Talent acquisition can bring huge benefits to a business, yet many firms are still basing their hiring efforts on traditional recruitment methods. It's important to realise that talent acquisition is not a buzz-phrase that's going to come and go like so many workplace trends.
Understanding the difference between a talent acquisition strategy and simply “recruiting” for jobs can not only help you find the best fit for your business – it may also be a key ingredient towards the future success of your organisation as a whole.
The term 'talent acquisition' refers to the entire process of attracting, engaging and hiring a new employee. It involves all stages of the practice, from managing a brand's reputation and building a bespoke EVP, to passive talent engagement, interviewing, providing feedback and onboarding new starters in the best way possible.
The two terms are often used interchangeably, but there are major differences. 'Recruiting' focuses on hiring an individual to fill a vacancy. 'Talent acquisition' ultimately achieves the same goal but has a broader intention – thinking about the bigger picture and how an individual will connect to your mission and values.
Talent acquisition is a long-term solution and forms a part of a company's strategic vision. Talent acquisition specialists will not only help to find the right individuals for a particular role, but also help shape an opportunity and build a talent attraction strategy that will ensure your business stands out from the competition when trying to hire the very best candidates available.
In the ultra-competitive modern age, businesses have to find various ways of staying ahead of the competition. Firms without long-term talent strategy are unlikely to survive in today's climate. The quality of an organisation's employees can make all the difference to its future successes.
Good talent acquisition has one eye on potential, as well as current skill-set. Candidates are selected with the talent to progress within a company and, in time, contribute to its strategic vision and future growth.
Traditional recruitment policies can prove successful, of course, but there's a greater element of risk involved. The hiring process is also a time-consuming and expensive one – it's estimated that the cost of replacing an individual employee can range from one-half to two times the employee's annual salary. Furthermore, a high staff turnover rate is bad for productivity levels as well as business reputation. Find our tips on refining your talent acquisition strategy here.
When compared to a properly thought-out talent acquisition framework, recruitment is very much a gamble. Consider the difference that adopting the following strategies can make to your own hiring and retention processes.
Employers used to have the upper-hand when it came to finding new talent. Brands competed on salary-levels and little else. Nowadays, potential employees care about far more than pay. They want on-the-job perks such as reduced gym membership and inclusive policies. They want bright-and-airy office spaces and flexibility to choose where and how they work. And many want to work for companies who have a social and environmental conscience.
If your business doesn't offer any of these facets, you're already behind in the race to procure the best talent. Furthermore, it's worth noting that around 75% of the workforce will be millennials by 2030, and the next generation – Gen Z – is more socially-conscious and progressive than any other group that's come before it. Both tribes have little in common with the formally-dressed workforces of old.
Get to know the needs of today and tomorrow's generations, study the top trends of talent management for 2022 and see how your brand's current reputation matches up. If your job advertisements are only meeting the needs of those used to rigid 9-5 office schedules, then you'll be minimising the talent pool available.
Relying on job boards to advertise – even if these are digital ones – also narrows your potential talent pool. Research is needed to discover the kind of communication methods your desired employees prefer to use. 79% of job applicants use social media in their job search, so reach them in any way you can. Always go to them – don't wait for them to come to you!
Many businesses put all their efforts into one stage of the process, letting other areas slide. Although the process will differ from one brand or industry to another, it should generally include the following steps:
The interview process
The selection process
Let's say all of your budget is going on sourcing and attracting talent. When it comes to the interview process, you need to give enough time and attention to a continued great experience.
If any step of the talent acquisition process falls down, the whole building collapses. It's essential to remember that great talent acquisition is about the bigger picture, and spending money now will save money in the long run.
Just as your business may outsource detailed technical work to an experienced professional, a talent consultancy can support your hiring objectives. Compared with traditional recruitment, talent acquisition is a much longer process, requiring dedication across all stages.
All businesses face challenges when it comes to acquiring the best talent available. The most important part of the process is a shift in mindset – adopting the philosophy, so it becomes a day-to-day part of how your company operates.
For less-skilled and temporary roles, traditional recruitment practices may suffice, but all levels of your business must understand the difference that talent acquisition can make if you are to attract those niche, high calibre candidates you seek.
To discuss your Talent Acquisition needs, get in touch with us today
Elements are the pioneers and leaders of Embedded Talent Consultancy. Our consultants are embedded within some of the world’s best-known organisations, solving their toughest and most complex hiring challenges.
In addition to our work with leading brands, including Spotify, IKEA and TikTok, we have helped scale SME's and Start-ups, including Zendesk and Stitch & Story.