Problem 01 - Talent Acquisition and Retention Issues.

 Description

One of the main problems in human resource management is talent acquisition and retention. The main challenges are attracting qualified candidates, skill gaps, inefficiency, and the high cost of the recruitment process. Due to the fierce competition in the current job market, it is difficult for the organization to attract and retain employees who have experience, skills related to the position, and who fit the culture of the organization. Other challenge is skill gap. In a rapidly growing market, it is the difference between the skills that employees have, and the skills needed to meet the demands of the organization. The reason for the skill gap is technological development and the improvement of job roles. "Tesla has faced significant challenges in retaining engineers due to its intense work environment, rapid expansion, and frequent leadership changes, which contribute to high turnover rates (Quora, n.d.). Despite these hardships, the company's mission-driven projects continue to attract new talent." Lastly, the recruitment process is ineffective due to the high expense of the hiring procedure, which is complicated and poorly managed. As a result, the organization's effectiveness declines and the recruitment cost rises. "BlackBerry’s failure to adapt to rapid technological advancements in the smartphone industry led to a significant loss of market share. The company's focus on enterprise solutions rather than consumer needs contributed to its downfall (Inspire IP, n.d.)." Additionally, it is challenging to find qualified workers who complement the company.

How Specific HRM Theories Models can be Applied to Solve Those Issues and the Potential Impact of this Strategies on Employee Wealth

   Human capital Theory

This theory says employees are valuable things in companies or   workers on employees that affect corporate success. their skills, knowledge, experience help business to success. To solve skills acquisition and retention issues, the company must work for employees and professional growth opportunities. This is important to increase the employee's loyalty and reduce the turnover and to maintain fine employee and employers.

Human capital theory focuses on the knowledge and skills of employees as well as their value. For employees, this results in greater opportunity for career growth through improved skills, as well as higher wages and increased wealth. Companies focus on upskilling employees through fair wages, training programs and promotions. As a result, they benefit the employees' wealth in the long run.

Resource- based view (RBV)

This theory says company can be succeed if it has unique and valuable resources that competitors don't have. To create a strong employer brand in the organization, a positive work culture should be created in institutions to attract competitive salary and benefits and to attract high talented workers. These resources can be divided into 3 part like Humans resources (skilled employees, strong leadership), physical resources (technology), Intangible resources (company culture, reputation)

If this resource is valuable and hard to copy, well organized give the company long term competitive advantage.

The resource-based view posits that an organization's valuable, rare resources are the main influences on competitive advantage. Companies that invest in retaining key employees are turning to valuable resources such as career development programs and leadership roles to enable these employees to increase their earning potential. Therefore, employees who stay with the organization have a greater chance of wealth growth through organizational stability and potential for advancement.

Equity theory

Is about justice in work. This theory focuses on the focus on justifying employee benefits. Employees are constantly compared to the employees of their services (work, skills, time) and other benefits (wage, promotions, acceptance) of their services. It is important.

To keep employees in the organization, they must ensure the equity of reasonable salaries, promotions and benefits compared to the same working employees.

Equity theory thus focuses on fairness in the workplace. If employees perceive that they are being paid a fair salary compared to others of the same age, they tend to stay with the organization. However, when workers perceive inequities in pay, or the weight placed on work, workers' motivation and ability to accumulate wealth may decrease. A fair system will help maintain a motivated workforce, better performance and wealth accumulation.

Innovative HR Strategies or Practices to Solve this Issue

AI-Powered Recruitment

With the help of artificial intelligence organizations can automate the process of repetitive tasks, screening resumes and even predicting the suitability of the candidate for the job position. AI applicant tracking systems are analyzing resumes effectively and because of that only the qualified ones will be selected for the interview stage. This technology saves lots of time, reduce hiring costs and increases efficiency.

Gamified Assessments

Instead of traditional interviews companies can use gamification for their hiring which is a way that enables to evaluate applicants through interesting and interactive challenges. With this, entities can identify the problem-solving abilities, teamwork and job specification talents that applicants have. This method helps to choose the best employee for company and also enhancing the other applicants experience and engagement.

Upskilling & Reskilling Programs

In a world with a modern technology, skill gaps can be considerable as a main issue of an entity. So, businesses must invest money on their employees to ensure that they are skilled and knowledgeable. Organizations can do it by providing online courses, certificates and practical training. Employees can stay up to date on changing job demands by collaborating with learning platforms like Coursera, Udemy or LinkedIn learning.

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