Why a good talent management strategy is crucial to retain R&D talent?

The recruitment industry is poised to gain a rapid momentum over the next few years, which is likely to increase the significance of an effective R&D talent management strategy. The talent management process is getting reshaped with the emergence of disruptive technology and AI, to take talent acquisition and corporate recruitment towards a booming future. Most of the leading companies across the globe are investing heavily to build the most efficient R&D talent management strategy to secure vital traction over their peers. Factors such as rising staffing index and surging demand for skilled professionals are expected to drive the demand for the best talent management practices. India is home to one of the largest base of the youth population in the world, which is expected to fuel the growth of professional recruitment in the country. Let’s dissect some facts that are likely to drive the importance of a good talent management strategy to retain R&D talent in the coming future.

The growing importance of R&D talent management

Many industries and sectors are finding it difficult to source or retain skilled people and an increasing number of senior employees are expected to reach their retirement age, compelling most organizations to develop effective talent management strategies that will look beyond their industry to find potential hires. Furthermore, the rising incidences of fresh grads looking to work for a brief span before switching jobs and baby boomers looking set to retire early, it is essential for companies to identify and implement the following tools to retain R&D talent in the long run:

Hiring and retention of potential R&D talent

An effective R&D talent management strategy begins by recruiting the appropriate and potential talent. Some of the commonly followed talent management best practices include an evaluation on the basis of general aptitude, intellect, basic problem-solving skills, and passion to excel at work. Moreover, a few more attributes such as collaborative skills to work in a team, social and cultural compatibility, and technical proficiencies are considered while hiring potential talent. An increasing number of companies are also hiring top researchers and academics for senior positions to enable structured mentoring for aspiring and potential R&D talent.

Diversity hiring

The primary objective of diversity hiring is to identify and eliminate potential biases in sourcing, profiling, and shortlisting candidates which may accidentally result in ignorance or discrimination of qualified and diverse candidates. Usually, the social and professional networks are built with people of similar demographics, race, culture, or ethnicity, which can have an undesired impact on the R&D talent management process in such setups. There is a lot of research-backed evidence that diversity hiring has an impact on many sources of value and growth for the talent management strategy that includes employee retention, productivity, process efficiency, and risk management.

Analytics

Big Data analytics is going to play a significant role in strategic talent management over the course of the next few years. A vital component of an effective R&D talent management strategy is “SPEED”, as the best-suited candidates don’t hang around for a long time, and that’s why it is important to make the talent management process work faster. Many companies are using analytics software to diversify their pool of candidates by sorting and targeting potential candidates through their smartphones. Analytics in recruitment has definitely shifted the focus from the traditional telephonic or F2F interview towards a more digitalized R&D talent management best practices.

Technology

Across various industries, R&D plays an integral role in an organization by transforming innovative ideas into real-time products and services which help them stay ahead in the competitive market. To create an efficiently functioning R&D team, it is essential to use the latest technologies in the talent management strategy for R&D employees to scale up capabilities and retain R&D talent. A defining factor of a good talent management strategy to retain R&D talent is a true alignment of R&D talent development with the corporate goals and objectives. Also, nurturing fresh talent by offering clear apprenticeship will mutually benefit both the employees and employers besides enhancing retention of R&D talent.

Future direction of R&D talent management

It is estimated that almost 75% of potential candidates research a company’s reputation as a brand before applying to their job openings, which makes it is critical for the employers to build an effective branding strategy to stand out from the crowd and attract the best talent on hire. There is a growing inability to identify candidates with soft skills and most companies consistently struggle to have a proper assessment process to measure soft skills. However, to overcome this challenge, many companies are increasingly focusing on candidates who possess future-proof skills such as cognitive flexibility, complex problem-solving capabilities, and critical thinking. Another upcoming trend for R&D talent management is the emergence of work flexibility, which allows the employees to work remotely or during flexible working hours. As many industries are evolving rapidly with the advancements in technology and changing demographics, candidates who possess strong future-proof and soft skills will witness a rise in retention in the coming future.