Talent acquisition is the backbone of a healthy business with a smooth continuum, stable revenues, and profit. But what happens when an unexpected crisis takes the world in its clutches and disrupts employment and recruitment strategies?
Even though a pandemic can occur at any point, COVID-19 was a shock that resulted in a global shift to remote work and the highest unemployment since the Great Depression. The aftermaths required tweaking talent acquisition procedures and aligning them with the new normal.
As the number of unemployed and laid-off individuals surged, so did the influx of available job seekers. Even though that may sound like a silver lining, an increase in job applications carries a risk of underqualified candidates, eager to ensure income security.
Regardless of how impatient you are to stabilize your business and boost your employment, a bad hire could cost up to 30 percent of the employee’s wages for the first year. That is why it’s essential to improve your talent acquisition efforts and consider reaching out to a staffing agency that specializes in recruitment.
THE PARAMOUNT IMPORTANCE OF TALENT ACQUISITION
Though recruitment and talent acquisitions are both commonly used terms in regard to obtaining talent, they are not synonymous. Recruiting is essentially focused on filling a vacancy quickly whereas talent acquisition is strategic resource planning that involves identifying talent that is suitable for your organization. Recruitment is a short-term fix to quickly fill a vacancy; however, talent acquisition is finding long-term talent with exceptional employability skills.
The novel coronavirus may have transformed the world in ways that we still don’t fully understand, but effective talent acquisition remains significant for achieving recruiting objectives. Moreover, it could prove to be essential for selecting the right candidate in a sea of applications by:
1. IDENTIFYING THE MOST COMPATIBLE JOB APPLICANT
Talent acquisition is a process that centers around details that allow recruiters to detect candidates whose skills and qualifications meet the needs of a client or company. Contrary to rushing out to fill out available vacancies, talent acquisition requires thorough procedures and in-depth evaluation of all job applicants. It deals with the strategies, tactics, and processes for identifying, recruiting, and retaining the human resources a company needs. As a result, it considers whether one would be the right cultural fit, a candidate’s future career pathing and progress, and contributions to the organization. Thanks to that meticulousness, talent acquisition results in a job applicant who could stay with a company for an extended period of time.
2. STELLAR COMPETITIVE EDGE
Unsuccessful recruitment could result in an impaired reputation and losing clients. These could affect a company for years, demanding extensive effort to repair the damage. Meanwhile, the competitors could use that to their advantage and attract new leads.
Happy employees are crucial for every company, making them its most significant asset. But having productive and content hires requires choosing the right individuals who will feel at ease in their new workplace. Companies should have robust employee engagement programs, talent optimization strategies, and a competitive benefits structure to maintain a competitive edge.
A stellar reputation is critical for attracting qualified employees, but talent acquisition has a crucial role in it. It helps recruiters identify the most compatible talents who understand their responsibilities and feel a sense of belonging within the organization. That is how to obtain and maintain a return on talent (ROT).
3. MONEY AND TIME-SAVING
Replacing a worker can range from one-half to two times the employee's annual salary. Efficient talent acquisition ensures recruiters choose the most compatible person and in turn, avoids the costs of poor employee selection.
Besides requiring financial resources, recruitment also takes a lot of time. It is a process that includes candidate attraction and advertisement, resume evaluation, job ads, etc. Talent acquisition helps companies make the most out of this procedure by finding a person whose skills, qualifications, and goals align with the job position to which they are applying.
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Repairing the COVID-19 aftermath has taken a toll on even the best-performing businesses. Poor recruitment shouldn’t be another issue to worry about. Hence, leaders and HR professionals should improve their talent acquisition efforts to ensure they are onboarding the right employees.