What Is Talent Acquisition?
Talent acquisition, a strategy typically used to fill the highest skilled positions, is now being applied to all positions.
Although they may seem at first synonymous, talent acquisition and recruitment are not quite the same. Recruitment is often a short-term solution to a long-term problem, and talent acquisition, which is more rooted in long-term strategy, aims to solve for this. With a constantly dropping unemployment rate and increasing unfilled job openings, we’re at a point where there are more jobs than unemployed people to fill them. Competition has become fiercer than ever for finding qualified workers – so how do companies find talent in a tightened labor market? The only way to compete now is to become more strategic through talent acquisition and using new methods to find workers.
Talent acquisition strategies are typically created for the positions which are most difficult to fill or those that are highly skilled. This includes senior-level and leadership positions, but also includes positions in the fields of welding, technology, law, and medicine. Strategies for these positions are necessary because it can take months to find the right person for a job opening. Talent acquisition goes beyond just finding someone to fill a job, it’s about finding someone that will be a good addition to the team.
The tightening job market has made it necessary to create talent acquisition strategies for nearly any position. To do so, companies determine how many workers they will need at multiple points through the year based on demand and begin the hiring process earlier. When it takes so long to hire and with the retention rate at a historic low, the most successful companies are those that start hiring well in advance of upcoming high demand periods. The holiday season alone is a convincing enough reason to build a talent acquisition strategy as sales grow and competition for seasonal workers becomes more aggressive.
Getting ahead of the curve requires not only long-term strategy but willingness to engage in new and creative staffing strategies. These strategies can give a company the competitive edge and can result in finding candidates that may have otherwise been overlooked. There are old but creative strategies that are becoming popular again, such as in the case of billboards, as well as new strategies, like using an algorithm to find matching candidates through tilr. The key to finding workers in an ultra-tight market is being vigilant, strategic, and creative.