Those outside of the human resources department might dismiss talent acquisition; many people are apt to simply write it off as recruiting. Recruitment is not the same as acquiring talent, however, and many businesses are discovering just how important the process of acquiring talent actually is. In fact, effective talent acquisition is vital for just about any business—and here’s why.
GET THE RIGHT PEOPLE
One of the major differences between acquiring talent and simply recruiting is focus. Recruitment focuses on the here and now; companies are most interested in getting people into open jobs as soon as possible. They’re less concerned with the “fit” of the candidate.
Talent acquisition takes a long-term view. Those engaged in acquiring talent are much more interested in finding the best candidate for the job. This means that everything—from skills to future development to cultural fit—is considered when a candidate is “acquired” rather than recruited. These employees are not just stop-gap measures; they’re in for the long haul.
REALIZE A COMPETITIVE ADVANTAGE
You probably know that your single biggest asset as a company is your employees. While some organizations tend to gloss over that fact, the truth is that your people make the difference. When you don’t have the right people in place, your business may struggle; you may find productivity dips or poor decisions are being made. Unmotivated staff may call in sick more frequently. That can seriously harm your ability to maneuver in a competitive market.
By contrast, when you have the right people in place, your business will gain an edge in the market. The right people will have the skills to ensure that work is being completed properly and on time, and that your business decisions are sound. They’ll also be more motivated and more productive in the workplace. All of this translates to an advantage in the market. With the best people filling positions in your firm, you’ll be able to do what you do to the very best of your ability.
INVEST IN THE FUTURE
Perhaps the most crucial thing about talent acquisition is that it is forward looking. Your senior management may not be with you forever—some of them may be looking toward retirement, while others may move on to opportunities with other firms. What are you going to do when the day comes that your CFO resigns? Other employees are equally indispensable, and replacing them with an external candidate may be a lengthy and costly proposition—and there’s no guarantee that the person you eventually hire will fit with your corporate culture.
Talent acquisition looks to ensure you’re hiring people who have the skills and disposition to develop into managers and senior managers. Rather than simply getting someone into a position to do a job, you’re looking to hire the future managers of your firm. Since candidates are already screened so rigorously when you hire them, you know that they’re the right fit for their current positions—and that they have the potential to take on new roles in the future.
SAVE TIME AND MONEY
One last reason effective talent acquisition is so important is that it ultimately saves time and money. Most employers see recruiting as quick and easy—it gets someone into a position quickly, without too much effort. Acquiring talent, on the other hand, can be a much more involved process. But going through that involved process in the first place can save you from expending resources—such as training—on a person who ultimately is not going to work out, will leave, and send you back to the drawing board. Talent acquisition helps you avoid that process—which means that you’ll save both time and money over the long haul.