Companies globally are experiencing the impact of ‘the Great Resignation’ and many are failing to meet the challenge of hiring in the competitive job market current economic conditions have them in. Turnover is on the rise as employees catch wind of higher wages, remote work opportunities, and confidence to go after jobs that go above the basic benefits package. Candidates are looking for companies that present a comprehensive experience for them.
With these circumstances, businesses are seeking out strategies to stay competitive, retain staff, and hire top talent. Talent acquisition teams are the answer to this problem.
Talent acquisition teams should be viewed as integral business partners for any organization looking to make people a priority. As a company plans to scale growth in revenue, increased talent needs to follow, and often does so in budget-approved waves. With a comprehensive approach to growing teams, employers can utilize talent acquisition departments to recruit candidates that bring assets beyond just the minimum required skills. There are several ways that successful talent acquisition teams bring value to an organization.
Brand Awareness
Big name brand companies get their world wide popularity from their people. Companies with focused talent acquisition strategies add value to a company by providing positive brand awareness. When TA teams have business related goals, values, and visions in mind they are able to effectively communicate the meaning of a company’s brand to every candidate they encounter. Whether a candidate moves to the final stage of hiring or not, smart companies will focus on TA teams that leave every candidate with a positive story to tell. In many industries, networking and hearsay about a companies hiring practices can make or break the future of recruitment. Being sure to have a resilient talent acquisition team can make all the difference in becoming the more attractive employer in the market.
Strategic Success
Organizational leadership must understand the connection between company success and strategic hiring. Every hire brings to a company a quantifiable value both via tangible and intangible metrics. Leaders in talent acquisition are there to help business decision makers understand those values. Companies must define what specific value they are looking for in a high quality hire. When managers and supervisors make that connection with their talent acquisition team for not only high level positions, but positions throughout the business, hiring can become deeper than looking for the person with the right years of experience. Companies should be helping recruiters answer the question, ‘how will this position ultimately affect the bottom line?’ This will result in new hires coming onboard that know the answer to that question from the start, creating employee engagement and investment from an early stage.
Hiring Efficiency
Hiring, firing, re-hiring, re-training, and recruiting are extremely expensive business costs. When companies are not investing in a quality talent acquisition team, recruiting and hiring become inefficient. Inefficient hiring leads to additional training and employee turnover. When positions are not filled with high quality candidates and engaged employees, the business suffers. Without quality recruiting and efficient onboarding procedures, most companies will get stuck in cycle of unending turnover leading ultimately to high costs, burdens on existing staff, and frustrations from managers. In order to improve this cycle, talent acquisition must be a valued focus. This means not only having a TA team, but bringing them into the decision making process and partnering with them on business objectives.
Talent Analysis
Creating high quality hiring strategies and efficient recruitment procedures requires understanding where the gap lies in current conditions and the ideal goal. Talent acquisition teams often have access, or should be provided with acces, to tools that can provide important analytics for the organization. What is the current time to fill? What is the requisition to recruiter ratio on average? What percent of turnover is happening with new hires? Is turnover primarily with tenured employees? How prepared do new employees feel to do the job after the training period? Are expectations laid out in the hiring process to candidates meeting the reality of what happens on the job? Answers to these questions can be provided by a TA team and may be the accelerant to making positive change. Without a team able to advise of where gaps lie, it is extremely difficult to make changes that steer the company in right direction.
Stephanie Mauney is a freelance writer and content curator specializing in Human Resources
