As a business owner, you’ve heard a bit about “talent acquisition,” but perhaps you’re curious to learn more. After all, you know you need to fill positions in your firm with talented people—so isn’t talent acquisition just a fancy term for recruiting or conducting a candidate search? While that might be easy to assume, it is actually a bit different.
WHAT IS IT?
The term describes the process of finding and acquiring talented employees that meet your organizational needs. You can acquire talent for any position within the company, whether it’s a new chief financial officer or a skilled labourer to work on the line. However, it also goes a step further in that it is not only a means of filling positions. Instead, acquiring talent looks toward ensuring that candidates’ skills will be utilized in the position—and that you’re hiring candidates that may be able to fill similar positions in the future.
HOW IS IT DIFFERENT FROM RECRUITING?
Recruitment is, in some cases, a subset of talent acquisition. Within HR circles, the term “recruitment” often refers to the activities surrounding hiring candidates: sourcing, screening, interviewing, assessing, and selecting candidates. In that sense, acquiring talent is often more strategic than simple recruitment. Recruiting may have a short-term goal in mind—fill 10 positions now—but talent acquisition is looking at the broader picture, assessing where candidates fit now and where they may fit in the future as well.
WHY USE IT?
The process has several benefits that simple recruitment can’t offer. For example, recruitment has as its primary goal the filling of positions. Talent acquisition is instead looking at longer-term goals, including your business goals, and seeking out the right candidates to help your firm achieve those goals.
Obviously, taking a longer-term approach to your hiring practices has advantages for your firm. When you hire the most talented and skilled candidates, you can be sure that they will fit their roles well. You can also be assured that their skills will be put to good use. You’ll likely also look for candidates who have potential to grow, which means that as your firm grows, your employees can grow with you by learning new skills and moving into new positions.
IT’S WIN-WIN FOR EMPLOYER AND EMPLOYEE
Talent acquisition benefits both employer and employee. Employers are able to hire the best candidates for current positions, with an eye to growth for the future. Employees know that they’ll be entering a position where their skills will be used and appreciated—and that they should have opportunities to grow.
For both employer and employee, this creates stability. Employees may have more job satisfaction and be more motivated at work. Employers reduce the risk of staff turn-over, which can be costly—especially if the position requires another lengthy candidate search. Employers and employees can also be assured that the company culture is a good fit for both.
WHAT ARE THE DRAWBACKS?
The largest issue is the length of time talent acquisition takes. The processes involved in acquiring talented people to work for your firm can be quite intensive and rigorous. If your HR team has limited capacity, then the task may be pushed to the wayside as more important work takes priority. That can ultimately harm your business’s long-term goals.
If this sounds like your firm, don’t worry—there’s a solution for this situation. Instead of foisting the task of acquiring talent onto your HR team, look to outsource the process. You’ll get access to a dedicated team of experts who can help you find the best, most qualified candidates—for both now and in the future.