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Innovation – A watchword in IT
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CO TE TS
Executive Summary 3
Introduction 4
Market Overview 5
Conclusion 8
Reference 9
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Executive Summary
Amid neck-break competition and surging attrition rates, the talent war has assumed
proportions never thought of a few years back. And in a talent pool like India, which
doubles up as a service provider to the entire world, organizations are under constant
pressure to attract new talent and retain their existing work-force. Organizations across
all industries around the world are now struggling to fill vacant positions. In fact,
companies are reporting having an increasingly difficult time finding the right person for
the job, from executive positions down the ladder to rank-and-file employees. In January
2007, Manpower Inc., which offers employment services from its headquarters in
Milwaukee, conducted its 2007 Talent Shortage Survey. Polling about 37,000 employers
from 27 countries and territories, Manpower discovered that 41 percent of employers
worldwide are having trouble filling vacant positions “due to a lack of suitable talent
available in their markets.” The Performance & Talent Management Trend Survey 2007,
which was conducted by BPM Forum, SuccessFactors Inc. and the Human Capital
Institute, reports similar results: 98 percent of the 725 respondents say that competition
for talent is increasing in their industry. Of those respondents, 65 percent say it’s
increasing to a “high” or “very high” degree.
Facing conditions like these, companies need better, more efficient and cost-effective
ways to manage the entire hiring process, from writing the requisition for the job to
posting it on external job boards to getting the new employee set up and ready to work.
E-Recruitment solution provides the answer for the problem.
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Introduction
Nearly every large enterprise today has an HRMS (Human Resource Management
System) in place, but not all of them have formally adopted a talent-acquisition strategy.
But in today’s knowledge economy, employees are a company’s greatest asset and are
key to staying ahead of the competition. Talent acquisition can be described as –
planning, sourcing, assessing, hiring and on-boarding of top talent. In its 2006 Talent
Acquisition Strategies Benchmark Report, Aberdeen found that 64 percent of the 100
enterprise respondents needed faster and easier ways to populate their databases with a
qualified talent pool, and 53 percent needed to improve communication through the
integration of their talent-acquisition processes. Respondents also noted pressure to
compete with rival companies to source top talent, as well as access to open Internet job
boards and private talent portals. The solution can be found in an increasingly important
component of HCM (Human Capital Management) software: a comprehensive e-
recruitment offering.
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Market Overview
Although India can’t be pronounced a developed market in terms of e-recruitment yet, the
trend toward technology in HR is fast catching up. The approach toward human resource
management incorporates both the traditional HR principals, and technical support
available in the market. E-recruitment is gradually becoming a core area for many
organizations today, simply because organizations have now realized that age-old
methods are no longer working where the management of their primary asset employees,
is concerned. Moreover, an increasingly globalized work-force has come with yet another
key issue for the companies to manage that of managing people at diverse locations.
Cisco Systems, TCS, Infosys, Reliance ADAG, HLL are some of the companies who
have e-recruitment software operating in India. Other companies are also expected to
follow the suit in the near future.
Globally, there are five market leaders – BrassRing, which has been acquired by fellow
leader Kenexa — the combined offering is Talent Acquisition/ Recruiting.Taleo Corp’s
Recruiting, StepStone Solutions’ EasyCruit and i-GRasp and Vurv Technology’s
Recruitment. Each of these vendors offers consulting and implementation, such as
customization, services. And all but Kenexa offer e-recruitment software tailored to
midmarket customers. Challengers are iCIMS’s iRecruiter, Jobpartners’ ActiveRecruiter,
Authoria Inc.’s Recruiting, Bernard Hodes Group’s sourcing solutions, Peopleclick Inc.’s
Recruitment Management System and VirtualEdge Professional, which has since been
acquired by “talent lifecycle software” vendor ADP Inc.
Finally, there are also four niche players — enter the major ERP vendors — Oracle
Corp., Oracle-PeopleSoft and SAP, as well as talent management vendor SilkRoad
technology Inc, which offers OpenHire. Oracle offers iRecruitment and PeopleSoft
Enterprise Talent Acquisition Manager and Enterprise Candidate Gateway. Also, SAP’s
suite includes E-Recruiting.
From the outset, it might appear that the benefits derived from an e-recruitment offering
may be limited to cutting down on HR’s paperwork hassles or easing some of the job-
posting duties of hiring managers around your organization. In fact, e-recruiting’s
benefits ripple out from HR to finally improve an organization’s agility to respond to
changes in the market, mitigate the human-capital risk and support regulatory
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compliance. Expect, also, to see productivity improve with happier employees who are
well-suited to the jobs they perform.
An e-recruitment system can also help your company cut costs across the hiring process,
from HR’s operating costs to the costs incurred by a vacant position to advertising and
agency fees to post open positions. Equally important — but perhaps not immediately
evident — is the boost e-recruiting can give your company when you need to hire in the
future. A comprehensive system can help your firm build up a talent pool of qualified,
interested potential job applicants that you can tap when you anticipate openings. You
may just have the perfect candidate on deck as and when is there a position vacant.
• Regulatory Compliance:
Another critical feature offered by e-recruitment solutions are integrated tracking and
reporting capabilities to ensure compliance with a variety of employment regulations,
such as fair-hiring practices and equal opportunity employment. Prescreening comes in
handy here, too, making sure that all job candidates are evaluated on equal criteria and
reducing the risk of discriminatory hiring decisions.
gather recruiting metrics that measure both the efficiency of the recruiting process —
such as time to fill, cost per hire and offer- acceptance rate — as well as the new
employee’s performance, such as quality of hire, best talent sources and recruiter
productivity.
• HRMS Integration:
Another feature that e-recruitment packages tend to share is integration with third-party
and homegrown HR software, including HRMS systems, payroll solutions and more.
That should be accomplished using standard technologies.
• Databases:
One of the more powerful benefits of an e-recruitment offering is the ability to build
talent warehouses, databases of both active job seekers and passive, potential job
candidates that your organization can tap as positions open up.
• Job-Site Branding:
An organization wants to provide easy-to-use tools for prospective employees to learn
about and apply to your organization’s open positions. Using portal authoring and
content-management tools, one can tailor a variety of career sites to target new college
graduates, hourly workers, executive types, your existing work force and more.
• On-Boarding:
An E-Recruitment System provides tools for filling out post-hire forms, enrolling in
benefits programs, taking orientation courses and other features to help coordinate the
logistics of a new employee’s first few days on the job. With on-boarding, one complete
the recruiting cycle and get new hires off to a successful start at your organization.
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Conclusion
Companies around the world now operate in a knowledge economy in which employees
are a company’s greatest asset. Therefore, hiring and retaining top talent can mean the
difference between success and failure in the marketplace.
Companies will have success at sourcing and assessing top talent if they work on long-
term strategies, such as improving their company brand [and] building a pool of active
and passive candidates. These goals can be achieved with a robust e-recruitment offering.
E-recruitment software also gives the HR department a greater ability to support and
advance the organization’s business goals. By working with the right kind of job
candidates, HR can reduce the cost per hire, fill the position more quickly and
successfully, and support the corporate culture with a good personality fit.
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Project source http://www.mbaguys.net/t731/
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Reference
Surveys
http://www.talentmgt.com/industry_news/2008/November/3856/index.php
http://resources.bnet.com/topic/survey+and+talent.html
http://dqindia.ciol.com/content/strategy/management/2008/108112708.asp
Software information.
http://www.hrworld.com/whitepaper/recruitment-buyers-
guide/index.php?cmd=submitForm
Miscellaneous
http://www.relianceworld.in/erecruit.htm
http://www.careers.tcs.com/FAQHome.html
http://www.financialexpress.com/old/fe/daily/20000929/fst29024.html
http://www.icmrindia.org/casestudies/catalogue/Human%20Resource%20and%20Organi
zation%20Behavior/HROB014.htm
Books
“Keeping the people who keep you in business” – Leigh Branham
“Human Resource Management” – K. Aswathappa.
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