What is Talent Acquisition?
Talent acquisition is the process of finding and acquiring skilled people for organizational needs and to meet available role requirements. When used in the context of the recruiting and HR profession, talent acquisition usually refers to the talent acquisition department or team within the Human Resources department.
What is its importance?
Talent acquisition is vital to any company. There are obvious benefits to this like building a talented team that makes sure the work gets done. But, there are some benefits that aren’t apparent. They are mentioned below:-
Avoid Financial Risk in the Recruitment Process
A study by the Center for American Progress (CAP) found that the average cost of replacing an employee equated to about 20% of their annual salary. While this number was calculated for low-paying, high-turnover jobs, this percentage climbs as high as 200% when you reach the manager and executive ranks. That’s no small pocket change!
Go Beyond Active Candidates
"Active candidate recruiting" is a little like fishing with a net. You're casting it far and wide in the hope that you catch what you're looking for. You're usually successful, but you have to spend a lot of time filtering out all the other fish to get to the ones you need. If you have a business that you are proud of and know that you could get some passive candidates to join you, go after them. Get the best employees when you put in the effort.
Fill the Talent Pipeline
Want to keep your talent pipeline full? Whether you’ve chosen to join a job platform, attend networking events, work with universities, or provide professional development programs in-house—your talent acquisition efforts need to be documented, ensuring that you have the most qualified and relevant candidates at the ready, when you’re ready.
Hiring ‘Raw Talent’
For some companies, a candidate doesn’t necessarily need to have the right qualifications and experience, as much as the ‘raw talent’ for the job. Karin Volo says recruit for talent, train for skill. You can always inculcate the skills and culture into an employee but raw talent outshines all the other qualities.
What is the difference between recruitment and talent acquisition?
Recruitment is about filling vacancies, getting people into the company just because there is a spot open and a person needs to do the task.
Talent acquisition is an ongoing strategy to find specialists, leaders, or future executives for your company. Talent acquisition tends to focus on long-term human resources planning and finding appropriate candidates for positions that require a very specific skill set.