Today’s competitive business world looks for talents who are not just qualified or experienced but culturally fit with the company’s vision. Talented teams in the organisation stand behind its success. However, these individuals may not knock at your door, but you must proactively acquire them using multiple talent acquisition strategies.
This article will share the benefits of talent acquisition and eight promising talent acquisition strategies to acquire them smoothly.
What are Talent Acquisition Strategies?
In a survey, 86% of recruiters and 62% of employers said today’s job market is entirely candidate-driven. It makes talent acquisition difficult for companies, especially when job seekers demand changes with market trends.
For example, if your company is not flexible with remote or hybrid work culture, you might lose hundreds of millennial candidates.
Talent acquisition is an organisation’s strategy used in its recruitment process to find, attract, hire, and retain top talents. In short, it is a planned and structured set of actions the HR department takes to get the best employees to achieve the company’s long-term goals.
Strong employer branding, positive candidate experience, creating an inclusive workplace, and having a strategic plan are a few steps of talent acquisition.
Talent acquisition strategies vs talent management strategies
Talent acquisition is the systematic process comprising multiple recruiter actions to find, approach, and recruit top talents.
Meanwhile, talent management practices refer to the steps taken in an organisation to retain, motivate, empower, and promote its talented employees.
Why Do You Need Talent Acquisition Strategies?
It is crucial to have a talent acquisition strategies framework for companies to hire the best talents and ensure business success in the long run. There are multiple other reasons for implementing such techniques in your organisation.
Some reasons behind adopting talent acquisition strategies are mentioned below:
Attracting Top Talent
Such strategies allow companies to source and hire the top talents for their vacancies. They are usually customised as per the company’s unique requirements and future vision. With a proper strategy, you can hire candidates who are skilled and experienced and fit with the company’s core values.
Reducing Costs
By implementing talent acquisition best practices, you can streamline the hiring process, improve hiring quality, and lower turnover rates. All these reduce overall recruitment costs and save time and resources in the long run.
Improving Employee Retention
With the correct talent acquisition strategies, you can hire candidates that are an excellent cultural fit and aligns with the company’s overall mission and vision.
Often these employees feel connected with the business for a long time, thus improving employee retention. However, numerous other ways, like investing in career development, appreciating and rewarding talents, etc., can help you with it.
Building Productive Teams
Businesses aim to improve the talent acquisition process to hire the best talents and build productive teams. Such strategies allow you to create a diverse and inclusive workplace with individuals of different backgrounds, skills and knowledge. It results in improved business productivity, collaboration, and employer branding.
Effective Succession Planning
Effective talent acquisition strategies help with succession planning and succession management in companies. It prepares you to plan for the future and identify able successors for critical roles. Additionally, you can train and mentor these employees to prepare them for higher responsibilities.
Boost Business Performance
Positioning top talents in the right roles can help companies increase their productivity and effectiveness and gain a competitive advantage. They help in meeting your long-term growth and contribute to overall business performance.
8 Talent Acquisition Strategies to Adopt in Companies
These days employees are extremely selective when it comes to selecting their place of work. It makes employers compete to acquire the top talents, and companies get confused about how to attract them.
We have compiled eight top talent acquisition strategies for help.
Align Your Acquisition Strategy With Business Goals
You must consider the business goals for the next five years and tailor your acquisition strategy according to its needs. Talent acquisition and recruitment go hand in hand but with different objectives.
While recruitment focuses on filling positions within a department, talent acquisition considers a company’s long-term goals and finds employees to help you reach the goals.
Invest in Employer Branding
Most candidates will interact with your brand before they speak with the recruiters. It means attracting a large part of the top talents depends on employer branding.
Organisations investing in employer branding have increased by nearly 50% in attracting qualified candidates. You can develop a good employer brand by
- compensating your employees properly
- ensuring work-life balance
- employee wellness
- collaboration
- growth opportunities, and more
Leverage Data and Technology
Companies utilising technology can boost their talent acquisition strategy from job posting to employee onboarding and achieve better results. Leveraging data in the talent acquisition process helps you convince people to join the company.
For example, technology can bring insightful data related to your job description performance and help you make necessary improvements.
Offer Flexible Work Options
The traditional office working model has some alternatives, like remote and hybrid working models. In remote working, employees fulfil their responsibilities from home, whereas in hybrid models, they get a mix of home and office working structures.
Companies offering this flexibility of choosing work options attract most talents, especially Gen Z and Millennials.
Increase Your Outreach Strategy
Companies must expand their sourcing strategies to smoothen the HR talent acquisition process. If you want to hire candidates with different skill sets, consider using specialised job boards, partnering with academic programs, or attending networking events.
Additionally, you can transfer your recruitment responsibilities to an external agency. They can bring unexpected changes to your workforce.
Design a Competitive Benefits Plan
Besides being flexible, you must compensate your employees fairly. Even when paying an average salary, you can balance them with multiple perks, like a comprehensive health benefit.
Talents attract towards a company that invests in employee well-being, including their physical and mental health. Additionally, you can offer paid sick leaves, parental leaves, accident coverage, retirement benefits, etc.
Promote Diversity and Inclusion
Research says for 46% of job seekers, the workplace culture matters while applying for a position. Therefore, companies need to adopt a diverse and inclusive culture to attract talents from various backgrounds. You must create a workplace where multiple perspectives are valued and voiced.
Create an Internship Program
You can create internship programs to attract talented students while they are still studying. They are often ambitious people with a good learning tendency and can help your business grow with their efforts to do their best.
Moreover, once their internship ends, you can hire them as permanent employees. It is one of the easiest of all talent acquisition best practices.
How 6 Pence Help with Talent Acquisition?
Developing comprehensive talent acquisition strategies that suit your company’s needs and future vision is essential. It ensures you avoid talent shortage in future and meet your organisational goals. However, we at 6 Pence can always help you with recruitment, staffing and HR services.
Our team helps find top talents and also assists companies with post-hiring training, onboarding, and payroll management. Our flagship service, the 24/7 HR e-service portal, enables employees to access important details and documents anywhere and anytime. This increases job satisfaction, one of the most critical talent acquisition strategies.
Connect with us today to know more!
Also Read : 7 Employee Engagement Strategies for HRs
Frequently Asked Questions
What is a talent acquisition strategy?
A talent acquisition strategy is the multi-step process a recruiter uses to find, attract, hire and retain top talents in a company.
What is talent acquisition vs recruitment?
Talent acquisition uses a proactive nature of hiring and anticipates the future workforce needs of a company, whereas recruitment uses a reactive approach to hiring and fulfils instant staffing needs.
What are talent acquisition management solutions?
Employee planning, talent acquisition, performance management, formal and informal learning, compensation and rewards, career development, and succession planning are some talent acquisition management solutions.
