Talent Acquisition Strategies for Long-Term Business Growth
Talent acquisition is a long-term and ongoing hiring strategy that defines the process of finding, attracting, and onboarding the right candidates for a business’s future needs.
Unlike recruitment, which primarily focusses and takes care of short-term priorities such as filling open positions. Talent acquisition considers the bigger picture and bases hiring around long-term strategic goals.
Having a talent acquisition strategy can help an organisation build a talent pipeline, reducing in future sourcing, hiring times and reduced recruiting and turnover costs, filling the talent pipeline with candidates that fulfil future skill needs.
The biggest difference between recruitment and talent acquisition, is that while recruitment is about filling open positions when they become available, talent acquisition is a proactive and long-term strategy, which identifies a business’s needs and then builds a talent pool to fulfil those needs.
Talent acquisition specialists will build a picture of what the business’s future looks like by analysing current workforce, growth strategy and any planned business transformations.
From here, they will determine what skills and candidates are needed and create a specific strategy based on how to attract this talent.
So, what are some of the talent acquisition strategies you can use to help with business growth?
Build a strong employer brand – One of the easiest ways you can help attract talent is by ensuring you develop a strong employer brand. This is essentially how you market your company, including what employees can expect from your company culture and business mission. (Check out our article on why company culture is so important here)
Embrace data-driven talent acquisition – By using data driven insights, a business can identify skills gaps, target the right candidates, reduce recruiting costs, and prevent turnover in order to align with their larger strategic business goals.
- Leverage software to aid with talent acquisition – An Applicant Tracking System is great for doing just that, tracking your applicants. However, ATS’s generally aren’t made to incorporate the full employee lifecycle, meaning that the data they hold is all but useless for informing a complete talent acquisition strategy. A dedicated TA (talent acquisition) or talent management system brings recruiting, sourcing, tracking and employee analytics into one system, meaning you have valuable and actional insights for future use.
- Create a solid talent pipeline – Imagine the next time you opened up a role within your company and you already had plenty of suitable candidates to engage with? By creating a talent pipeline, you are proactively cultivating a pool of potential candidates within a range of roles, which will help reduce time that is usually spent on sourcing.
How can you do this?
Prioritise certain roles – some roles are harder to fill than other, try focussing on building out a talent pool for these roles first
Develop an internal talent pool – your internal talent pool will be filled with current employees who already showcase great performance and potential. Check in regularly with management teams to go over performance evaluations to help identify which employees could fill future positions
- Start networking – try attending events, meetups or join LinkedIn groups to engage with potential candidates. Create conversation on social platforms and talk about your business’s plans and future roles
Given that your talent acquisition strategy is designed to help you secure long-term business growth, it won’t come to fruition overnight and you’ll have to spend significant time and resources putting one into motion and placing the right people in charge of the strategy’s development.
It’s a lengthy process but it is worth it when it comes to building the best workforce for your business and its future success!