The Fundamentals of Talent Acquisition
There is a fundamental difference between recruiting and Talent Acquisition. However, the fact that they often get mixed up goes to explain why so many organizations are experiencing an extreme talent deficit.
Research has proven that an organization that excelled in talent acquisition undergone 3.5 times more earnings growth and double the profit margin of other employers.
Strategic talent acquisition requires a long-term perspective, identifies future business requirements and builds talent pools for this future.
It is a part of talent management and contains other tactical elements with each using their own subset of elements and activities.
The benefits of Talent Acquisition
When done correctly and aligned with business strategy, talent acquisition leads to enhanced performance, growth and competitive advantage. Not many organizations have a true talent acquisition engine set up and aren’t aligned with best practices.
The essential issues are twofold:a lack of understanding of all the elements of talent acquisition and the inability to implement it.
Recruiting is a subset of talent acquisition that is frequently the knee-jerk response to a resignation or newly created role with a rigid set of skills and competencies to meet. Recruiting is nothing more than filling open positions.
It is a completely reactive function, not proactive as talent acquisition is.
Taking the strategic approach to talent better provides for an organization not only to fill it is open positions but to create a pool of competitive talent that will enable an organization to be prepared and proactive in its approach to attracting and retaining the best possible employees.