A recent study found that 69% of companies have reported talent shortages that are making hiring and retaining top talent even more challenging. If you are experiencing similar issues with attracting and retaining employees then it may be time to re-evaluate your current talent acquisition strategies.
It is important to regularly evaluate your talent acquisition strategies so that you can make improvements as needed. Talent acquisition and recruiting are dynamic and ever-changing. The strategy that worked for the last few years may no longer be effective – and that is okay!
This article examines the key difference between talent acquisition versus recruitment and various strategies to improve your talent acquisition plan.
Talent Acquisition vs Recruitment
Talent acquisition looks at the entire hiring process from start to finish. It is a long-term strategy geared toward sourcing, recruiting, and retaining top talent. It includes creating, implementing, and evaluating programs to increase the overall performance of the company.
A hiring manager’s goal is to focus on finding top talent that will excel in the position and stay with the company for the foreseeable future. They work hard to maintain a healthy and lasting relationship with the candidate.
Recruitment serves a similar purpose but the focus is on short-term gain. If a company is actively recruiting, typically they have open positions and a need to fill those positions quickly. Recruiters spend less time getting to know potential candidates and more time sending them through the hiring process. Recruiting leaves something to be desired in the candidate management area.
Talent Acquisition Strategies
An talent acquisition strategy refers to the approach that hiring managers, and HR departments, take when sourcing new talent for current and future positions. If the right strategy is used it can help companies source, hire, and onboard qualified candidates promptly.
Below are the top trending strategies that hiring managers are implementing to improve the talent acquisition process. Be mindful that these strategies can (and should) be modified for your individual company goals. Creating new talent acquisition strategies is not a one size fits all process – modification is key!
Invest in Employer Branding
When seeking top talent, it is imperative to let them know that your company is a great place to work. Before a candidate applies, they have already been introduced to your employer’s brand and the company culture. The first step to creating a successful hiring process is to become brand aware.
Employers with solid brands fill vacant positions and attract top talent with ease because the brand speaks for itself. The brand needs to be well thought out, easily defined, and regularly communicated to current employees. A company’s employees are the greatest asset because they share the brand with friends, family, and anyone who asks about their work.
The two best ways to develop a strong employer brand are to share your brand on social media and to regularly gather employee feedback.
The key to the successful utilization of social media is the diversification of content. This can range from educational content to interactive content such as blogs, videos, surveys, and more. Posting online shows the world what your company is about.
It is important to post regularly. Companies have even made social media calendars to assist hiring managers with content ideas. The calendar may be simple such as each Tuesday spotlighting one position within the company. Creating a premade, weekly, or monthly, calendar with content ideas allows for daily, regular postings and keeps managers from having to think about what topics to cover in posts.
Gather Employee Feedback
The next way to develop and maintain a strong employer brand is to regularly gather employee feedback. There are many ways to do this but the most common is a company-wide survey. Some companies do a yearly survey for employee feedback while others do quarterly surveys.
It is best to increase the frequency of surveys when initiating new strategies, so that you can see how it is improving the employee experience. Make sure to include a space where employees can provide open feedback and contribute ideas.
Employees want to work for employers who are interested in them as individuals; employees do not want to merely be a number in the system. It is not enough to simply gather employee feedback. You will need to evaluate the feedback and look at integrating some of the recommended changes as well.
Improve the Candidate Experience
The first step to improving the candidate experience is to look at the overall recruiting process starting with the job descriptions. When creating a job description you must be specific, transparent, and comprehensive.
Specific: use detailed, direct language to describe the position and its requirements.
Transparent: do not mislead candidates by making the position sound better than it is. Honestly explain the position details and requirements – even if this means potentially missing out on candidates.
Comprehensive: provide details about advancement in the company. It helps to elaborate on the company’s culture so that candidates can picture the environment.
The next step is to improve the application process. The best way to do this is to ensure that the software is user-friendly. Up to 60% of job seekers have stopped mid-application because it was too long or difficult to complete.
Lastly, do your best as a part of the hiring team to be accommodating. The majority of qualified candidates are already employed in full-time positions. This means that they will need to take time off to complete interviews and the hiring process. It is important to be flexible with potential candidates.
The easiest way to accommodate candidates during the hiring process is with one-way video interviewing. This software allows for a manager to send an interview link, with an introduction video, to the candidate. The candidate will then record themselves answering questions that were sent over in the interview link at their convenience. The hiring manager can review the video whenever they have time and can even watch the interview multiple times during the decision-making process.
Effectively Use Employee Referrals
Once you have posted to all available job boards and social media platforms you may feel like you have nowhere else to turn to find top talent. That is not the case! Human resource departments are creating incentives for current employees who refer someone to come to work. Typically a bonus will only be paid if the referred employee works a certain amount of time.
You have created a team of skillful employees. Those employees usually have like-minded friends. Allow your previous recruiting efforts to bring you even more talent. Although some companies offer a monetary bonus that is not necessary.
Get creative and look at what resources you have available. Maybe your company produces a high-demand product that you can offer as an incentive. This is a great talent acquisition strategy when you want to incentivize referrals but are on a tight budget.
Utilize Data Analytics
The last talent acquisition strategy that assists in attracting top talent is the use of data analytics. The most common way to collect the data is through an applicant tracking system or ATS. This software is great at keeping track of all candidates, communicating with them, and even tracking what source found the candidate.
It collects various metrics to help you improve your hiring process. It will show how the candidates found the position, which allows you to focus your recruiting efforts. The ATS even tracks where candidates stop during the hiring process which directly shows which area needs improvement.
There are many benefits to utilizing an ATS. Not only will it allow you to be more organized, it will free up your valuable time by automating most of the time-consuming tasks. Another available feature with the ATS is that it can manage employee referrals on the platform. If you are looking to improve your strategies, start with investing in an applicant tracking system!
Attract Top Talent with Discovered
If you are in the process of re-evaluating your talent acquisition strategies then Discovered is the best place to begin. Either give us a call at (833) 332-8378 or book a demo today to take part in a no-obligation trial.
Each trial includes a free pre-employment assessment that is customized for your business, a one-on-one call to discuss your hiring needs, and recommendations on how to improve your hiring process with various Discovered features.
Whether you wish to implement an applicant tracking system or are looking to utilize candidate scorecards, Discovered has you covered!