The terms ‘recruitment’ and ‘talent acquisition’ are often used interchangeably – a lexicon used to describe a multitude of activities throughout the hiring process. However, the two terms are very different things.
As an organisation looking for additional help with your hiring needs, you may want to consider carefully before typing ‘recruitment agency’ into a google search. Are you looking to fill a vacancy that’s become available, or are you seeking to create a people strategy that will increase business growth and innovation?
Let’s look at the definitions of ‘recruitment’ and ‘talent acquisition’ and explore how they are different.
What is Recruitment?
Recruitment is tactical in nature; it’s short-term and in response to a vacancy becoming available. Recruitment is driven by a candidate market, in which a range of automated tools such as Applicant Tracking Systems (ATS) is used to handle the mass volume of people applying for a given role. Recruitment is just one part of the talent acquisition umbrella.
What is Talent Acquisition?
Talent acquisition is a long-term and proactive approach to hiring, in which a great deal of strategy is involved and recruiting is just one part of the overall approach. Talent acquisition partners are forward-thinking about the ways your business could expand, what people could drive growth and how your organisation can attract and retain those people.
Let’s take a look at some of the intricate elements of talent acquisition that make it so different to recruitment alone.
Elements of Talent Acquisition
1. Strategy
Talent acquisition takes a lot of planning and should be in line with your overall business strategy and long-term goals. Businesses should have a deep understanding of future workplace needs, including the type of attributes and skills people will need to drive the business forward.
A strategy should then be put in place that outlines how these people will be sourced and retained. It should consider the local and international labour markets and the resources you may need to support future talent acquisition in different regions of the world.
2. Employer Branding
It’s no longer good enough to offer a large remuneration package with impressive benefits; todays’ candidates expect more. Today’s generations of candidates and tomorrow’s leaders are increasingly concerned with things like work/life balance, company ethics, environmental impact, and employer reputation.
This means that not only do you need to focus on your company brand but also your employer brand if you want to attract top talent. Company culture is something that needs to be influenced from the top down so it’s vital that an organisation’s leadership and HR teams are one the same page.
3. Talent Management
A strong talent acquisition strategy focuses on passive talent rather than active. This means that rather than sourcing people from a pool of immediate talent, a consultant will build up an extensive network of contacts in relevant industries and positions and maintain a relationship with these people.
These people are not sourced to fill immediate positions but are continually nurtured further down the line when a strategic opportunity becomes available for that person to help your business grow.
4. Opportunity
Talent acquisition is all about scoping out the market and identifying opportunities for business growth and expansion. This involves monitoring the market and identifying strategic locations for expansion across the globe.
As a talent acquisition partner, Leonid regularly produces market reports for our clients, identifying opportunities for growth, while providing key talent insights that help organisations to make smart hiring decisions.
5. Role Segmentation
In order to connect with the right people at the right time, a Talent Acquisition Manager must have an in-depth understanding of the inner workings of an organisation, how the company is structured and how the relevant departments operate.
It’s also vital to understand what skill set, competencies and types of personalities exist within a team, in order to identify people that will also be a good fit for the team as well as the business.
Should You Recruit or Acquire Talent?
While recruiting may work for some industries, more specialised sectors like R&D Tax and Corporate Governance pose challenges that require a strategic solution. These niche markets often have a limited pool of available talent, creating a candidate-driven market.
For organisations expecting rapid growth, it can be more beneficial to work with a talent acquisition partner that can help you create a strategic plan for finding the right talent and the right time, in order to help your business develop.
Why work with Leonid as a talent acquisition partner?
Why Work with Leonid as a Talent Acquisition Partner?
Leonid is a strategic talent acquisition partner with a client-focused approach. We create long-term partnerships with our clients, acting as an extension of your business. Our long-term approach enables us to get to know your business and the organisational culture, meaning we can identify key opportunities for you to grow your team.
Our consultants continually build and maintain a global network of talented professionals across the globe, building meaningful relationships with people within relevant industries. When the time comes for your business to fill a role, we’re able to draw on our extensive network of passive talent to identify a strong match.
Reach out for a chat about how we could partner with you for your talent acquisition needs.