When it comes to building a successful business, there are a lot of different elements at play.
Considering that your employees are often the driving force behind your operations, finding and retaining the best people is an extremely critical factor.
Regardless of the current state of your business, talent acquisition should be front and center when moving forward. Keep reading to learn why talent acquisition matters and what you should be doing to build your talent roster.
The Basics: Recruitment vs. Talent Acquisition
Recruitment and talent acquisition are not one and the same, and confusing the two during the hiring process can make it difficult to illustrate the value of talent acquisition.
Recruiting happens when an employer wants to fill open positions. The talent level of the candidates and seamlessly integrating them into your company are not top priorities.
On the other hand, talent acquisition involves looking for the “right” people to fit into your organization.
Simply put, finding the best person for the job.
Another crucial difference between recruitment and talent acquisition is the time frame for completion. Recruiting new staff can take days or weeks to complete, while acquisition can take months to find the right candidate.
Also, because acquisition is about hiring the best fit for the company, you can get started even if you do not have an opening available. If someone within the business is not performing to your standards, searching for and hiring a more suitable replacement can help you reach your goals.
Overall, recruitment is about getting people on the roster, while talent acquisition is about building a championship-level team. One is relatively short-term, while the other is long-term.
There are a few crucial benefits that businesses can get by spending the time and effort to find the right talent. Here are some of the best:
Save Time and Money
According to industry estimates, the cost of replacing an employee is about 20 percent of the salary for mid-range positions and up to 213% for highly educated, higher level positions. That figure represents low-paying positions that have relatively high turnover. If you start looking at management and executive-level employees, that percentage can jump to almost 200 percent.
When talking about that kind of money for replacing your workforce, it becomes all too clear why talent acquisition is so valuable.
Replacing an employee can be costly. So hiring the right person can save you quite a bit in the long run. A typical hiring process includes tasks like placing ads on job sites, spending time sifting through and evaluating resumes, and interviewing potential candidates. The entire process can take an exorbitant amount of time and energy.
When you focus your attention on finding the right talent, however, most of those costs reduce dramatically. Since you do not have to rely on a “cattle call” where every qualified candidate can submit a resume, you can focus your time and energy where it belongs, which can deliver a much better ROI.
Plus, since you are hiring for the long-term, there is no need to worry about the cost of hiring a replacement. While there is never a guarantee that a person will stay on for as long as you may hope, taking the time to vet potential candidates can mitigate a lot of the risk and costs involved.
Increase Your Candidate Pool
One of the most significant issues with the standard recruitment practice is that it is only as profitable as the pool of active candidates you receive.
You have to hope that highly-qualified people need a job and are looking for a similar position. If the only responses you get are from less-than-desirable candidates, you have to make some pretty significant compromises.
Talent acquisition enables you to branch out to passive candidates as well. Chances are that the best person for the position is already gainfully employed, which means that he or she will not be checking job boards.
However, with some creative planning and strategy development, you can find these people anyway. Best of all, because these candidates are not in a rush to switch employers, you can take the time to make sure that they are the right fit.
Just as you may be searching for talented people who already have a job, your competition may be looking at your current staff roster.
Even disregarding the potential for headhunting to strike your most capable employees, having the wrong people in certain positions can put your business at a disadvantage.
Think of it like this: employees who are dissatisfied with their workplace are much more likely to call in sick, underperform, and search for a new job.
When the bulk of your workforce is not committed to the success of your organization, it shows. Worse yet, you do not have to have a majority of disappointing employees for a major negative impact. Having just one or two in critical positions can still leave you in a bad spot.
Finally, when you have the right people in place, innovation becomes more commonplace.
Staff members are more invested in the company and it is easier for new ideas to emerge and flourish.
If you want to outpace the competition, you need to cultivate this kind of culture, which starts by acquiring the best talent.
Find and Mold Raw Talent
Hiring managers do a lot of work to ensure that all job applicants are “qualified” for an open position. However, the right person may not have the correct credentials, which means you could be missing out on raw potential.
Talent acquisition is a lot more than finding the candidate with the “perfect” resume. The right fit for your company can also require a variety of other elements, such as enthusiasm, dedicated work ethic, loyalty to the brand, and adaptability.
In fact, some of the best people may be the ones who do not have years or decades of experience. Depending on the position, it may be better to find someone who has not already been molded by the cultures and requirements of other companies. When you need creativity and innovation, you sometimes have to look to less-qualified looking candidates.
Raw talent can be a game-changer when it’s applied correctly. Talent acquisition enables you to look beyond a person’s credentials and see the possibilities for the future. Most people can be trained for a position, so finding the right attitude and personality can make all the difference in your long-term success.
How You Can Start on Talent Acquisition Right Now
If you are currently looking at your hiring process and realize that it is focused solely on recruitment instead of talent acquisition, do not worry.
It does not require a complete overhaul of your HR team to develop a strategy for finding and retaining the best people. Here are a few ways that you can incorporate talent acquisition.
One of the best reasons to find the right people is because you want those employees to move up the corporate ladder.
In many cases, managers who have risen through the ranks of your business are going to be better than those that are brought in from elsewhere. You do not have to train the new managers on your operations, and you already know that the candidates are aligned with your brand goals and overall success.
So, when trying to find the best people, look at those already working for you. In some cases, employees may have the potential you need, but they are waiting for the right opportunity.
Focus on Values, Not Qualifications
Your business already has a mission statement. Because talent acquisition is all about seamless integration for new hires and long-term growth, you need to find those who are committed to that mission statement.
Thus, when evaluating new candidates, it is far more valuable to focus on what matters to them.
Although, credentials and work experience matter, you can always mold raw talent to suit your needs, as long as the person is aligned with your company culture.
Focusing on the person behind the resume will help you see things more clearly.
Develop Customized Hiring Plans
With recruitment, it is easy to use a “one-size-fits-all” approach. However, for talent acquisition, you have to be more refined in your search, which can require different tactics and methods for contacting and interviewing the best people.
Overall, it is imperative that you understand the value of each candidate individually. Rather than setting a mold and trying to get someone who fits in it already, recognize that you will have to adjust the mold to fit the right person.
Utilize The Right Talent Acquisition Tools & Experts
The best way to ensure that you are hiring the right way is to consult with people who have tons of experience in the area.
Working with professionals that know what it takes to acquire the top talent for your business, makes the hiring process as painless and efficient as possible.
Want to learn how your organization can leverage the expertise of a professional talent acquisition team?