Why talent acquisition is important

Although many people still haven't realised how talent acquisition benefits a business, companies are increasingly starting to understand the difference between recruiting and acquiring talent, and recognising how effective talent acquisition is vital for any business. To build a successful business you need a combination of different key elements, among which people are one of the most important.

Hence, finding and retaining the right people is crucial for business success. The talent acquisition task is part of human resources HR and involves recruiters, sourcing agencies, HR professionals and hiring managers in the activities of sourcing, attracting, interviewing, hiring, and onboarding employees.

Whereas recruiting is just one aspect of talent acquisition, that has to do with the selection and hiring of a candidate to fit a job vacancy. Instead of simply filling the positions that are open at a given moment, the talent acquisition process goes further and runs continuously to identify the best candidates for future positions that can be harder to fill, such as executive-level positions, leadership roles, or jobs that require specialised training.

According to this white paper , the formula for creating business value can be defined as an expectation of future cash flow driven by asset performance. Regarding assets, there are two types to consider: tangible assets equipment, buildings, trucks, etc. The white paper highlights how more than 90 per cent of the value of leading companies such as Facebook can be attributed to intangible assets, specifically to its people.

While bad hiring decisions can create elevated risk and be prejudicial to the company. With this in mind, companies need to take a more strategic approach to talent acquisition and focus on investing more in the attraction and selection of the talent that is most valuable to their business. Understanding what makes a good hire allows companies to continue hiring to that same or better level and work to ensure their best talent is retained.

This requires HR to be able to measure the quality of hire and to determine who is responsible for it. Your people are your most critical asset.

Without them, your business simply wouldn't operate. But in many organizations, the HR and talent acquisition functions are seen as little more than cost centers that exist simply to fill open positions. That's unfortunate, because the most effective organizations know that talent is key to effective growth — and the people in charge of securing that talent deserve a place in the strategic planning process. If your organization still has an old-fashioned view of talent acquisition, you have the opportunity to change that.

By showing that your function is engaged and involved in business-focused activities like planning for attrition, developing retention initiatives and building pipelines to support growth, you can demonstrate to leadership that talent plays a business-critical role within your organization. Showcasing your initiatives' effectiveness through measurable data is the perfect way to change your leadership's perception of the talent acquisition function — something you can't accomplish without an effective talent acquisition strategy.

Understandably, many conflate these two roles. After all, both share the same objective of hiring people to fill open positions. While talent acquisition and recruitment overlap in many ways, there are also important differences. Consider the following sports analogy. Recruitment is akin to free agent signings. Sports front offices typically identify and sign free agents to fill immediate team needs.

Talent acquisition, in this analogy, relates to the long term roster health, which includes drafting young talent, remaining financially flexible, hiring a coaching staff that creates a winning team culture, maintaining that culture and ensuring long term team success.

In short, recruiters fill vacancies. Talent acquisition consultants, on the other hand, utilize an ongoing strategy of identifying specialists, leaders, and future executives for your organization. Talent acquisition departments focus more on long term human resources planning rather than short term labor demands. In order to recruit and hire the best talent, companies must align their planning and talent acquisition strategy across departments in order to identify, target, and attract the most qualified candidates for a given role.

Talent acquisition teams are also responsible for developing employer branding and communicating that brand to potential candidates. Branding should clearly give candidates an understanding of your company culture, its reputation, key differentiators between competitors, and its products and services.

The talent acquisition team must also manage candidate life cycle, from the initial application through the final job offer. Effective collaboration, clear communication, and goal alignment with the hiring manager is key, in this regard. In addition, talent acquisition teams are responsible for retaining essential employees and developing and maintaining morale among their labor force.

The talent acquisition process involves several complex steps. The most essential of those include:. Recruiting Strategy. Applying a Talent Acquisition Strategy Helps you Stay Competitive The top competitors in your field are where they are not by luck or coincidence. Your Workforce Determines Your Success The first determinant of success in any organization is the people who make up the organization. An Effective Talent Acquisition Strategy Makes You Prepared For Future Eventualities Talent acquisition is not just about employing; it also involves identifying the right people for filling future positions by collecting the necessary data and keeping in touch.

Talent Acquisition Reduces Risk Talent acquisition is not rush work; it entails a strategic planning process built on the unique needs and wants of the organization. Effective Talent Acquisition Boosts Productivity and Saves Cost One of the surest ways to boost productivity and ensure quality performance and results is by hiring a skilled and talented workforce.

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