WHY EFFECTIVE TALENT ACQUISITION IS VITAL FOR YOUR BUSINESS

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.

In this post, our HR consultants will share:

How it’s different from recruiting and,
4 benefits to developing a talent acquisition strategy

Is talent acquisition the same as recruiting?

Our parent company, IQ PARTNERS, is one of Canada’s top recruiters so we know the difference between recruiting and talent acquisition. In short, while recruiting delivers on a company’s short-term hiring needs, talent acquisition is centred on the organization’s long-term goal of attracting the best talent to grow the company.

Recruiting fills a more current, immediate need for a specific set of skills. If an employee leaves, people often call a recruiter looking to hire people with a specific skill set whether it’s a new chief financial officer or a skilled labourer to work on the line. As such, recruiting has a distinct beginning and end.

Talent Acquisition goes a step further in that it is not only a means of filling positions but also works long-term on improving the company’s ability to attract the kind of talent who may be able to fill other positions within the company in the future.

For more on the differences, see our post Understanding the Differences Between Recruiting and Talent Acquisition.

What do talent acquisition specialists do?

The role is focused on finding and acquiring talented employees that meet your organizational needs both short and long-term. As such while it will include recruitment and the shorter-term activities needed to bring in talent - sourcing, interviewing, hiring & onboarding - it also includes working longer-term to improve the company’s employer brand. This includes promoting the company culture and prospects through marketing initiatives and recruitment events.

Smaller companies or companies experiencing growth will often hire part-time HR consultants like ours to tap into their longer-term view and broader industry experience to create a talent acquisition strategy.

4 Benefits Of Talent Acquisition For Your Businesses

1. Attracting Long-Term Talent

Talent acquisition takes a long-term view. Those engaged in acquiring talent are much more interested in finding the best candidate for the company than just 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.

2. Talent As 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 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.

3. Invest In The Future

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.

4. 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 will not work out, will leave, and send you back to the drawing board.

Studies show the cost of a mis-hire is anywhere between 3-6 times base salary.

Talent acquisition helps you avoid that process—which means that you’ll save both time and money over the long haul.