Having an effective talent acquisition strategy is of paramount significance for any organization, if it wants to tread on path of success. The author has listed eight elements of an effective talent acquisition strategy for successful organizations.
For better understanding of this blog, the author requests you, to go through the following blogs, which, CHRMP has published earlier.
The Differences Between Talent Acquisition, Recruitment And Talent Management
Why An Effective Talent Acquisition Strategy Is Vital For A Successful Organization
If you go through the literature, massive amount of literature is available on talent acquisition strategies. However, the author has suggested an innovative and effective talent acquisition strategy consisting of the following eight elements.
1.0 Evolve talent acquisition strategy based on business goals of the organization
Before initiating your efforts for evolving talent acquisition strategy, you must be very clear about the business goals of your organization.
In fact, talent acquisition strategy must be based on both the short term the long term business goals of the organization. This has numerous advantages as follows:
- All the stakeholders are fully aware of “goings on” in the organization. Hence, they put optimum effort to realize the set goal.
- It provides an opportunity to all the stakeholders to participate in the process and thus, build coherent team/successful organizations, through creating a sense of belongingness.
- It helps you to have an edge.
Further, if your organization is planning to develop a new product , you must recruit the desired professionals ,having skill in that specific product. If your organization is trying to open a new branch in a foreign country, you must hire people who are experts in such matters. If you are planning to increase sales turn over , you must take into account all the relevant aspects.
In addition, if all the candidates being recruited know in advance, what are the business goals of the organization , they may perform miraculously.
2.0 Keep focus on employer branding for an effective talent acquisition strategy
As per reference [1], cgtstaffing.com ,55% of job seekers don't apply due to negative feedback about the company. This tells the urgency of keeping focus on employer branding.
Building employer branding helps in the following manner.
-It enables the job seekers and outsiders to have a better understanding of vision, mission, culture and other related aspects of the company.
-Jobseekers get attracted towards a company if its feedback is positive and encouraging in the market.
As per the reference [2], blog.hubspot.com, employer branding is a critical strategy for finding the best employees. If you are able to answer the question “why your company over all others?”, through building a positive image, your job is done.
3.0 Sourcing approach must be diverse for an effective talent acquisition strategy
Sources of your talent acquisition must be diverse. If required, you may explore a new market or geographical location. Following may help you in the endeavor.
-Holding professional events, conferences, online meetings
-Social media networks
-Enhancing connectivity in the world
-LinkedIn X-ray search
- Monitor your leads and be in personal touch with them
-Don't underestimate even the passive leads
-Innovate, innovate and innovate
4.0 Acquire talents through “inbound process”
Acquiring talent through inbound process is also called inbound recruitment by specialists. Inbound recruitment is our talent acquisition strategy where you proactively and continually attract candidates with the goal to make them choose yourself as their next employer. [Reference 3, upright.com]
As per the reference [4], www.hubspot.com, who are the inventors of the word “inbound recruiting”, the term is defined as “methodology adopted by companies to attract, engage and hire top talent today, through building relationships.
If we scan the literature, enormous amount of information is available on the topic. The readers may go through the same.
However, for the convenience of readers, the author has listed the following for making the inbound recruiting a reality in any organization.
- Emphasize on brand value, company culture and value of your organization.
-Keep your existing employees happy. This will help because unhappy employees may create negative image in society.
-Make an integrated in bound talent acquisition strategy, this may consist of creating captivating content, Search Engine Optimization (SEO), storytelling, writing articles and blogs aimed at building the image. Inbound process should be made so intense that talents crave for being employees.
5.0 Emphasis on retention of employees
Successful employees of the organization must be identified and appropriate action taken to retain them. We may do this by the following means.
-Identify internal candidates for key positions
-Evolve employee career pathing for such people
-Invest in their growth, both short term and long term
-Look into their present and future roles through well laid out programs
We must bear in mind that high employee turnover rate is a significant waste of time and resources. W should further note that employee- retention may be enhanced through adequate compensation and benefits, training and development, one to one meetings with CEO, annual raises and bonus structure, performance appraisal process, promotional outlook and channel for delivery of feedback.
6.0 Bring in the best of HR practices to motivate and coach employees
It is really wonderful to note that HR practices are continuously evolving into innovative aspects. In order to achieve excellent talent flourishing, any organization must implement best of the human resource practices. We have listed few of them as follows:
- Boost morale and keep employees motivated
- Coach and develop employees to keep them achieve their full potential
- Creating a work culture will improve HR roles.
- Educating employees about how to maintain a healthy work life balance
CHRMP has done an extensive research on how to maintain a healthy work life balance in modern day world. We have published the following blogs on the same. The readers may refer to them.
Eight Tips To Have A Healthy Work Life Balance
How To Determine If You Are Having A Healthy Work Life Balance
- Let employees feel that they are stakeholders in the organization.
- Make sure employees have the resources they need to do well.
- Combine inclusiveness with diversity to get the best results in your organization.
CHRMP has done extensive research in this field. You may get benefited by the following, blogs.
Why inclusiveness must be combined with diversity to get the best results
- Nurture creativity among employees. It is one of the best HR practice which we must adopt. For more information, you may refer to the following blog, which ,CHRMP has published earlier.
How To Nurture Creativity In Your Organization
- Foster a strong emotional culture in your organization. The author has published following blogs, in this respect, please read them. They may prove to be useful fostering emotional cultures in your organization.
6 Tips To Improve Emotional Culture At Workplace
How HR Will Determine If Their Organization Possesses A Strong Emotional Culture
7.0 Make the best use of technology
Advancing technology is proving to be a great blessing not only for efficient HR functioning but also in acquiring talents.
A good combination of big data, artificial intelligence (AI), machine learning and HR Analytics has paved the way for excellent talent acquisition in modern day organizations. This also leads to unbiased hiring, free from personal prejudices. Predictive Analytics may forecast the future leaders.
8.0 Keep provision for evaluating
It is a sordid state of affair that companies are focusing more on talent acquisition, which is always an excellent proposition, but very less on evaluating the effectiveness of their talent acquisition strategies. We must bear in mind that auditing processes and talent acquisition strategies , along with analyzing data from time to time is very important. This will help you in making mid course corrections.
The reference [5], www.skeeled.com has suggested 7 HR Metrics to evaluate the effectiveness of talent acquisition strategies. These are as follows
-Time to hire
-Cost per hire
-Qualified candidates per opening
-Sourcing
-Quality of hire
-Offer acceptance rate
-Satisfaction rate
References
1 8 Innovative Talent Acquisition Strategies to Retain Top Talent
https://www.cgtstaffing.com/resources/talent-acquisition-strategies/
2 4 Talent Acquisition Strategies to Find the Best Employees
https://blog.hubspot.com/marketing/talent-acquisition
3 Talent Acquisition Strategy – 2020 to Hire the Best Candidates | UprightHC Blog
https://uprighthc.com/blog/talent-acquisition-strategy-2020-to-hire-the-best-candidates
4. https://www.hubspot.com/inbound-recruitin
5 How to Evaluate the Effectiveness of Your Talent Acquisition Strategy
https://www.skeeled.com/blog/how-to-evaluate-the-effectiveness-of-your-talent-acquisition-strategy