An ex-CEO of Honeywell once said: “Nothing we do is more important than hiring people. At the end of the day, you bet on people, not strategies.” People are clearly the cornerstone of an organization, and getting the right people on board and managing them well is crucial to success.
What is talent acquisition?
Formally speaking, this is the process used by employers to recruit, track, interview, onboard, and train new employees. Typically a function carried out by HR professionals, the talent acquisition process involves a strategic approach to identifying, attracting, and getting on board the top talent that could meet the ever-changing business needs effectively and efficiently.
Why is it needed?
The requirement may be for hospitality workers, live chat agents, or other job roles; the goal, though, of the talent acquisition process does not change – find the right person at the right time for the right job, and get someone who sees his or her role through to the effective achievement of the financial targets of the organization.
Any best practices one could follow?
When it comes to acquiring talent, HR professionals face a unique set of challenges. The following best practices will certainly serve them well in their endeavors:
A number of parties, often with different goals, are involved in the hiring process. For instance, the department head needs the position to be filled in at the earliest; the finance team would want the salary to not be too high; the HR has its hiring targets to meet; and so on. Misalignment in these goals can often throw the staffing process out of gear. To avoid such issues, some points need to be kept in mind:
- Clarify the incentives of each involved entity
- Define a clear process of communication between the relevant parties, to avoid any possible misunderstandings
- Share demand and supply forecasts and data with everyone who is part of the process
The market is ever-changing, and this dynamism requires the process of talent acquisition to be able to adapt to these changes. The disruptors could include new competitors, work hours at other companies, and the overall condition of the labor market. Adaptability could be increased by taking the following steps:
- Varying the staffing process as per the particular position
- Closely watching the ratio of recruiting staff to hires brought on board
- Working with intermediaries to source talent
In the process of sourcing talent, HR professionals must be able to quickly respond to short-term changes in market conditions. This could be brought about in a couple of ways:
- Provide a continuous update on data for demand in hiring as well as on changes in supply
- Maintain a small pool of qualified, talented people who could help tackle sudden changes in demand
Another key goal of the talent acquisition process, this implies that the organization must choose how to best spend its time and money in hiring the people it needs. Some useful suggestions in this regard are as given below:
- Talent acquisition software: hiring assessment tools such as software can be quite useful in speeding up the process of sourcing the right talent. With the aid of supporting data, they help by narrowing down the pool of candidates to particular individuals of whom hiring managers can be certain that they have the right skill sets to be successful in their planned roles.
- Process automation: Technology can also play a useful part by automating process so that the organization can use analytics to track funnels in the hiring process. The metrics are helpful in tracking staffing utilization and process efficiency.
At the end of the day, HR professionals must be able to do the right things i.e. get the right people on board. This requires them to understand how the staffing process has an effect on each phase of the staffing cycle; in other words, they need to be able to answer a simple question: “Is the selection process working?” The answer to this can be obtained through a few simple steps:
- Watch how effective the communication process is in aligning the hiring with the company goals
- Increase the average time period for which an employee serves the organization and is retained
- Improve the quality of hiring through checking the effectiveness of staffing programs