Talent acquisition is a critical function in any organisation, and companies that don’t invest in their talent acquisition strategy risk missing out on key opportunities to grow and seize market share. It is a function that can have a major impact on the bottom line, but often gets overlooked.
At times when the recruitment market is more difficult, a strategic approach to talent acquisition can make all the difference when it comes to building out a strong team. Read on as we provide an overview of talent acquisition and outline some of the most common ways in which companies find and keep great employees.
What is talent acquisition?
Talent Acquisition is the process of finding, hiring and retaining the right people to accomplish your company’s goals. The aim of talent acquisition is to build meaningful relationships with recruiters, potential candidates and current staff to position the company as a favourable place to work.
This assists the business when searching for new recruits, as there will already be an established network to reach out to, avoiding large gaps between employees with roles remaining empty for long periods of time.
Recruitment vs. talent acquisition: what’s the difference?
While recruitment is a reactive process that responds to a need that arises within the company to fill a certain role, talent acquisition is a proactive process that begins long before vacancies come about. Talent acquisition involves planning and relationship building to ensure that a pool of suitable candidates is available when the need arises.
What is the talent acquisition process?
The talent acquisition process can vary depending on factors such as the size of the company and its mid to long-term needs, but any strategy will usually involve the following steps:
1. Identify the need and plan a talent acquisition strategy
The first step is for senior stakeholders to analyse the business’ needs and to develop a plan to fill roles. Factors to take into consideration at this stage include long-term business goals, budget, competitors and market trends in the relevant industry. These should inform the decision as to what needs should be met and how these can be achieved, then a plan should be created detailing how this will take place.
2. Identify the ideal candidates and develop the employer brand
Knowing the type of candidates the business wishes to attract is vital when developing an employer brand. Once this is established, employers should be able to identify the best ways of communicating to these candidates as well as where and how to do so. For example, if a dynamic start-up is looking for young creatives, a good place to start would be to develop a presence on relevant job search sites such as Otta and MediaBistro.
3. Form relationships and build a talent pool
The next phase is to begin relationship building with recruiters and prospective employees. This can be achieved by recruitment marketing activities such as networking events, job fairs and press releases. Taking these opportunities to connect with potential candidates can be a catalyst for hiring great talent further down the line, even if you or they are not in search of a new role just yet. Current employees within the organisation should also not be overlooked – maintaining a good relationship can lead to development of their skills ready to be promoted into suitable roles further down the line.
4. Recruit candidates
Once a vacancy is identified, suitable candidates need to be sourced, thereby beginning the recruitment process. The theory behind talent acquisition is that preferred candidates will already be aware of, and warm to, the business, making them more likely to wish to apply for a role. The advantage of having a prospective talent pool at the start of the recruitment process, is the ability to fill roles more quickly and be able to shortlist suitable prospective employees with minimal time and effort.
5. Onboard new employees
Once a candidate has moved through the selection and recruitment process and accepted a job role, the next step is to onboard them. Effective onboarding can improve employee satisfaction and retention, making them more likely to remain at the company for longer. Integrating new employees into the team goes a long way to developing a good working environment that fosters collaboration and interaction, ultimately benefiting the business.
What is talent acquisition in HR?
HR is an essential function in any organisation, and with increasing challenges in the recruitment market and ever-evolving demands, finding the right people for the job has never been so important. With every business needing a tailored approach, it can be hard to find the right candidates to meet these needs from a HR perspective, which is why it is beneficial to develop good relationships with HR recruiters and networking groups.
Discover more about The Recruitment Consultancy’s specialist HR recruitment services, or find out more about our HR forum that brings together likeminded HR professionals.
Why is talent acquisition important?
Talent acquisition is crucial for businesses who wish to remain competitive in challenging times. The ability to maintain a strong team is a huge driver for commercial success, and the talent acquisition process is key to recruiting the very best for your organisation. It has been estimated that the average cost of a bad hire levels out at 30% of that employee’s wage, meaning most businesses simply cannot afford to select the wrong candidates and lose valuable time, money and resources.
How to make the most out of your talent acquisition efforts
While any steps towards proactive talent acquisition can reap great benefits, there are a few ways in which employers can maximise these opportunities. The key to keeping leads warm is maintaining contact and fostering a real connection, so that any approach to hire them is met with enthusiasm and not surprise. Businesses should take care to form genuine connections with prospective employees, whether that is in person at a careers fair or online through platforms such as LinkedIn, and good communication skills go a long way to building the necessary relationships.
Get in touch with The Recruitment Consultancy
The Recruitment Consultancy has developed an excellent reputation for assisting all organisations across a variety of industries with their talent acquisition strategy. From providing advice to facilitating the recruitment process, our experienced team of specialists are on hand to help.
Whether you’re actively look for permanent and contract or temporary recruitment solutions, or you’re ready to develop a talent acquisition plan, get in touch with The Recruitment Consultancy and benefit from a wealth of knowledge and expertise.
