In 2017, Career Builder reported that companies lose approximately $14,900 on an annual basis due to bad hiring decisions. There are multiple things that contribute to a bad hire. For instance, some managers are pressured to fill an open position quickly. In other cases, candidates lie about their qualifications, or they are hired with the assumption that they can learn quickly. In most cases, these hiring practices backfire and expose the company to financial losses. To avoid this, middle-market firms should consider using a talent acquisition strategy for recruiting new employees. Read on as we discuss the benefits of talent acquisition strategies.
What Is Talent Acquisition?
Talent acquisition is very different from recruitment. Recruitment utilizes the traditional demand and supply principle for filling an open position. This is a short-term strategy for finding qualified candidates for your organization. Talent acquisition is an HR strategy that is designed to complement the long-term goals and objectives of the organization. It is meant to attract high-quality candidates who can add value to your company. This type of strategy is not used to simply fill a specific vacancy within the company. Instead, it relies on data-driven recruiting to identify a skills gap and hire accordingly.
What Are the Benefits of Talent Acquisition?
1. Chances of a Successful Hire Increase Exponentially
When you use a talent acquisition strategy to hire new employees, you are able to make better hiring decisions. There is no added pressure to hire an employee just for the sake of it. You can also use analytics to predict whether a candidate will perform according to your expectations. This can help you develop a profile that lists the qualities of your ideal candidate. It’s pretty straightforward from this point. All you need to do is compare these qualities with a job applicant’s profile and hire someone with the highest match frequency.
2. Better Talent Management
One of the benefits of talent acquisition strategies is how they focus on the journey of a candidate as they progress through the organization. This can involve multiple things such as arranging for training sessions, accommodating employees so they can balance their personal and professional life, and developing great compensation packages. Adopting this approach can improve your retention rate and lower the costs of high employee turnover.
3. Provides Middle-market Companies With a Competitive Advantage
Talent acquisition is a type of hiring strategy that focuses on proactive hiring. Since this type of strategy is developed keeping the long-term goals of the organization in mind, you can use it to identify future job roles. This allows you to recruit people faster than your competition. Confused? Let us explain. When you rely on traditional recruitment methods, you only hire a candidate when a relevant vacancy appears. In the case of talent acquisition, you already anticipate the need to fill this position and prepare accordingly. Considering how difficult it is to find top talent, this type of approach can help you attract the best candidate before your competitor does.
Partnering Up With a Recruitment Agency
If you want to amplify the benefits of talent acquisition, we suggest you partner up with our recruitment agency. We can help you develop an effective talent acquisition strategy that attracts the best candidates for your middle-market firm and propels you into the big leagues. For more information, visit Go4ROI.