Did you know that 96% of people are looking for a new job in 2023? Considering that 74% of employees believe they’re not reaching their full potential, it’s not surprising! More and more people want better pay and more opportunities for development – something many companies don’t offer. Talent acquisition is a way to get that talent in the market to grow your company.
Investing in your team members can make or break your business. Team satisfaction influences productivity, and a productive team will help you achieve success. So how to use this situation in the job market to your advantage? Use a strategic approach to hiring new talent for your company, invest in those people, and they’ll invest in you in return. The process of doing that is talent acquisition.
What is talent acquisition?
Talent acquisition (TA) is the process of attracting, finding, evaluating, recruiting, and retaining top candidates for your company.
It’s an ongoing process that involves a strategic approach to identifying, assessing, and getting the best candidates. To make TA successful, you must align it with your business’s long-term goals.
Talent acquisition prepares a company for a successful future by planning in advance and ensuring they have the right talent when the time comes. It involves many steps over several months, with enough time dedicated to each stage of the process. Not rushing will enable you to focus on quality and find candidates with the exact skill set needed to help your business grow.
Talent acquisition vs. recruiting
Talent acquisition and recruiting share the goal of hiring the right people for needed positions. However, talent acquisition has long-term business goals in mind, while recruiting focuses more on filling immediate candidate needs.
Talent acquisition refers to the overall business and HR strategy for securing talent that’ll help a company grow, and recruiting is only a part of that process. The TA team is constantly monitoring and evaluating current and potential candidates. They’re aware of the opportunities and use them to find or develop a strong fit for the business.
Recruiting fills up open positions, while talent acquisition creates a winning business culture to ensure long-term success. By doing extensive research, consulting, and recruiting, TA looks for specialists and leaders that will help the company grow.
5 key steps in the talent acquisition process
The talent acquisition process includes:
1. Sourcing and lead generation
The first step is to discover new talent. You can do that by using various sources for networking, such as social networks, communities, events, and conferences where your industry gathers. They are a great way to build relationships, make yourself known, and state your talent needs. By networking, you’ll create a large talent pool that you can contact when you’re in need.
2. Attracting top candidates
Along with creating a talent pool, you have to work on attracting the right candidates. Top candidates won’t come to you if they don’t recognize you as a strong brand. To do that, you can:
- Establish a clear mission and vision.
- Promote your company culture.
- Prepare all the information you need in advance.
Remember to have clear, honest, and consistent communication throughout the recruitment process to create a positive candidate experience.
3. Interviewing and evaluation
Consider your company’s needs and establish clear criteria for evaluating candidates, such as skills, experience, and cultural fit. Prepare questions that enable them to show problem-solving skills and allow you to estimate their character. It’s important to find a person that fits both into the role and the company.
You can use tracking software for this process that can help you speed up the whole journey. However, a manual approach can help you better analyze the nuances of each candidate. Striking a balance between the two might be the best path forward. . Also, don’t forget to ask for references as they can help you make the final decision and see things you may have overlooked.
4. Selecting the best candidates
Have a system for selecting the best candidates. Software for tracking and evaluation can be good allies but don’t ditch the manual approach entirely, as its nuanced approach can complement the automated process. Allow yourself enough time to make a decision and take everything into account. Communicate with everyone involved so you don’t overlook something. When you’re absolutely sure of your final decision, make it as clear as possible.
5. Hiring and onboarding
Aim to streamline hiring as much as possible, and don’t forget to include onboarding. Onboarding makes it clear to the candidates what is expected of them and helps them better understand their roles and responsibilities. The more you give to your new talent, the more you’ll get in return – so take time to introduce them to the job and company.
Best practices for successful hiring
1. Boost your brand
As we said, the best candidates will come to you only if they recognize you as a strong brand. You need to position your company as an attractive place to work. To create a positive reputation, you can:
- Define your brand identity (by identifying your mission, values, and culture).
- Prepare your employer value proposition.
- Ensure you have a positive and inclusive work environment that enables growth and work-life balance.
- Use social media platforms to showcase your company culture, share employee stories, and highlight job opportunities.
All that’ll increase your visibility in the marketplace and make you stand out to potential employees.
2. Build a pipeline
A strong talent pipeline will enable you to hire quality talent faster. A talent pipeline is a group of candidates you may wish to recruit in the future. It’s much narrower than the talent pool because it’s made up of people who are already qualified for particular positions. These are the potential candidates that you’ve already contacted and screened because they’ve submitted applications for previous job openings.
It’s important to develop and nurture the relationship with these potential candidates to enable them to have a positive candidate experience. That way you’ll have at hand people who are already a strong fit for your company.
Talent acquisition is very important, but it’s not a standalone process. It’s crucial that you communicate between teams for the best result. The talent acquisition process depends on the overall HR strategy, and it should reflect it. Involve everyone in the process, from HR and management teams to every other important section, and communicate regularly.
4. Streamline the process
Make the candidate’s journey as simple as possible. According to LinkedIn, 60% of candidates stop filling out a job application if it’s too complex. Streamline this process by including the most important and relevant information needed. That way you’ll create a better candidate experience, further strengthen your brand, and have more satisfied new team members.
Embrace the future
Changes are always hard – and that refers to the changes in the job market also. But don’t let that frighten you. Use this knowledge to strengthen your position in the changing marketplace by equipping yourself with talent that’ll help you grow.