Recruiting for the Global Economy

Introduction

As the global economy has been expanding significantly, the intensifying competition for talent worries and concerns business leaders as well as human resource managers. Companies need to recruit and select to have the right people with appropriate knowledge, skills and abilities in the right positions to lead and confront challenges, instead of employing below-average candidates to “just fill positions” (The Economist, October 2006). Today, with the global financial crisis just finished, the major economies got recovery, and economic slow-down got remitted, talent remains a critical agenda item for companies to focus on. This paper examines and analyse the strategies being implemented for the universal phenomenon “war for talent” and demonstrates the efficiency of them.

According to McKinsey, talent is …”the sum of a person’s abilities…his or her intrinsic gifts, skills, knowledge, experience, intelligence, judgment, attitude, character and the drive. It also includes his or her ability to learn and grow. “(Michaels et al., 2001: xii). The phrase “war for talent” proclaims “better talent is worth fighting for”, which was officially coined by Steven Hankin of McKinsey & Company in 1997, America’s largest and most prestigious management-consulting firm (Chambers et al., 1998: 45). For years, this term has been used to describe that smart companies are urgent to work aggressively to find, recruit and retain the best employees, and the leading companies would do so.

Literature Review

In the literature review, it is recognised that due to companies would always experience a tough time to recruit, select and even retain excellent employees in current situation, and executives and experts point to a severe and worsening ...

... middle of paper ...

...trategy requires new leadership capabilities and companies are supposed to find and develop a entire new generation of leasers as the current working environment is even more complicated than before and the diversity is added to the organisations. This strategy, as a possible approach to win out in the “war for talent” among companies, is reasonable to attract candidates and retain excellent employees. The reason for this is that a diversity acceptable company means an easy-going as well as with open-mind working environment in the workplace. Cultures from different places of the world are synthesised adequately and no age and gender discrimination. However, a number of companies have not yet prepared well enough to change their company structures and processes in response to the new trend and a new employee-employer relationship (Peter Cappelli, 2003).

Conclusion