Experiencing an unexpected vacancy in a crucial role puts your organization—or at least the relevant department—in a vulnerable position. It means your recruitment team needs to take extra steps to find the best possible candidate right away.
But, what if you already had a pipeline of qualified individuals who aligned with your company’s mission and objectives?
Applying the concept of talent acquisition can help you anticipate and prepare for filling vacant roles (or creating new roles due to your organization’s growth).
So, what is talent acquisition, and how do you know if your business really needs it? We’ve outlined the answers to these questions, as well as three benefits of talent acquisition that just may make the difference for your company’s long-term hiring goals.
What Is Talent Acquisition?
Talent acquisition is the process of identifying, attracting, choosing, onboarding, pleasing and retaining highly qualified individuals. As opposed to traditional recruiting, talent acquisition incorporates long-term research and analysis.
In turn, a talent acquisition approach allows you to evaluate your current position and plan for future needs when one of your team members unexpectedly resigns, allowing you to make strategic decisions—like developing a new department or position—instead of just scrambling to fill an empty role. Talent acquisition enables you to build your own continually refreshing well of prospective talent.
Talent acquisition goes beyond traditional recruitment processes and works as an overall HR recruitment strategy, interwoven into an organization’s long-term planning and goals.
A talent acquisition recruiter, hiring managers, HR professionals and talent sourcing experts together can create a dynamic talent acquisition team that does far more than simply fill open positions on the spot.
Once established, your talent acquisition team serves as a continually evolving source of information that analyzes trends and hiring experiences driven by data mechanisms, the resulting data and the data’s value and meaning.
Why Your Business May Need Talent Acquisition Now More Than Ever
Employees are resigning in record numbers—more than 4.5 million in November 2021, per Labor Department stats—leaving employers to fill pivotal roles. It’s tough to know when this trend will slow or end, so the best response is to adopt a long-term focus and approach to talent sourcing.
As a result, talent acquisition has become a fundamental tool for many companies, given the increasingly competitive business landscape. It may even be the difference between what isn’t a good long-term decision for your company and what is. Talent acquisition offers a long-term, strategic approach to hiring that helps you plan to fill essential roles for known needs—and hypotheticals—with top talent.
If your organization is competing for employees in today’s market—which, most are—it’s likely to your advantage to adopt a talent acquisition approach.
Three Ways the Right Talent Acquisition Strategy Positions Your Organization for Success
Ultimately, there are no guarantees you will find, hire or retain valued employees at the moment you need to most. However, the right talent acquisition strategy can best position your organization for success in three main ways.
1. Provides a Pool of Talent for Certain Jobs
With a robust talent acquisition process, you can evaluate candidates on every aspect that matters for each position in your organization, such as:
- Cultural fit
- Future professional development potential
This strategy results in a better quality hire every time and lower employee turnover.
2. Ensures That You Stay Competitive in Your Industry
The right hires with the right skills and motivation generate the greatest value for your company. When you hire skilled, passionate professionals who are a good fit for your organization, you guarantee elevated productivity, enhanced innovation and an edge in your market.
The secret of taking your business to the next level is quite simple: hire good employees.
3. Saves Money and Time Spent on Mitigating Employee Turnover
The exact cost of employee turnover varies by company, but it’s safe to say that turnover is expensive, ranging from 25-200% of an employee’s salary. Further, it costs your recruitment team valuable time when they need to start the recruiting process again from the beginning.
Your talent acquisition team should take the temperature on prospective candidates to help ensure that they are likely to stay with your company for the long term.
A Partner in Professional Talent Acquisition Can Help You Develop Your Team and Skills
As a leader in your organization, you know that hiring is about more than simply filling a labor requirement, especially in today’s evolving workforce environment. You now know the key questions to get started:
- What is talent acquisition?
- Does my business need it?
- What are the advantages?
So, you’re ready to begin creating a strong hiring strategy for your company.
A talent acquisition consultant can help you build your brand, understand employee turnover trends, develop a talent database and gain insights into the common reasons roles go unfilled. Talent acquisition consultants can also supply data to help demonstrate to key stakeholders that a healthy reserve of potentially available talent is central to your organization’s future success.
Our experts at Warren Averett Staffing & Recruiting can help you develop your talent acquisition team and fill in the gaps until everyone is up to speed and beyond. Schedule a time to chat with us to discuss how we can help your company with talent acquisition and much more.