As hiring rates increase post-pandemic, companies are feeling the pressure to acquire talented employees to integrate into their teams. These new hires must be both highly skilled and committed to improving company performance in the long term, not just filling an open position.
In fact, according to HR Exchange Network, the most common estimate shows that it costs at least 30% of a person’s first-year salary for the organization to part ways with the wrong employee and again go in search of the right one. Experts say that this estimate may even be on the low side because it doesn’t factor in the additional costs of onboarding and training.
So how does your HR team acquire talented employees that will stay and help your business thrive? This is where it’s critical to fully understand and implement talent acquisition best practices.
Oftentimes, companies focus on recruiting new hires rather than acquiring rockstar talent. Read on to learn how the two concepts significantly differ from each other.
Recruitment vs. Talent Acquisition
Companies sometimes make the mistake of using “recruitment” and “talent acquisition” interchangeably. However, though the words may function similarly, they are different in both concept and implementation. Recruitment is a tactical approach that prioritizes filling vacant positions, whereas talent acquisition emphasizes a strategic approach to hiring.
Below we explore their key differences:
Recruitment is a more common term used by HR professionals across all agencies. Every team has experienced the moment when a role opens up and the recruitment process begins. This is a great example of how it’s different from talent acquisition. Recruiting is a reactive process that occurs when a job needs to be filled, sometimes as quickly as possible. The candidate may have the proper experience or qualifications, but their unique specialties or long-term leadership potentials are not necessarily an active consideration during the hiring process.
In contrast to recruitment, talent acquisition is an active strategic measure that emphasizes finding the most qualified candidate for a specific position in your company. As it’s an ongoing marketing strategy, it’s mostly used within companies to find executives, leaders or specialists who will help change and evolve their workforce dynamically. These candidates are long-term hires intended to lower turnover and reduce the recruitment of less-qualified applicants.
Understanding the Talent Acquisition Funnel
The talent acquisition process can be complex and should be unique to each business’s specific needs and strategy. It can also take months to implement.
Here are five fundamental steps to include in your talent acquisition process:
- Brand Awareness
To begin your talent acquisition process, your business needs to strategize an attention-grabbing marketing campaign that emphasizes your desire for relevantly skilled candidates. Have your hiring managers attend industry-specific events where they can network and strengthen your applicant pool.
- Attract Rockstar Candidates
How can you attract the most qualified talent for your company if they don’t know about you? Focus your marketing strategy on cementing your brand’s reputation. If potential employees have positive associations with your company, they’ll be much more likely to apply.
- Interview and Assessment
It’s critical that you streamline your interview to target the specific, unique qualifications that your team is looking for. Make sure you also include employees that can credibly assess the skills you need in this step of the process.
- Select Your Talent
Select the best applicant based on the company needs that were outlined at the beginning of your talent acquisition strategy. They must have the qualifications, experience and leadership potential that best suits your team.
- Onboard and Train
This is the critical last step for your new employee. This is the beginning of your employee’s journey with you. Ensure they fully understand your culture and goals.
Top 5 Best Practices for Talent Acquisition Success
Explore our tips below and discover how your company can make the most of your talent acquisition programs:
- Determine Your Top-Priority Goals
You can’t hire the perfect candidate if you don’t know what needs or skills should be added or improved within your organization. Before you officially begin the talent acquisition process, identify and detail exactly what goals you want to reach with your new candidates and how they will improve your workplace environment.
- Build a Highly Qualified Candidate Pool
Engage with industry events to build relationships with potential candidates. You may also invest in candidate tracking software if your company is larger. Many HR professionals are increasingly integrating AI and machine learning into their candidate pools to streamline hiring efficiency, reported Forbes.
- Collaborate with Different Teams
Your talent acquisition team should actively reach out to other teams and departments that will be interacting with potential hires and new leadership. By including their outside perspectives, you’ll be more likely to narrow down the best candidates suited for their needs.
- Don’t Rush or Cut Corners
Avoid speeding up any step of the process just to reach a faster turnaround. Talent acquisition should never prioritize filling a vacancy over finding the perfect candidate.
- Invest in Post-Hire Training
Your new talent should be a long-term investment in your company. Plan to incorporate future training or learning opportunities to continue to build on your new employee’s skills and leadership abilities.
Talent Acquisition is the Cornerstone of Your Business’s Future Success
As new industries continue to pop up and grow, talent acquisition is arguably one of the most important business strategies your organization can use to stand out from the competition. While it may be easier to focus on recruitment for time-efficient purposes, talent acquisition will benefit your company for years to come.
By following our talent acquisition best practices, your business can learn to identify, attract and acquire talented candidates who will contribute to your long-term growth and unique culture. These specifically picked employees will improve your company from within as you invest in their own skill sets, rather than just their availability to fill an open position.