The little-known truth in corporate America is that there is no talent shortage, just a severe shortage of people and systems that recognize, recruit and retain talent. Hiring managers have been told repeatedly that there is a talent shortage across all industries and that they should lower their expectations. Often, finding a qualified candidate turns out to be a long, drawn-out process at the end of which many hiring managers get less than what than deserve and pay more than what they would like. Sound familiar? If you are like most hiring managers, you have bought into the storyline of a severe talent shortage. It is time to challenge this widely accepted belief.

We live in times of sweeping and rapid global change. We work in a global marketplace that is driven by innovation; corporate wealth and growth is no longer driven by mega size, assets or past laurels. Instead, it is driven by the ability to innovate, innovate and innovate. Innovation rapidly shifts resource expectations and needs, often in unanticipated and unplanned ways, impacting the talent requirements of organizations all over the world. In such a climate, yesterday's talent requirements and hiring practices cannot meet today's needs. The ability to recognize and respond to global shifts is the key to locating the talent your organization needs.

Corporate America is missing out on some of the most creative and experienced talent because its hiring practices, policies, organizational thinking and, yes, HR systems are slow, parochial, outdated, and frankly sometimes obstacles to talent acquisition. Ask the innovative, dynamic and agile companies that easily attract the most creative talent about the secrets of their success.

There are four guiding principles to ensure that your organization has the ability to recognize talent when it sees it.

1. Talent is your most valuable asset? Prove it. While almost every company claims that human talent is its greatest asset, its actions don't always reflect this priority. Periodically it is important to reflect on what your company does to recognize talent. Companies must pay attention to the following four P's when it comes to talent acquisition:

• Policies
• Procedures
• Practices
• Performance

Companies must frequently review their hiring policies, procedures and practices to ensure they are not bureaucratic or detrimental to recruiting talent, particularly unconventional talent. Many hiring policies and procedures are archaic and limit hiring managers from being resourceful and agile. We have all come across policies and procedures that are devoid of any common sense, prompting the question, "Who wrote these policies?" Your hiring practices should be flexible and nimble. Setting and reviewing hiring policies, procedures and practices should not be just the prerogative of the HR department but must include organization-wide input and participation of all hiring managers. Finally, there must be an energetic reward system in place for talent acquisition. The talent recruitment incentives of the late 1990s need a boost if companies are to stay at the forefront of talent acquisition.