Due to growing competition in the business world, companies are more than ever dependent on the skills and talents of their employees. Therefore, more and more firms are adopting a new HR strategy called “talent acquisition”.
It is common to confuse talent acquisition with recruitment, despite the fact that they have similar procedures and the same end goal—to hire the best people, yet there are some key differences, too.
What is talent acquisition?
While recruitment is a more simplified process,talent acquisition is a quite complicated procedure that consists of a long-term view, and it is not necessarily a linear process. Recruitment focuses on finding a perfect candidate for an already open position, but talent acquisition is a strategy that fixates on identifying future business needs, and building a talent pool that can be used in the future.
If simplified, talent acquisition is the process of finding the right people, for the right position, with the right skills and at the right time. It is essential to mention that this process is also about making sure that the talented employee will be able to meet the business needs effectively and efficiently, and vice versa, that the company can satisfy the needs of the candidate.
Where and how to start?
There are some elements that are essential when talking about applying talent acquisition at a company that need to be taking in account:
1. Strategy and planning - In order to be able to move to talent acquisition, recruiters have a holistic view that makes them see the company’s goals, vision and mission, and how these are connected. Also, a company must be analysed as a part of the local and global market, which makes it easier to forecast future demands. In combination, a long-term strategy should be implemented that best fits the company’s needs.
2.Workforce segmentation - This is necessary to attract the most talented and skilled people to the company. When knowing the difference between tasks and responsibilities of different departments and employees, it brings clarity on what abilities and education they should have to be able to fulfil those activities.
3. Employer branding - This is key to a successful implementation of talent acquisition because it attracts the most desirable and talented people, who want to work at the company. Branding is not just for selling goods or services, but nowadays it has a broader and far more complex meaning.
4.Talent management - This does not refer to the situation after employment, this is about managing and maintaining contacts with new potential employees who are interested in the company and are willing to change jobs if a new position appears. It requires time and dedication.
5.Metrics - The purpose of using metrics is to analyse and collect data that can be used for improving and making better hiring choices in the future.
Some tips on talent acquisition strategy
• Everyone knows the saying: “If the mountain will not come to Muhammad, then Muhammad must go to the mountain”. The same applies to a recruiter, if talent does not come, then the recruiter has to go to a talented candidate. One of the best tools for that is LinkedIn, where many professionals are registered. The idea is that a recruiter contacts a person with an offer for a certain position and a candidate is the one that has the upper hand and can choose.
• Creating a friendly and welcoming environment. By doing so, the company will be presented by candidates more positively to others (free advertisement/branding). One of the ways to make it simpler and cosy is to invite other employees to tell of their experiences and just to chat, to show around or to introduce other departments.
• Keeping the hiring process as short as possible, especially hiring tech specialists who are in high demand. In other words, making sure that one does not lose the perfect candidate to someone else.
Niche markets
There are some niche markets that are especially in need of a talent acquisition strategy due to rapid growth of the markets, and the demand for employees. These include technology, law, medicine and financial management fields. “A technology firm seeking developers, for example, may need an overall talent strategy around strong culture, unique benefits, and enhancing and leveraging its employment brand,” says Kathleen Quinn Votaw (founder and CEO of Talent Trust).
Also, if a company is expecting brisk development, the talent acquisition strategy might save a lot of resources and time to find new employees, which can be used for improving a product/service or developing something new. At the end, this brings more income and makes the company’s name better known, which later on can be used in the talent acquisition strategy.
Some markets, however, do not require talent acquisitions as much as others. For instance, if the company has a very low turnover of employees and only moderate growth, it might not be necessary to implement a new strategy for hiring employees. On the other hand, a representable image of the company, good conditions, appreciation of employees and a large network of people is always a great competitive advantage that can be beneficial, even if the company hires a new worker once a year or less.
Overall, talent acquisition is a strategic and long-term oriented process that includes recruitment, but only as a small part of it. Talent acquisition is a way to attract, recruit and maintain top talents, and the implementation of it is a new way for companies to compete with its rivals.
Asta Kerkhoven