Talent Acquisition Strategy: Hiring Smarter
A talent acquisition strategy is more than just a strategy. It’s about a talent acquisition strategy framework that helps hire smarter. This doesn’t only include hiring talent that best fits a company’s needs, but also considering the needs of the prospective employee.
Talent Acquisition Strategy
We start with a definition of talent acquisition. It’s important to understand exactly what it is and how it functions as part of the human resources department.
Talent Acquisition Definition: the process of finding and acquiring skilled human labor for organizational needs and to meet any labor requirement. 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. (Recruiter.com)
Of course, that is different from recruitment in that Jobvite says recruitment is about filling vacancies in the short term where as talent acquisition is more of a long-term strategy.
Talent Acquisition Strategy 2019
It’s important for today’s talent acquisition professionals and HR leaders to keep a grip on the changing landscape. There is plenty happening within the space and those things will continue to shape how employers find talent and grow in 2019.
In 2018, ICIMS reported new college graduates expected an average salary of $45,361 in entry-level pay. Just a year on, in 2019, that number has climbed more than $10,000 to $56,532.
With that expectation, college graduates will be looking to supplement their income and they’re going to turn to the freelance economy, also called the gig economy. The same study finds 64% of college seniors expect to get extra work through the gig economy.
Finally, more than half of companies surveyed as part of the ICIMS report say they’re seeing an increase in the number of applicants with a master’s degree for entry-level position. Furthermore, 72% feel applicants with a master’s degree are actually overqualified for the position.
Thankfully there are a few ways this information can be used to target a smarter hiring goal.
Workforce planning must be conducted regularly. HR professionals must understand talent supply and demand. Focus should be put on what is happening in the labor market and how it relates to the business goals of the company.
Other areas of focus should include:
- What products and/or services are the company planning to provide or is already providing?
- What is the competition doing?
Candidate Experience improvement
67% of employed American adults say the application, interview or offer process would make or break their decision on whether or not to take an offer.
Having said that, there are a series of changes a company can make in improving their candidate experience.
- Write clear job descriptions – This should include simple, clear language that is easily read and understood. Make sure to include must-have requirements and make sure the candidate understands if any of those are management-related.
- Streamline the application process – Career pages should be easily accessible. The application should have clear instructions.
- Communicate during each step of the process – It is always good to talk to the candidate on the phone before asking the person to do a test or an assignment. Make sure there is information available about each step of the process and explain what they can expect during each step.
- Prepare candidates for what to expect during in-person interviews – HR should follow always be prepared for the interview, i.e. getting a room scheduled for the interview and line up meetings for the candidate.
- Inform the candidate as soon as possible if they are no longer being considered – Send a clear rejection message, but try to end the process on a positive note. If you wish to keep the candidate in mind for other opportunities, make sure to communicate that.
An employer’s brand is the company’s identity. It’s what the company uses to acquire talent. One question that has to be asked: is that brand attracting the right employee?
Consider the following.
Employer brand has a significant impact on hiring, but also the company’s success as a business. Companies with stronger employer brands, compared to competitors on average see a 43% decrease in the cost per candidate they hire. That’s according to LinkedIn. Why? Rather than spending all of the company’s money on advertising and marketing campaigns, companies will reap the rewards of the natural talent attraction traits of an attractive employer brand.
Without a functional and successful employer brand, companies could risk paying nearly $5,000 in salary premiums per hired employees. If the company employs 10,000 workers or more, the cost could be as high as $7.6 million in additional wages.
The right talent acquisition strategy can help a company grow and reach its long-term goals. That seems daunting though when HR professionals find themselves in a world where the candidate has much more control on the process now than ever before. Again, I go back to the original premise of this article, the talent acquisition strategy must be focused on hiring smarter. That means understanding the type of employees that make up the workforce and what to expect in the future of work. To read more on this topic, click here.
NOTE: This is the first of two articles on this topic. The second will be published mid-February.
Photo courtesy: Stock Photo Secrets