Talent Acquisition Strategy And Its Elements
Talent Acquisition Strategy is a complex process which is dependent on many factors related to organization culture, industry, location, business needs and talent availability. The process of developing a talent acquisition strategy is dependent on three stages.
The first phase of the process is planning and preparing. In this stage the organizational data is carefully analyzed which includes workforce management and business priorities, core HR and talent management. Depending on these factors the strategy needs to be shaped up for ensuring business growth.
Next comes the identification and evaluation phase. Identifying and managing various stages of talent locating that includes candidate relationship management (CRM), employee referral programs, professional behavioral pattern and such like.
The last stage of strategy is acquisition of the talent and engagement. This is the actual hiring of the talent and taking through the on boarding processes. In this stage the salary negotiation, pre hiring formalities and new recruit socialization measures are undertaken.
Therefore, there are certain key elements of talent acquisition strategy which need to be taken in to consideration for formulating the same.
Workforce planning is the first in the list. It is the modeling of the labor supply and assessment of the demand in a specific location. It is directly proportional to the talent acquisition process. Aligning the size and type of workforce with the business planning is one of the major challenges faced by companies. This scenario contributes significantly towards shaping up of talent acquisition strategy. A recruitment company can be consulted for assessment in this front.
Employer branding is a fresher prospect that have been added to the strategy build up in recent times. Times have changed when only a higher designation and a fat pay check could conveniently attract talent. Now days, individuals gain insight about the brand through social media, reviews on online forums and from employees. Hence it is essential to built up employer brand value on such platforms and keep a constant monitoring over the same.
The next in line is the recruitment strategy. There should be individual strategies to target specific segment of labor pool through various channels. Online platforms such as job portals, social media and company websites should be combined with traditional methods such as referrals, external suppliers and on campus recruitment initiatives for maximum effect. Diversification towards locating candidates gives wider reach in the market.
The recruitment process is an important element of the strategy. It needs to be effective and time efficient at the same time in order to locate and bring in the most eligible candidate within budget.
On boarding is the final taking in of the candidates within the system. They need to be informed about the organization culture and work environment along with training them regarding the responsibilities and reporting process.
Last but definitely not the least is the retention of the employees. This is essential as there is a significant amount of cost involved in training the employee for performance. If the individual resigns within short period of time then it is a loss of capital which impacts company growth.