In the process of talent acquisition (TA), the mail goal is to recognize and meet all the labor requirements a company may have. When used in the context of the recruiting and Human Resources (HR), talent acquisition usually refers to the talent acquisition department or team within the Human Resources department. Talent Acquisition teams are usually responsible for finding, acquiring, assessing, and hiring candidates to fill open job position.
Whether you are a small scale organization with limited HR resources or international company, the reason for delayed hiring probably becomes out of control. Hiring speed really matters as it increases overall hiring cost, effects organizational reputation as an employer. Nowadays, speeding up recruitment process in India is pretty easier, when you are hiring through some recruitment consultants in India.
The process of Talent Acquisition and the way we recruit have changed dramatically. While sourcing talent and posting jobs on job boards used to be primary TA methods, this is not the case any more.
Talent Acquisition today looks much different. Talent Acquisition and recruitment professionals need to have many more skills, as their main job has become to attract talent. With that being their primary goal, many TA professionals are now expected to be able to plan and implement successful Employer Branding and Social Recruiting strategies.
Benefits & importance of talent acquisition
Strategy Impacts Future Success
Having the right talent is vital for the growth of any business (big or small). Without the right set of resources to carry out crucial business functions, no business can expect to achieve upwards growth. With an appropriate talent acquisition strategy, a business can not only prosper in present but also secure its future plans.
Saves Time and Money
Recruitment is a time and cost-intensive process. According to a study by the Center for American Progress, the average cost of replacing an employee is approximately 20% of their annual salary. In order to fill an open position, a company has to shell out money for advertisements, job portals, and headhunters. In addition to this cost, application and interview process takes time and finalizing a right candidate in a day or two is never possible. The notice period of hired resource and case of wrong hires are also not rare. All of this together makes a serious dent on a company’s budget and takes its own time. With a right talent acquisition strategy or by partnering with a talent acquisition expert businesses can save time and money both.
If your business wants to acquire the most valuable and in-demand talent, you should be prepared to make offers that suit the unique demands, goals and expectations of the individual in question. A generic proposition that isn’t specifically tailored to the candidate might not have the powerful appeal needed to set you apart from other employers.
Provides Competitive Advantage
Without a skilled and experienced workforce to carry our necessary business functions, managing a business is kind of a struggle. It impacts overall productivity, customer satisfaction, and affects revenue flow directly. A futuristic talent acquisition strategy makes sure the right pool of talent is available at all time offering a competitive advantage.
Goes Beyond the Active / Available Candidate
As a talent acquisition professional myself, I find it the most important benefit for an organization. It helps in attractive passive candidates too, who are not currently ready for a job change. I came across several such cases where a candidate was neutral towards an open position (on the same level of hierarchy he was presently working on) when contacted for the first time. However, the same candidate expressed his willingness to make a move if a better role is presented to them.