The views of this article are the perspective of the author and may not be reflective of Confessions of the Professions.
Hiring Concepts Business Owners Use
One of the most pressing issues that companies, especially smaller firms, are facing is the difficulty of finding the right applicants to fill in their vacancies. Although technological advancements have now allowed recruiters to connect with job seekers more easily, it remains that the aspect of long-term goals of the business is an issue needing addressing.
Then comes two hiring concepts that many business owners use – and yet both are often mixed up with each other not only by applicants, but business owners as well: recruitment and strategic talent acquisition.
One of the easiest ways to differentiate these two lies in how far are these methods aiming at in terms of solving the hiring needs of companies. Recruitment addresses the immediate hiring while strategic talent acquisition considers the future talent needs of the business. As such, it is fairly obvious that a strategic talent acquisition is more complicated than a recruitment and may intimidate many business owners, but it may also be the perfect solution for the company’s needs.
In summary, here are the key differences between recruitment and strategic talent acquisition that you need to know beforehand in order to make a decision on what method to use:
- Short-term vs. long-term
- Recruitment is a subset of talent acquisition
- Linear process vs. ongoing cycle
- Recruitment specialist vs. talent acquisition specialist
- Strategic talent acquisition: finding the right candidate for future positions
- Should your company recruit or acquire talent?
Learn more about these differences and what method will work for your company with this infographic by Phil.Exeq.
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RECRUITMENT VS STRATEGIC TALENT ACQUISITION
WHICH IS BETTER AND WHAT’S THE DIFFERENCE?
Two hiring approaches that many people and even business owners usually get mixed up with each other are recruitment and strategic talent acquisition.
Although both approaches involve filling vacant positions, there is one crucial factor that sets apart these two different types of hiring approaches: Recruitment addresses the immediate hiring needs of the business, while strategic talent acquisition considers the future talent needs of the business.
Knowing the differences between these two will help identify which approach is a best fit for your business needs and goals.
1. Short-Term vs Long-Term
The easiest way to understand the difference between recruiting and strategic talent acquisition is to view them as a short-term fix and a long-term planning, respectively.
Both approaches may be used depending on the situations that a business is in, but overall, the former tends to be tactical in nature and the latter, strategic.
Recruitment is only about filling immediate vacancies, but the strategic talent acquisition is an ongoing strategy of using the candidates and their skills that come out of a recruitment process as a means to fill similar positions in the future.
2. Recruitment is a Subset of Talent Acquisition
Although the term talent acquisition (TA) is often synonymously used with recruiting, these are two very different concepts. Talent acquisition is an umbrella term that includes the following subsets:
- Workforce segmentation
- Candidate Relationship Management
- TA acquisition planning and strategy
- Employment branding
- Metrics and Analytics
Recruiting is the only one of the subset of TA, and includes activities of sourcing, screening, interviewing, assessing, selecting, and hiring. Strategic talent acquisition also works closely with marketing and PR as well as human resources in order to create an effective corporate messaging around hiring and talent development.
3. Linear Process vs. Ongoing Cycle
The recruitment process is a rigorous linear process, where employers source candidates for vacancies that are currently available.
Because it is reactive in nature, it often leads to increased time-to-hire and cost-to-hire.
Moreover, companies who have immediate talent needs often compromise the quality of hires in order to keep the cost and time at the low side.
As stated above, strategic talent acquisition is an ongoing cycle which can take more time up-front and focuses on employment branding, outreach, networking, and relationship building with potential candidate communities.
These four works in combination build and enhance a sustainable talent supply chain for an organization.
4. Recruitment Specialist vs Talent Acquisition Specialist
Another difference between these two approaches is how the person who is sourcing for talent will view the applicants.
For recruitment specialists, the industry experience and educational background play a crucial role whether the candidate will land the job or not.
However, a talent acquisition looks beyond the CVs of the candidate and instead focuses on the talent that the person possesses.
For instance, if one candidate has the skills for social media management but does not possess any certification in this field.
A recruitment specialist might not be interested in his/her profile, but a talent acquisition specialist might want to try, even nurture his/her skills.
5. Strategic Talent Acquisition: Finding the Right Candidate for Future Positions
As stated earlier, TA takes a much longer view of identifying future business needs and building a candidate pool for the future.
Using the company’s succession management plan, attrition history of some of the job roles, predictive analytics and industry experience, the future talent requirements can be planned for, and potential candidates can be identified and hired for positions that do not even exist or open today but are expected to become available in the future.
This includes niche specialists, leadership roles, executive roles, and other positions that call for a thoughtful, long-term approach to talent acquisition.
6. Should Your Company Recruit or Acquire Talent?
Some of the industries that may call for a talent acquisition strategy are technology/IT, medicine, law, and financial management.
A report from Forbes revealed that they were over a million job openings in cyber security alone in 2016. Niche roles in some specialty industries may narrow the pool of potential candidates further.
If your business is expecting massive and faster growth in the next several months or years, then partnering with a strategic talent acquisition firm is the way to find the right people that will help bring your company closer to its desired goals.
Phil. Exeq Search solutions is a strategic talent acquisition firm specializing in Executive Search, Leader Search, and Expert Search, and utilizing various innovative recruitment methods to ensure that each hired candidates that will go with you organization are only the best and will provide more value to your company in the long run.
Just remember that while recruitment is an important activity to fill immediate vacancies, your business needs to develop a long-term talent acquisition strategy to make your hiring efforts more efficient and more productive.
Call Phil. Exeq Search Solutions today at +63917 551 1245 or +632 535 4354, or send us an email at [email protected].
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