Strategizing Talent Acquisition for Fostering Future Workforce Success: Addressing Millennial Turnover and Hiring Challenges in a Rapidly Evolving Business Landscape

Rapid technical breakthroughs and a competitive labor market characterize today's business prospects, emphasizing the need for successful recruitment and talent acquisition. Preparing for your company's future workforce entails evaluating who, when, why, and how you hire—all of which are mirrored in your talent acquisition strategy. If given the option, 49% of Millennial workers would quit their present employment within the next two years (2019 Deloitte Global Millennial Survey). Many businesses consider finding the right people with the proper abilities their most pressing hiring challenge. Companies that employ effective talent acquisition methods lead to a successful workforce. However, lousy hiring can significantly reduce company profitability and efficiency. This research paper aims to analyze the current talent acquisition practices and processes adopted by the company and to understand the various factors affecting talent acquisition practices. A proactive talent acquisition strategy, encompassing strategic workforce planning, employer branding, continuous talent pipelining, technological integration, skill development, collaboration with educational institutions, data-driven decision-making, and a commitment to diversity and inclusion, forms a comprehensive model for long-term sustainable success. By adopting and adapting these practices, organizations can build a resilient and adaptable workforce capable of navigating the challenges of an ever-evolving business landscape. © The Author(s), under exclusive license to Springer Nature Switzerland AG 2024.