Talent Acquisition: In contrast to recruitment

If you ask business leaders about the biggest asset their companies have, most will invariably point to human capital. However, if you ask them how they respond to the challenge of retaining key employees, only a few will mention having a talent acquisition strategy in place. While top managers certainly recognize the importance of covering the big picture, getting the best people, staying competitive, reducing costs, and ensuring future growth, some of them remain blind to the huge game-changing potential of talent acquisition. Read on if you want to learn what makes acquiring talent such a powerful business tool.  

Understanding Talent Acquisition

The importance of talent acquisition for companies, no matter large or small, should definitely be among the top priorities for senior management. That is because, in order to be successful, it is vital for businesses to recognize the role of hiring and retaining the right people. How can they do so? Talent acquisition might offer an answer. In short, talent acquisition comprises the strategic decision-making processes that aim to attract the most competent and skilled employees available on the market. Once businesses have established their people needs, they should engage in pro-actively promoting themselves as workplaces. That way they will reach out to skilled professionals and let them know about the career opportunities available. Finally, leaders who embrace talent acquisition strategies need to focus on relationship building, which is a key step for creating high-performing teams that in turn will generate long-term benefits for the business.

Why Recruitment is Not Talent Acquisition

It is a frequent misconception that recruitment campaigns launched to fill in open positions can meet long-term hiring needs. Essentially, in a way, recruitment is a problem-solution type of process which aims to meet an often urgent need. For example, when an employee is dismissed or leaves the company, HR departments have to advertise for the current opportunity, identify and assess suitable candidates, and ultimately hire the best from the pool. However, thinking that a job advertisement will attract the most appropriate people for the role is not a highly realistic expectation. Firstly, this scenario often rules out the possibility of reaching passive job seekers, and secondly, it is a reactive measure that normally yields limited results. In contrast, talent acquisition is not fixed in time, while also being rooted in planning for the long run. It is a continuous and pro-active effort for building a network of potential hires who might consider your company as the next step in their careers.

How Talent Acquisition Drives Value for Companies

It is said that effective talent acquisition can have a strong impact on competitiveness and lead to enhanced productivity. This is true because it takes into account the specific needs and demands of the organisation. At the end of the day, it is not only the most knowledgeable and proficient candidates that get hired but also those that fit best the company culture and align with the company’s broad business goals.

Also, talent acquisition lies at the forefront of risk management, because it contributes to effective succession planning and minimizes the likelihood of vacancies remaining unfilled for a long time. According to statistics, it even brings hiring and training costs down, which safeguards the company’s bottom line. Hence, forward-looking top management perceives talent acquisition as an integral part of their financial responsibility to the company, which makes perfect sense.

Overall, if done right, strategic talent acquisition will certainly result in reduced turnover, streamlined operations, and improved business performance. It is a critical function that makes it possible for businesses to thrive in a dynamic candidate landscape, and ultimately hire the right people for their teams.

Source: Jehlum