic disaster for the university. So USC did not only hire the best people but it also made efforts to offer friendly and appreciative culture to retain them.
4.2. Remuneration is Tactic and A Plan
Linkage of organizational performance to the remuneration is termed as strategic remuneration. USC recognizes that uniqueness of the organization is the important ingredient of the strategic remuneration. The employees leaving UCLA were looking for something bigger and better. The life stage of the company matters a lot in making remuneration decision. USC is such a big name that it can afford to offer higher remuneration.
4.3. Salary vs. World Class Program
It is very vital to know what will attract and retain the top talent of the world. The salary is a big issue and tells the standard of the employee but it is not the only thing. One of new employees Toga was paid $1 million a year at UCLA; and the other Thompson earned $421,000. But if it was only about salary, the employees would have remained at UCLA but they valued program development at USC. The areas covered by the strategic remuneration plan include Evaluation of job with job sizing, remuneration structures' design and implementation, management system with an integrated performance is to be developed, as money is the great motivational source so designing the bonus plans along with incentive and employee ownership is much encouraging, non-monetary rewards for boasting up the productivity and finally to track the remuneration strategy; development of an efficient administrative system or software is required.
5. Strategic objectives
Any company generally and USC specifically has following are the strategic objectives with the performance goals of an organization. Low cost global strategy as per the outcome of the operation establishment is the root cause of challenges (The Human Resources Institute of New Zealand, 2013). Ideas sharing along with sharing the professional experiences lead to productive relationship and foster communication among the employees of an organization. Description of the strategic plan comprises of the objective highlighted in the strategy, goals definition for every strategic concern and performance measures as per the performance goals defined.
5.1. Strategic Objectives
Strategic plans of USC highlights the objectives relating the productive environment with respect to developing optimal personal and professional development. Thorough need analysis of the needs of university the company lays down its objectives and recruitment process. Organizational development strongly depends upon the recruitment process. Key factors of an organization that attract people to work with them are personal / professional development, career guidance and training.
5.2. Performance Goals
Each of the strategic objectives is related with one or more performance goal. This goal orientation will direct the organizational development. The university values program development and does not aim to be only stagnant rather it pursues growth.
5.3. Performance Measures
The university measures the staff performance through its annual faculty development and achievements in research and academia. Following are the major steps included in the evaluation process: Collecting the data, arranging the records making the reports, study of the state assessment, audits, and program development process and program budget.
5.4. Organization and Talent Strategies in Emerging Markets
Optimized efficiency and high quality is the result of good strategic planning. Rewards, development of the human resource, selection and recruitment are the methods of the successful human resource management. Evaluation of job with job sizing, remuneration structures' design and implementation, management system with an integrated performance is to be developed, as money is the great motivational source so designing the bonus plans along with incentive and employee ownership is much encouraging, non-monetary rewards for boasting up the productivity and finally to track the remuneration strategy; development…