How To Craft Your Talent Acquisition Strategy: Definitions And 12 Key Strategies

5 min Read

Published on: Apr 05, 2024, Updated on: Apr 05, 2024

How To Craft Your Talent Acquisition Strategy: Definitions And 12 Key Strategies

Table of Contents

Published on: May 19, 2024
Updated on: June 24, 2024

5 min Read

Hiring top talent is not an easy endeavor, especially in this era of high-tech innovations. Finding the right talent demands time, energy, and resources. As your organisation progresses, it’s crucial that you continuously evaluate its workforce requirements and hire talented individuals with the right skills to propel the organisation forward.

A successful talent acquisition strategy entails creating an impressive employer brand, offering a seamless candidate journey, and concentrating on long-term goals. Talent acquisition initiatives go beyond simply hiring. It calls for integrating organisational goals with a great Talent Acquisition plan and employee engagement.

In addition, establishing congruence between the workforce and organisational goals is essential for driving growth, making sure every member actively contributes regardless of their role in the organisation.

Recruitment VS. Talent Acquisition 

While both Recruitment and Talent Acquisition work towards a common goal: To attract skilled candidates to the organization. But then what is the difference?

Recruitment mainly focuses on sourcing candidates to fill as many positions as possible, working mainly on the organisation’s short-term goals. Whereas talent acquisitions broaden the scope, they work towards achieving the company’s long-term goals, considering the far-reaching effects of each hire. Talent Acquisition protects the organization’s primary objectives while understanding employees’ key roles in achieving organizational goals.

Talent Acquisition vs Recruitment

What is a Talent Acquisition Strategy?

Talent acquisition strategy initiatives are a company’s personalized approach to sourcing, retaining, and attracting top talents. This ultimately would lead to achieving the company’s long-term goals.

It is projected that by 2030, there will be a global talent shortage of 85 million people

that will surpass roughly equivalent to the population of Germany. When looking for a solution for problems like these, it is a common mistake to hire more and more people to just fill the positions. Hiring more and more people to just fill the positions often leads to high attrition rates because the newly hired individuals are not aligned with organizational values and long-term goals.

Using talent acquisition strategies in proven ways, like positive candidate experience, a sense of community, strong employer branding, and strategic sourcing and recruiting talent will help in building a highly engaged organization.

“For years, TA has been focused on metrics like time-to-fill and acceptance rates. But today, leadership is asking us about the quality of our hires and how we are measuring that.”

Amy Schultz
Global Head of Talent Acquisition at Canva

How to Develop a Talent Acquisition Strategy?

Innovative talent acquisition strategies include a process that is effectively designed to find, attract, examine and retain the right candidate match for the organization’s current and future recruitment needs.

Follow these steps to create an innovative talent acquisition strategy-

Workforce Planning
Strategic workforce planning has become crucial for organizations to maintain the ideal level of staffing while avoiding overstaffing and understaffing. It addresses various factors like an aging workforce, cost management, and adaptability.

A talent acquisition plan must have tactics to attract and recruit teams with the required skills within budget limits while forecasting the potential obstacles in this evolving job market.

Sourcing and Recruitment
Internal talent sourcing is more cost-effective and has more benefits than hiring externally. Employees place a high value on opportunities for professional development and progress, as both are key factors in talent retention. In the meantime, succession planning helps internal sourcing by recognizing and cultivating qualified candidates for key positions in anticipation of staff turnover.

Referrals remain an invaluable source for new hires, where organizations leverage the entire workforce as recruiters. Additionally, career and leadership development initiatives provide great opportunities for building skills and growth.

Improve the Candidate’s Experience
A robust talent acquisition strategy must include delivering the best experience for potential employees. It is of the utmost importance to have a transparent and streamlined recruitment process, with candidates receiving open communication and constructive feedback at every stage.

To consistently enhance the caliber of your candidate experience-

  • Simplify the recruitment process to minimize candidate frustration and drop-offs.
  • Keep an ongoing relationship with candidates to keep them informed throughout the recruitment process.
  • Conduct the interviews with respect and openness and offer post-interview feedback.

12 Best Practices for Talent Acquisition  

1. Strong Employer Branding
A strong employer brand can differentiate an organization, which makes it a desirable destination for highly skilled employees. The most important question is how is your company different from your competitors.

Before joining, candidates research everything about the company to see what it is like to work in your organisation. Even copy in your job description matters. They also notice if your website and social media platforms are aligned with your mission, vision, values, and culture. In a survey, it was revealed that 96% of employer branding and recruiters utilize social media. LinkedIn and Instagram are the primary social platforms for employer branding.

2. Examine current and future requirements
To make sure that your organization meets its business objectives effectively, begin by evaluating both present and future requirements. This approach starts with an organizational study, which will identify crucial areas for fresh talent to meet current and future goals and growth plans. It is essential to distinguish between both short-term and long-term talent requirements, prioritizing the tasks that demand urgent attention. Create a comprehensive candidate profile and job description that is tailored to each position’s required skills and qualifications for success.

Take into account the availability of an internal talent pool by regularly reviewing current employees for chances of upskilling.

3. Improve Candidate experience 
Enhancing a candidate’s experience is crucial for a successful hiring process. There are many ways in which this can be achieved. The key strategies include clear communication, which provides transparency throughout the entire process. Streamlining the entire hiring process is user-friendly and has a clear job description that highlights the company culture.

Personalized communication adds a memorable touch to the hiring process, just as constructive feedback fosters professional growth. These minor details will leave a lasting impression on the candidates’ experience and help with employer branding.

4. Shift the Hiring Focus
Rather than relying solely on college degrees, many organizations are focusing on skill-based hiring to effectively analyze individuals’ talent.

IT companies like Accenture and Bitwise exemplify this trend by dropping degree requirements and shifting focus to skill-based hiring and talent development. This change acknowledges that degrees don’t always predict job performance. Organizations that prioritize skills offer a better work fit and performance.

5. Use Data and analytics 
Data can help organisations make better decisions and improve the whole recruitment process, leading to high-quality hires. Analyzing the existing data and market trends helps forecast future hiring requirements and find the best candidate ahead of time.

Tracking the performance of the many different hiring channels, like job boards and social media, may help recruiters focus on their business goals. Metrics such as time-to-hire, application completion rates, and quality of hire are all clear indicators of how effectively the recruitment strategy is performing.

6Define your talent needs
It is an essential aspect of best practices in talent acquisition strategy. It involves fully understanding and communicating the skills, qualifications, and qualities required for multiple roles within the organization.

By clearly defining the talent needs, recruiters can effectively link recruitment efforts with organizational goals and ensure that everyone on the team possesses the necessary skills to drive success. This process involves analyzing existing workforce requirements, forecasting future needs, and taking account of business objectives, industry trends and advances in technology. Additionally, addressing the talent needs enables recruiters to develop targeted methods of sourcing, and accelerate candidate evaluation procedures, ultimately attracting and retaining top-performing individuals who share the organizations vision.

7. Use multiple channels and methods
Using multiple channels and strategies for talent acquisition is a must for obtaining a varied talent pool and promoting recruitment effectiveness. According to research by LinkedIn, 72% of recruiters worldwide agree that numerous channels are an efficient approach to attracting the right talent.

Another research by Glassdoor reveals that organizations that make use of a combination of social media platforms, job boards, and employee referrals and recruitment agencies have much better engagement rates and quality hires as compared to organizations that depend on only one channel.

8. Social Media Engagement for Recruitment
Leveraging social media platforms for recruitment helps broaden the search for the right talent and enhance engagement. A significant portion of the population is active on various social media platforms. For example, LinkedIn, a professional networking platform, boasts more than 500 million global users. Using multiple social channels offers access to a varied talent pool.

9. Prioritizing Recruitment Metrics
Prioritizing and tracking metrics related to the hiring process and cost to hire may offer significant insights into the efficiency of the current hiring process.

Tracking recruitment metrics enables HR and TA professionals to make data-driven, well-informed decisions. Every organization must assess and enhance its recruitment process by measuring these five key metrics:

  • Cost per hire
  • Recruitment funnel effectiveness
  • Source of hire
  • Time to fill
  • Quality of hire

10. Strategic Talent Gap Analysis
A talent gap analysis helps HR leaders address gaps in the talent landscape, ensuring that they are attracting and retaining a skilled, active and creative workforce. Performing a talent gap analysis can help leaders identify which skills are to be prioritized like additional technical training, to bridge the IT skills gap.

Once all the talent gaps are identified, HR can focus on developing initiatives to tackle the emerging talent shortage. According to the situation at hand, hiring managers can decide if it is better to look for new talent (Buy), reskill or upskill current employees (Build) or reallocate talent (Borrow) to achieve the new priorities.

11. Efficiency Enhancement through AI Integration
Integrating generative AI technologies in the recruitment process helps automate repetitive tasks, helping recruiters focus on more strategic business goals. Different AI-powered technologies, like resume screening and interview scheduling, help streamline the hiring process.

The use of AI tools has led to a significant decrease in the time to fill vacancies, highlighting its capacity to improve recruitment efficiency.

12. Flexible work options
According to research, many employees prefer working from home rather than receiving a high raise. Additionally, employees with flexible work schedules indicated a 29% productivity boost and 53% more attention to detail as compared to those without flexibility.

The new-age employees, especially Gen Z and Millennials, are looking for a better work-life balance. Therefore, organizations that are open to promoting remote working or hybrid working models with flexible scheduling are more likely to attract and retain employees.

Key Takeaways

  • A Talent acquisition strategy and process help organizations discover, attract and retain high-caliber employees that match the organizations culture and values to work towards long-term goals.
  • The talent acquisition process for developing strategies includes clear job descriptions, strong employer branding, building talent pipelines and implementing rigorous selection, recruitment and integration processes are all important components to developing a successful talent acquisition strategy.
  • Recruiters should follow Talent Acquisition best practices which will help leverage technological advancements, incorporate data and analytics, prioritize retention of top performers, and ensure a smooth and positive candidate journey throughout the recruitment process.
  • 1. Why talent acquisition strategy is important?

    An effective talent acquisition strategy guarantees the seamless operation of a business by creating a pool of outstanding talent and considering the organisation’s future workforce needs.

  • 2. What makes a good talent acquisition?

    To attract top talent, an organization must have a strong employer brand, a smooth candidate experience, and a clear emphasis on achieving business objectives. Such recruitment requires a substantial amount of time, deliberation, and energy.

  • 3. What is the biggest challenge in talent acquisition?

    Attracting suitable candidates can be challenging because of various issues. These include difficulty in capturing the attention of the ideal candidate, high competition as good candidates often receive multiple offers at once, a shortage of well-qualified candidates, and no method of monitoring the recruitment efforts’ success rate.

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