A sound business strategy is crucial to success, but what’s even more important is finding the right people to implement it. 80% of business leaders believe talent acquisition is important to their organization, yet 61% still experience difficulty recruiting talent. The pace of technological change and the rising competition to acquire the best talent are some of the reasons that make talent acquisition such a complex process. .
What is Talent Acquisition?
Talent acquisition is a specialized function within the human resources department. It is the process of finding, assessing and hiring candidates to fill roles, in order to meet company goals and fulfill project requirements. Acquisition teams work to bring the best possible talent into the organization, while working within the scope of desired business results.
Talent acquisition is a strategic process that includes recruitment and talent procurement. It also involves talent forecasting, building a talent pipeline and talent development. Acquisition has become a distinct field, separate from recruitment, thus it requires a different method and approach.
What is the Difference between Talent Acquisition and Recruitment
Talent Acquisition and Recruitment are not synonymous. One important difference is the focus- Talent acquisition focuses on the larger goals and is long-term, while recruitment can be compared to short-term fixes.
Recruitment involves filling vacancies. It is a reactive process. Talent acquisition involves human resource planning. Certain positions that are difficult to fill often require talent acquisition strategies. Niche markets, vacancies in leadership roles and roles involving a very specific skill set, fall within the scope of talent acquisition. Talent Acquisition requires planning. One must delve deep into the nature of the business and understand talent requirements that may occur in the future. Recruitment processes cannot be used to gear up for skills shortage. This requires a strategic approach.
Benefits of Using a Talent Acquisition Template
Intense competition is forcing businesses to move beyond just finding candidates to fill open positions. Bad hires lower morale, productivity and adversely affects the bottom line. Here is why you should consider using the talent acquisition template.
Streamlined Recruitment Processes
A talent acquisition template can help firms avoid hasty recruitment decisions Resorting to recruitment to fill open positions requires a lot of time and is expensive. According to a study by SHRM predicts that a firm loses 6-9 months of salary, every time an employee is replaced. A streamlined recruitment process can avoid bad hires and reduce turnover costs.
Attract Passive Candidates
Passive candidates aren’t looking for a job, but they have superior skills. Talent acquisition helps attract these candidates for positions that may open up in the future. Building a consistent employee brand can help attract and retain such talent.
A Ready Talent Pool
You can leverage any source to fill the talent pipeline such as an in-house development program, job portals, universities, etc. However, in order to keep your talent pipeline full, a documented talent acquisition process is required. This reduces turn around time for filling open positions.To measure how effective your methods are, use these two markers:
- Number of application received- indicates resources that have to be invested to post jobs.
- Conversion rate- indicates how effective interview and onboarding processes are.
Greater Focus on Long-term Goals
Recruitment focuses on hiring a candidate with the right experience, who can perform his role effectively with minimum training. Talent acquisition processes can help find individuals who may not have the necessary experience or skills, but can be trained for the job. This helps firms to go beyond experience and focus on a candidates strengths. This ensures that they always have the right people who are aligned with the organization’s long-term goals.
Build a Competitive Advantage
Unhappy staff and high turnover rates put firms at a disadvantage. Low morale and poor decisions making affect a firm’s ability to compete in the market. Talent acquisition ensures that the right people are in the right job roles and work continues uninterrupted. This ensures that the firm’s performance is optimized to counter any negative market influences.
Elements of an Effective Talent Acquisition Strategy
Talent acquisition strategy consists of these 6 elements
- Planning: This involves formulating workforce plans and ensuring alignment with organization’s objectives. This also includes understanding global conditions and labor markets.
- Segmentation of workforce: Categorize workforce into different segments, Analyse all positions within that segment. List skills and experience required for each position.
- Employee Brand: Build a sustainable brand image. Define and communicate key differentiators of your firm. Leverage social media to attract talent.
- Sourcing target: Define the audience from where candidates will be sourced. Sourcing strategy will depend on audience type and position to be filled.
- Candidate experience: Build a great relationship with the candidate, nurture these relationships and create a stellar candidate experience such as for onboarding.
- Tracking: Use metrics to measure progress and effectiveness. Implement continuous improvement in talent acquisition processes.
How to Use the Talent Acquisition Template
Update all internal stakeholders with information about the open position such as title, expected turnaround time for recruitment, etc. An analysis of the hring data for the previous three years can provide information about which job groups may need filling and the seasonality of the business. Use this information to assess future hiring needs.
Ensure that your talent pipeline is ready. Determine which channels and referral networks you will use to source candidates. This will depend on your sourcing strategy. Keep job postings up to date on all channels. Coordinate with the marketing team to determine the right message and multimedia to be employed for the target audience.
Outline the accepted criteria for each position. Ensure that the hiring manager’s needs are clearly communicated to the recruitment team. Improve the filtering process and eliminate undesirable candidates
Job Interview Design
Create a standardized interview guide for each open position. This enables a fair and quick evaluation of all candidates. Determine the core competencies for each position. Design interview questions for each competency. You can further categorize questions based on behavioural, situational and general questions.
Talent acquisition is evolving into a function that requires special focus and strategic methods. However, it all boils down to finding the best talent to achieve organizational objectives. New technology, ever-tightening labor markets, increasing skill shortage can be combated with an effective talent acquisition process. Go ahead implement a streamlined process and achieve exponential growth.