Successful organizations are built on talented teams. However, talented people do not usually come knocking on your door; you must actively seek them out. If you want to see your firm beat its competition by looking for, discovering, recruiting, and retaining the greatest personnel available, you need to implement a talent acquisition strategy.
The process of hiring skilled individuals is known as talent acquisition. When businesses carefully choose individuals, the new workers are more likely to excel in the workplace and help the company’s brand. Dubai has set itself to be a hub that welcomes experienced and talented individuals from all around the world. Making the right fit is part of the job description of BTS.
What is Talent Acquisition?
The process of recruiting and retaining highly skilled individuals is known as talent acquisition. A company’s talent acquisition team is often made up of a group of human resources and talent acquisition professionals who are responsible for hiring new employees and enhancing employee retention, or the rate at which employees stay with a company over time. Employee retention is critical because businesses invest money, time, and effort in acquiring and training team members. The longer a team member stays with a company, the greater the return on investment the company can obtain.
Many firms use the talent acquisition process to locate people for specialized roles that are more difficult to fill, such as executive and technical employment. Building long-term relationships with a network of prospective applicants is a key component of talent acquisition. Technology and health care are two areas that frequently use talent acquisition.
Finding and employing the proper people is a critical component of every organization’s business plan and has a direct impact on its performance. Without the right employees, a company is likely to struggle with low productivity, poor decision-making, and disgruntled employees.
Talent acquisition is proactive. A talent acquisition team, such as BTS – evaluates the potential employee’s career path inside the organization rather than merely selecting a candidate to fill a current opening. As a result, talent acquisition guarantees that the organization selects individuals who have the potential to become managers or make other significant contributions.
A well-planned, long-term talent acquisition strategy can benefit your company in numerous ways. Here are some of the advantages of putting in place a robust talent acquisition plan for your organization.
Employee productivity has increased.
A successful talent acquisition plan can assist you in hiring and retaining skilled, hardworking employees who will boost your company’s efficiency. Employee morale is a crucial contributor to workplace productivity, and it has a direct impact on employee retention.
Employee turnover is costly in terms of both time and money. Too many recruiting, onboarding, and training efforts add to these costs and become stressful for all parties involved. Furthermore, if staff leave too soon, you have a lower probability of making the most of your investment. According to a 2017 Harvard Business Review article, the world’s finest companies are close to 40% more productive than the rest, which is why it’s critical for new organizations to acquire top-tier people who can enhance their productivity.
Significantly enhanced corporate culture
Top-tier talent naturally contributes to a company’s work culture. Productive and high-performing individuals frequently take on leadership roles in order to help other employees work better and discover more efficient solutions to problems and obstacles.
An improved company culture makes it easier for the business to attract and hire more top-class talent. According to a 2019 study by Glassdoor, 77% of adults in the United States consider a company’s culture before applying for a job. Companies with a strong employer brand have experienced a 50% reduction in cost per hire.
Revenue increase
Hiring and retaining high-performing employees can boost your revenue because they create high-quality work quickly and effectively, saving you time and money on training and onboarding.
Talented individuals can also help others on your team become more efficient and productive, saving your firm time, money, and other vital resources. There is plenty of evidence to support the notion that top-tier personnel increases revenue for businesses.
Steps of Talent Acquisition
Now that we’ve defined what a talent acquisition plan is and how it may benefit your company, it’s time to create your own. Take the following six steps:
- Establish your objectives.
- Describe what a perfect applicant might seem like.
- Determine the sources and platforms you will utilize to search for matches.
- Create an appealing recruitment procedure.
- Make use of automation tools.
- Analyse the outcomes of your talent acquisition strategy.
- Establish your objectives.
The first stage, like with any business plan, is to define your goals. List qualitative goals such as boosting revenue, lowering training and onboarding costs, and enhancing work productivity when developing an effective talent acquisition plan.
Then, translate those goals into value-based objectives that you can track using metrics like as time to fill, hiring quality, and employee retention rate. Assume you want to boost staff morale and productivity at your company. You can put processes in place to motivate current personnel and reward effort and excellent performance. These actions can boost employee morale and productivity while also allowing you to keep personnel for a longer period of time.
You can decide whether people can favourably contribute to your business goals if you have clear and clearly measurable objectives.
Explain who your ideal candidate would be.
Next, create ideal candidate criteria that contain everything you’re searching for in the ideal candidate for the post. Although no applicant will fulfil every criterion exactly, this list of characteristics, attributes, and talents can nevertheless be used to evaluate applications for the open post.
Qualifications, credentials, employee experience, and work ethics may be on your criteria list. Keep in mind that the order of importance should be determined by your hiring objectives. If hiring highly qualified candidates is your primary priority, prioritize qualifications when evaluating applicants. Ideally, you should have a mix of academic credentials and relevant job experience.
Determine the sources and platforms you will utilize to search for matches.
Once you’ve identified your ideal applicant, begin marketing the available position through appropriate means. You should use reputable talent management resources such as recruiting firms, job boards, sourcing tools, and websites such as Upwork. The first step in locating the ideal individuals is to effectively market your job position on these platforms. In your job listing, try to be as honest and informative as possible.
You don’t want the right candidates to pass over your ad because it’s too vague or generalized. A succinct job description and salary range can go a long way towards attracting qualified candidates. Once you’ve established a solid fundamental recruitment approach, you can turn to alternate sources such as employee recommendation networks. Referral networks can help you find highly trusted individuals who have been recommended by people who know and support your company.
LinkedIn and other social media channels can also assist you publicise your job vacancy to those who use those platforms.
Create an appealing recruitment procedure.
Job searchers may not want to work for your organization if your hiring procedure appears to be overly complicated or lengthy. This is why it is critical to establish a speedy recruitment process that resonates with potential applicants and appeals to their interests and strengths. Every test or interview that candidates do should have a specific objective. This will aid in their ability to remain focused and involved throughout the procedure.
A simple application procedure also reflects positively on your firm, potentially motivating individuals to join your company because of its modern and efficient work culture. The “two-to-three-week” approach is a good rule of thumb to remember here.
Most applicants expect a response within two to three weeks of their interview, so sticking to this timetable is always a good idea. During this time, you might send emails or text messages to candidates informing them of the status of their application.
Analyse the outcomes of your talent acquisition strategy.
Once you’ve developed a talent acquisition plan, start tracking important data points to guarantee it’s effective. Data collection and analysis allow you to closely monitor your employment process. By using a data-driven approach, you may spot issues as they develop and fix them before they become major concerns. Let’s look at an example to better grasp this.
Assume your LinkedIn job posting does not achieve the required level of user engagement. Monitoring engagement statistics like reactions, reshares, and comments might help you pinpoint the issue within the first few weeks of the post’s publication.
With this knowledge, you may alter an existing job posting or create a new one to increase engagement. You should also keep track of crucial efficiency metrics such as time to recruit, cost to hire, and candidate acceptance rates. These statistics can help you acquire a better understanding of how effective your hiring process is and how much value it adds to your company.
Data is the foundation of effective business processes. Using data to gain real-world insight into your talent acquisition operations can help you shape your hiring strategy and provide more value for your company.
Conclusion
A few more points to keep in mind in relation to talent acquisition are –
- Branding
- Communication skills
- Maintaining relations with prospects
- Good managers
Collaboration between talent acquisition specialists, employers, recruiting managers, human resources professionals, and other departments is essential for a successful talent acquisition process. Form positive relationships with your coworkers so that you can ask them questions about a candidate’s qualifications.
