The process through which companies find, track, and interview candidates, as well as onboard and train new employees, is referred to as talent acquisition. The foundations of talent acquisition include employer branding, future resource planning, broadening a company's labor force, and building a positive candidate pipeline.
Both have the same goal in mind: to hire people to fill vacant roles. While there are numerous similarities between talent acquisition and recruitment, there is also a significant difference.
Recruitment is focused more on filling the current open positions while talent acquisition is a forward-thinking approach that involves evaluating the future potential employee's career path within the company. Talent acquisition hiring people with the potential to rise through the ranks to become managers and senior executives in the future. As a result, talent acquisition becomes more about developing a long-term strategic plan for future job opportunities rather than simply filling open positions.
Follow these 5 steps and you'll be able to recruit and hire top talent for your company.
An effective talent acquisition strategy also reduces risk throughout the organization by lowering the likelihood of a failed recruitment. This saves time and money that would otherwise be spent on training ineffective hires. Talent acquisition teams are also in charge of creating and communicating company branding to potential applicants. Candidates should have a clear understanding of the company's culture, reputation, and differentiators from competitors.
All companies have a brand image. It can come from thoughts about your products, history, quality of service, leaders, team members, and so on. Your company also has a secondary brand that is linked to its primary brand and concerns how you are perceived as an employer. This is your employer brand, and it exists in the minds and hearts of your past, present, and future employees.
Employer branding is about establishing the identity of your company, both how it's different and what it stands for, and then creating and connecting those values with the individuals you want to attract. It can show that your company is a fantastic place to work, which helps with recruitment as well as employee engagement and retention.
When employer branding is done well, it will generate interest around your company, which will draw in motivated job seekers and satisfied employees. Then those people will tell their friends, clients, customers, and stakeholders about their excellent experience, extending the reach of your employer brand even further.
Effective talent acquisition is sometimes a lengthy and precise process. Here's a rundown of the steps you'll need to get started.
To win in the long term, it’s important to create a strategy. Below are key talent acquisition strategies to ensure you're attracting the best candidates.
Align the company’s goals: Consider your company's long-term goals for the next one to five years, and adjust your acquisition plan to match those demands. You should think about what kind of talent you'll need to meet your company's long-term goals, even if some roles don't exist today. Remember that investing in the appropriate candidates will pay off in the long run for your company.
Improve talent acquisition using data analytics: When used properly, data analytics can show where the company's top talent came from, whether certain questions are delaying candidates from completing applications, whether including a video about the company's culture boosts applications and many more useful insights. Overall, data analytics allow for the optimization of job descriptions and career pages for example in order to make sure you are attracting the ideal candidates.
Expand your candidate reach: Talent acquisition teams must leverage multiple approaches for sourcing talent for different skill sets and positions. When relevant, the company should leverage specialized job boards, social media, networking events, and academic programs instead of only using general-purpose job sites like LinkedIn or Monster. Teams should focus on establishing relationships with the best talent in each group once the relevant strategies have been executed.
Employer branding: Typically, qualified candidates receive multiple job offers. They assess companies to determine which has the best culture and is overall more attractive before deciding which one to accept. As a result, building a strong employer brand is critical for attracting top individuals and achieving long-term success.
While talent acquisition is managed and organized differently in each organization, it is easily one of the most important drivers of corporate culture and long-term development. In talent acquisition, finding the best talent that aligns with the company’s future goals and building connections with them, will take more time and effort. Recruitment, on the other hand, is more concerned with quickly filling an open position.