How can your company benefit from talent acquisition?
Published on Nov 24, 2017
The growing rate of competition in the job market has led many organisations to devise strategies to acquire the best talent in the industry. HR professionals these days are designing unique talent acquisition plans and adopting methodologies that can attract potential job prospects to the company. However, formulating recruitment plans to attract talent is also a risky fix that might backfire if precautions aren’t taken.
An instant decision can leave your business with the worst talent on its hands, which could potentially cost you thousands of rupees, diminish employee morale, and tarnish your organisation’s status in the process.
Talent acquisition varies from recruitment in a number of ways. As an HR professional, recruitment more process-oriented. It emphasises on filling current job vacancies, whereas talent acquisition is candidate-oriented, which means it focuses on applicants and their ability to meet the required demand.
No doubt, seeking the best talent is a challenge that most businesses face. Hence, most HR professionals resort to recruitment as it is a much simpler process than talent acquisition. But as talent experts, we believe that a company must balance both strategies to get the best outcome. Here we list the benefits of talent acquisition which will help you re-examine your one-dimensional hiring strategies.
Focused hiring
Unlike recruitment, your approach to filling a job vacancy is unidirectional. Most reputed and dignified HR professionals in the industry will tell you that talent acquisition is also known as focused recruitment. Here you only focus on a skill and hire people expert in that skill alone. Focused hiring is time-saving and can help you put company resources to optimum use.
Reduces financial risk
Talent acquisition strategies are known to reduce the financial risk involved in recruitment. Instant recruitment to fill a job vacancy is quite expensive. Besides, advertisements on recruitment portals, head hunting cost, sourcing, interviewing etc. are nothing but an additional expense incurred by your company. However, on a brighter note, talent acquisition is a method of minimising expenses and reducing the risk of hiring “errors/faults”, such as recruiting the wrong person and regretting later.
Helps you hire passive candidates
Passive job-seekers are known for their outstanding performance and exceptional skills in the industry. Most companies prefer passive candidates to active candidate as the former are considered superior to the latter in terms of talent and skills. Moreover, passive candidates have quality jobs which make them even more demanding in the industry.
Helps you find the right candidate
When you are recruiting, you are seeking the right applicant to immediately fill the current vacancy, whereas talent acquisition is more about planning ahead and recruiting candidates who will be a better fit for the organisation in long run. This in return, tends to attract potential job-seekers who have great self-esteem, conviction and confidence.
Often these candidates would not have the same kind of qualities and skills as other employees, but their innate talents and passion are vital for the growth of the organisation.
Keeps the talent pipeline filled
Employee attrition is a major challenge that most HR professionals face. Frequent dropouts can adversely affect sales and other long-term objectives of the company. However, talent acquisition helps you attract the right talent and maintain a record of employees for future requirements. Moreover, through talent acquisition, you are able to categorise talent as per their skills and experience levels. Unlike recruitment, which is more into the reckless hiring of candidates, talent acquisition simplifies work and lets you deploy the right talent when necessary.
Talent acquisition is best when handled by professional talent consultants. We at Han Digital Solution can understand your concern and help you recruit the best talent. Our talent consultants are expert in executive and mid-level hiring. We can assist you in building a strong and competitive talent pool. For more information, you can write to us at info@handigital.com