Talent acquisition is a dynamic process which shapes the perception of employers in the market. There is a marked shift in its outlook over a period of time from work force to human capital to talent which is a much more comprehensive description of individuals with attributes they possess.
Talent acquisition has evolved over a period of time to become the key reference point for employer pulse. It is now a strategic and competence driven business function unlike in the past when it was restricted to hiring. It is increasingly considered as the core function of an organisation which has touch points across planning, budgeting, employer branding, staffing, on-boarding and market intelligence.
Talent acquisition entails strategy to find specialists, leaders, or future executives keeping in mind the long term objectives of the organisation. This is unlike recruitment which is focussed on meeting the organisations immediate manpower needs. For this, it tends to focus on long-term human resource planning and finding appropriate candidates for positions that require a very specific skillset unlike recruitment which is just about vacancies.
Talent acquisition strategies are particularly critical for companies that face the greatest skill shortage. However, the best organizations across sectors are projecting future needs and are always scouting for the best talent due to its role in achieving faster growth besides helping in finding the right talent in a short period of time to lead that growth forward. Talent acquisition is also seen as a core function due to its role in building a stronger company, fostering teamwork, and boosting productivity.
Growing competition for the right talent and at a lower cost within the market has been stoking the evolution of talent acquisition across the globe. Globalisation and an excessively mobile talent pool have also emerged as the key challenge to hiring the right talent and are also playing a key role in shaping the talent acquisition landscape. This is besides the difficulty in finding a replacement for outgoing skilled employees which is creating pressure on resourcing teams to come up with effective talent acquisition strategies to identify and attract the best talent.
Organisations are using innovative strategies to win the battle for top talents. These firms are taking initiatives to turn passive interest into active interest by nurturing candidates. Some of these initiatives are going to be the standard for talent acquisition in the future. One such strategy is sourcing creatively by using online recruitment methods which is cost effective. Firms also opt for networking, coaching and constant dialogue with candidates to build a strong pipeline of potential talent. Organisations are also in collaboration with associations, colleges, etc to reach out to local talent.
Though globalisation is a challenge to retain talent it is also a boon for organisations as it has opened up new markets to source top talent. Organisations are also leveraging their workforce smartly to meet the talent crunch by giving promotions and additional responsibilities to high performing employees.
Positive and encouraging employee feedback has always been a powerful mechanism of advertising and attracting talent. Acknowledging this, organisations have made employee referral an effective medium of sourcing talent.
Social networking has emerged as a powerful advertising medium and this trend is here to stay. This has led to organisations building their branding strategy around social media to reach out to potential candidates. Organisations are also working towards making the entire application process exciting to provide great candidate experience and thus attract talent.
Technology has become a big enabler in hiring talent from different locations. Organisations are increasingly leveraging cost effective technology like video interviewing to reduce chances of impersonation. There is also a growing trend of organisation’s coming up with mobile responsive career portals to observe job seekers’ mobile behaviour, maximize candidate volume and minimize drop-offs.
Candidate engagement post hire has assumed significance due to its role in ensuring the joining of select candidate to the organisation. Realising this, recruiters go an extra mile by following up with candidates after the offer letter has been provided, guiding them through pre-joining formalities right through the on-boarding process.
Recruitment Process Outsourcing is another area that is fast emerging as a preferred talent acquisition tool for firms looking to hire talent in a cost effective manner. It is increasingly accepted as a global strategy to address the global talent crunch due to its role in harmonising and centralising recruitment process, thereby providing effective returns to business.
Attracting the best and brightest employees is a continuous process and companies that are serious about their long-term future continually network and build relationships with individuals who are at the top of their fields to attract them. Such organisations realise the fact that talent acquisition process can be effective if the whole company is involved in it and is not restricted to just the HR department. Towards this, these firms are taking all talent acquisition initiatives under the talent acquisition program. These firms are building marketing campaigns around talent acquisition and are involving marketing team to showcase the company culture.
To acquire the right talent firms are following an “Always Be Cultivating (ABC)” strategy. As part of the strategy, firms are spending as much time and effort attracting and retaining employees as it does on finding and keeping customers. The Company’s culture on social media is also increasingly being promoted to build and attract talent.
With the emergence of new trends and the introduction of new tools, the talent acquisition process is continuously evolving. Its future sits on technology and third parties like consulting practices, search firms, recruitment process outsourcing (RPO), and more.
We expect more aspects of talent acquisition to be automated and outsourced in the coming future. Some of the functions that will be out sourced may include payroll. We also see a trend for talent acquisition managers to take on more responsibility for the actual supervision and development of their employees besides their traditional role to help out employees with the overall interpretation of the HR policy.
Talent acquisition has emerged as a key business imperative for organisations for its role in sourcing the right talent to ensure long term growth. It is now a long term strategy for organisations and HR functions for their role in driving the overall corporate success and profitability of the organisation.