Talent acquisition is the procedure employed by employers to the process of recruiting, tracking and interviewing candidates for jobs in addition to onboarding and informing new employees. It’s typically a part of the human resource (HR) department.
Talent acquisition typically consists of separate software or components within more comprehensive Human capital management (HCM) systems to help in automatizing the hiring and recruitment process. Software products in this category are often referred to as systems for managing recruitment.
The process of acquiring talent is typically regarded as a strategy to the beginning stages of managing talent, the method employers employ to hire employees, deploying, and training, as well as evaluation of the performance and the compensation of their employees.
Why is it important to acquire talent?
The importance of acquiring talent is that selecting and retaining the most suitable people is an essential element of a company’s business plan and directly impacts the future performance of the business. Without the right staff an organization is more likely to suffer from low productivity, poor decision-making and a disengaged workforce. These issues make it hard for a company to remain solid in a market that is constantly changing.
In addition, it is innovative. Instead of hiring someone to fill a vacancy the team responsible for talent acquisition examines what the prospective job-seeker’s future career paths might be within the company. In the end, talent acquisition makes sure that the company recruits employees who will be eventually managers or higher-level managers within the company. Thus, the process of recruiting talent becomes less about filling vacant jobs and more about establishing an overall strategic plan that will be used to fill future openings.
A successful strategy for acquiring talent will also lower the risk for the organization because it lowers the chance of a failed hiring. This is in turn, helps save the time and money that would otherwise be spent on training poor hires, as well as increasing productivity.
Talent acquisition strategy
Processes for acquiring talent typically include six steps:
lead generation and source
Recruiting
Assessments and interviews
Reference verification
Final hiring decisions
Onboarding
Teams can select from a myriad of methods for recruiting talent. Examples of this include the following:
Develop a brand that is strong. Make sure the company’s web site and culture as well as social media profiles are appealing to customers as well as potential job seekers. The branding process is typically handled by marketing, HR department or the communications. It could be an important factor in attracting the most skilled candidates.
Create job descriptions that are as precise as is possible. The requirements for candidates should be precise in describing precisely the kind of person who is the perfect candidate. This improves the chance that the company will discover the right person.
Increase outreach to the company. Different job roles and skill sets require teams for talent acquisition in Singapore to utilize different methods of finding talent. Instead of using job websites that are general purpose such as LinkedIn or Monster for example, companies should make use of specific jobs boards and networking activities, and academic programs. When the best methods have been discovered, teams must focus on building relationships with the best talent in each of the groups. This will expand the pool of candidates as well as the brand’s awareness of the employer and make it easier to find new applicants in the near future.
Make use of data analytics to boost the process of acquiring. Talent acquisition is as a marketing strategy as providing a pleasant candidate experience and convincing potential candidates to sign up with the business is as crucial as convincing customers to purchase the available goods or service. Data analytics can help reveal which areas the best talent in the company comes from; the reasons why certain questions hinder applicants from submitting applications and whether including videos about the company’s the culture can increase applications. In the end, data analytics can help ensure that the jobs descriptions as well as career sites are drawing those who are the right type of applicants to the business.
Software for acquiring talent
Employers, including small, medium and large firms and non-profit and government agencies can choose from a range of talent acquisition technology options to select when they decide to automatize hiring.
Some companies choose to invest in software for managing their talent like Oracle Taleo Cloud. These are usually delivered through software as a service (SaaS) platforms, and provide recruitment, performance management training, compensation management and management software.
Other large talent management vendors include SAP and its SuccessFactors software, IBM Kenexa; Cornerstone OnDemand; SilkRoad; and UKG (formerly Ultimate Software and Kronos). Numerous smaller and startup vendors also have integrated systems for managing people.
Another option employers can take is to employ dedicated recruitment or talent acquisition software offered by vendors like Recruitee, JazzHR and MightyRecruiter.
Job boards
Another option for acquiring talent is job boards or job marketplaces like SimplyHired, ZipRecruiter and Indeed where employers advertise job openings. Some of the longest-running players in this field are Monster as well as Glassdoor.
At the very least, one vendor called Hired reverses the procedure, offering similar job boards where applicants are able to accept invitations for interview opportunities from prospective employers.
Furthermore, big tech and social media companies like LinkedIn and Google are also on the market , offering powerful job-matching as well as business networking and job search options. Specialists in recruiting and recruitment frequently use these platforms as an element of a social media-based recruiting strategy.
Onboarding
When a candidate is hired and is then made employees, companies are able to offer digital alternatives to traditional paper-based post-hiring procedure which is often referred to as onboarding, the next stage in the process of acquiring talent.
Employee onboarding involves online enrollment for benefits, welcome emails, team introductions as well as signing up for employee engagement and wellness initiatives.
Major HR technology companies like Cornerstone OnDemand, Oracle and SAP offer onboarding services and smaller HCM suite providers like Zenefits and Namely along with ERP vendors like NetSuite.
Acquisition of talent vs. recruitment
Recruitment and talent acquisition have a common goalto fill vacant post-employment opportunities, they differ by a variety of distinctions. The main distinction is that recruitment is focused on the current moment within the company while talent acquisition focuses on the future of the business.
In other words, the recruitment process is more focused on filling a vacant post as quickly as is feasible and talent acquisition provides more thought to the business’s objectives and will take the time to identify the most qualified candidate that best meets the needs of the business. To see this from a broader angle the teams that work on talent acquisition analyze the abilities of prospective employees, and also their potential growth and contribution to the corporate the company’s culture.
Smaller differences are in addition to this major one. These are:
Talent acquisition typically requires more time and effort than recruiting.
The process of recruiting talent uses data analytics and metrics to enhance the process of recruiting and to make better and more informed hiring decisions.
The process of acquiring talent relies on teams recognizing the different functions and areas within an organization as well as the required skills and knowledge to succeed in each one. The recruiting process is not as attentive to these specifics.
Talent acquisition is more focused on searching for the best sites to find the best talent for specific positions and creating relationships with people in these different areas. Recruitment is more likely to make use of a general purpose job search site , and doesn’t spend too much time on managing relationships with prospective or former applicants.
Furthermore, while the hiring process is linear and reactive while talent acquisition is strategic and cyclical. Recruitment is focused on meeting the current needs, while the process of acquiring talent focuses on building an infrastructure of talent that is in anticipation of the needs of the future.
Talent acquisition specialist job description
A talent acquisition specialist could refer to an individual in HR that focuses on recruiting, identifying, and sourcing certain kinds of employees. Talent acquisition specialists are usually employed by companies operating in jobs markets that are expanding and evolving including finance, healthcare and tech.
The responsibilities of a Talent Acquisition specialist are:
creating a diverse and qualified group of employees;
managing and participating in networking and recruitment events such as job fairs, conferences and conference;
anticipating the department’s quarterly and annual hiring requirements.
working with HR and hiring managers to determine the need for staff;
making job descriptions and interview questions specific to each job opening
selecting the criteria for selection to open positions
Analyzing resumes and applications for candidates;
offering managers feedback on application and resumes;
identifying potential talent via online channels, including LinkedIn, Facebook and professional networks;
scheduling interview and selection processes including all the steps from screening to the job offer
developing relationships with prospective candidates as well as previous applicants.
working in partnership with managers to assure that hiring procedures are fair and ethical;
conducting interviews with applicants in the beginning to assess their interest as well as their personality and pay expectations.
ensuring that the process of onboarding is smooth and that new employees quickly complete all the necessary documentation.
Talent acquisition specialist typically require a bachelor’s degree in a discipline related with human resource managementusually with a focus in management or acquisition of talent — and at minimum five years of HR experience. Experience with the entire process of recruiting, Microsoft Office applications, professional networks, resume databases as well as social media sites are required.
The majority of employers prefer candidates who have experience directly in screening job applicants and hiring procedures, but some companies prefer candidates who have demonstrated proficiency using the applicant tracker (ATS) and the human data system (HRIS). Businesses may also seek candidates who are knowledgeable about the labor unions, state laws regulations, practices and rules, in addition to contracts, including nondisclosure and service-level agreements.
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