Acquiring Talent: Essential Pillar of Talent Management
In the realm of talent management, organizations navigate through various activities and processes to effectively handle their workforce. The four pillars of talent management—Acquire, Grow, Engage, and Manage—are pivotal in ensuring the success and sustainability of an organization. Today, we delve into the crucial first pillar of talent management: Acquire. Acquiring talent goes beyond merely recruiting and hiring employees; it encompasses a strategic approach to identifying, evaluating, and attracting top candidates who will contribute to the organization’s success.
Investment in Talent Acquisition:
Talent acquisition is an investment that incurs costs related to sourcing, recruiting, and onboarding new talent. Understanding and allocating an appropriate budget is crucial to ensure that the investment yields high-quality hires. The cost of acquiring talent can range significantly based on industry, niche, and market conditions, further emphasizing the need for efficient and effective talent acquisition processes. Consider this before cutting costs!
Planning for Acquiring Talent:
Formulating a talent acquisition strategy involves envisioning the organization’s future talent needs, understanding the existing talent landscape, and ensuring the presence of consistent, fair, and objective recruiting processes. We start with the organization’s Strategic Business Plan - which informs and influences the detailed Talent Management Plan and acquisition strategy.
Strategic decisions regarding insourcing or outsourcing certain activities, such as recruiting, are essential aspects that directly impact the organization’s talent acquisition capabilities.
Identifying Talent:
The first step in acquiring talent is identifying the specific skills and attributes required for the organization's needs. This involves a comprehensive analysis of what the organization is lacking and the skills it requires to progress and achieve its objectives.
Finding and Recruiting:
Following identification, finding and recruiting talent becomes imperative. It is vital to uncover where the required talent resides, whether in a specific industry, geographic location, or educational institution. Concurrently, the organization should proactively pipeline talent for future needs, thus continuously replenishing the talent pool.
Interviewing and Selection:
The interviewing process is a critical stage in acquiring talent. It can be the first real interaction a prospective employee has with your organization. Engaging with candidates and assessing their suitability based on predefined criteria is key in selecting the right individuals to join the organization. The selection process involves focused decision-making, ensuring that the chosen candidates align with the organization’s objectives and culture.
Offering and Onboarding:
After careful selection, the offering stage starts. Crafting offers that are not only aligned with the market but also resonate with the organization’s capabilities is essential. It is crucial to avoid any mismatch in expectations, ensuring a smooth transition for the new hires. Once the offers are accepted, the onboarding process plays a vital role in setting the tone for the employee’s experience within the organization.
The Nuances of Onboarding:
Onboarding is not merely a procedural task; it significantly influences the impression new hires have of the organization.
Remember that this is the first impression you make as an actual employer to the employee - on the “other side of the curtain”. They are now backstage in your organization and are forming perceptions every minute.
This experience plays a vital role in shaping the employee's perception of the organization and directly impacts their initial days and beyond. A well-structured onboarding process communicates value and sets a positive tone for the new employee's journey within the organization.
The Role of Employer Brand:
One aspect often overlooked in the acquisition process is the organization's employer brand. It is essential to be aware of how the organization is perceived and portrayed in the job market. Understanding opinions formed through platforms such as Glassdoor and LinkedIn assists in shaping a positive employer brand and understanding the organization's strengths and areas for improvement. There are steps you can take to influence your employer brand, but the best and easiest is to invest properly in your employees.
Diverse Talent Engagement:
In the modern workforce landscape, organizations often have diverse talent engagement needs. Whether acquiring full-time employees, engaging with contract hires, or considering gig and fractional workers, organizations need to analyze and develop their talent engagement approach, aligning it with the organization's strategic goals and operational requirements.
Acquiring talent is not a standalone activity. It is integral to an organization’s growth and sustainability. Successfully harnessing the acquisition pillar of talent management requires a thoughtful approach that addresses identification, recruitment, selection, onboarding, employer branding, investment, planning, onboarding, and diverse talent engagement. Each step plays a crucial role in sculpting a robust talent acquisition strategy that fuels organizational success.
As an organization delves into its talent management strategy, it is vital to realize that becoming, and remaining, an employer of choice requires a commitment to excellence at every touchpoint in the talent lifecycle.