A company’s growth is dependent on its employees. Hence, hiring suitable candidates is crucial. When it comes to recruitment, companies often think that talent acquisition and recruitment are synonymous. However, this is not the case at all.
Understanding the difference between their terms and figuring out which hiring method is suitable for your business can help you improve your team. While these terms may be complicated to understand, expert websites like https://www.high5hire.com/ can simplify them for you.
Recruitment vs. Talent Acquisition
Simply put, recruitment is a reactive process, while talent acquisition is a proactive process. Generally, companies start a recruitment process when they need to fill a vacancy. When the need arises, companies request candidates to apply for the vacancy and then assess their suitability for the position. It may be considered to be a short-term process where the company strives to fill in a position as quickly as possible.
However, talent acquisition is a long-term process. Through talent acquisition, companies can recruit specialists and leaders in a field. Talent acquisition allows companies to select future executives that meet a specific skillset.
Should Your Company Recruit or Acquire?
Whether you recruit or acquire talent depends on your company’s needs. In niche industries, the talent pool is small, and the short-term recruitment process may not be helpful. For such industries, talent acquisition may be the only option.
Additionally, when companies expect a faster than average growth, it is best to start a talent acquisition strategy early on. Finding the right talent for your business is challenging, but tackling a growing business and building acquisition strategies can be cumbersome.
It is important to note that not all positions require talent acquisition strategies. While some businesses may benefit from talent acquisition, it is only necessary for executive roles that are high profile. Relying solely on talent acquisition, especially for non-executive roles, may increase costs without providing adequate results.
It is important to determine which positions in your company add value to your business and then plant your acquisition strategy. Bad hiring strategies for these positions increase business risk. Therefore, acquisition strategies should be planned carefully, and these positions need to be marketed to the right people.
Is Talent Acquisition More Important Than Recruitment?
Many industries face skill shortages. Hence, recruitment is not an option for such companies. But is talent acquisition the only way forward? In some cases, it may be.
According to Quality of Hire by Brenner & McGuire, approximately 90% of leading companies’ values come from their intangible assets, that is, the people behind the business. As more valuable people join a business, the company’s intellectual asset increases which helps in driving the business forward. Hence, talent acquisition is crucial for high-profile roles within the company.
Talent acquisition can be beneficial if you are a start-up. While some people vie talent acquisition to be an expensive process, it can pay off in the long run, especially for new companies. Hiring the right talent helps you gain footing in the industry. You can be confident in your employee’s ability to navigate the industry because they possess the skills and experience in this field.
Generally, if you are on the fence about whether a position requires talent action or not, it may be better to opt for talent caution, as it ends up saving time and money in the long run. There’s no need to incur the expense of replacing employees by conducting several interviews when you can recruit qualified candidates from a niche pool.
Although recruitment and talent acquisition are often confused, they are not the same. With experts, the hiring process is made easier. Understanding these concepts helps you make the right hiring decision and can ultimately save you from increasing business costs. Remember, one method is not better than the other, and a good strategy is required for a successful hire.