People often mistake the key terms ‘recruitment’ and ‘talent acquisition’ to mean the same thing: a lexicon used to describe the multitude of processes involved in the finding and hiring of candidates. Yet, there’s so much more to each process than this, and identifying the differences can help you hire top talent much better…
First, let’s get these key terms defined:
Talent Acquisition: This strategic, cyclical approach is geared towards building relationships and anticipating future hiring needs. By nurturing and developing the talent pipeline, a long-term sustainable pool of candidates can be maintained.
Recruitment: The process of finding and hiring the best-qualified candidate for a job opening in a timely and cost effective manner. This includes analysing the requirements of a job, attracting employees and integrating the new employee to the organisation. It’s a linear and reactive process: the position is vacated and a new person must be found to fill it.
Now we’ve defined the key terms, here’s five ways to differentiate talent acquisition from recruitment…
1) Planning and Strategy: Talent acquisition requires a deeper look at the nature of your business and understanding of its future needs. This forward-thinking approach considers local and global labour markets and involves a greater degree of planning and strategising.
2) The Inner Workings: Talent acquisition requires you to understand all the skills, experiences and competencies of the workforce.
3) Branding: Ensuring your company’s brand is clear, concise and attractive are the key components of talent acquisition. This involves establishing a good reputation based on quality products and services. Remember, a solid brand attracts top talent, while giving them a look at what it’s like to work for your organisation.
4) Talent Management: Through talent acquisition, you’re researching different places where you can source candidates, all the while building and maintaining relationships. Once you’ve established contact with potential candidates, you have to maintain and build those relationships. Remember, all of this is done with the understanding that most of these candidates will not fill positions right away but possibly down the line.
5) Analytics and Metrics: By collecting and analysing pertinent information, you can continuously improve your recruiting process and make better hiring decisions – ultimately improving your quality of hire.