4 Advantages of talent acquisition
When our company is facing a job vacancy, it can be easy to jump straight into recruitment mode. But, finding a candidate to simply “fill in the gap” is a risky fix that could backfire.
A swift decision can leave our company with a bad hire on its hands, which could potentially cost thousands of dollars, lower employee morale, and tarnish our business’ reputation in the process. Worse, if a new employee does not work out, then we are right back to square one. No one sets out to hire a bad employee, of course, but there is a better way of ensuring that we are finding the right talent for our business—and that is through talent acquisition.
Talent acquisition differs from recruitment in a big way. As a hiring manager, recruitment focuses on filling vacancies, whereas talent acquisition zeroes in on candidates who can fulfill specific goals or skill sets. Ultimately, these are the kind of people who can help sustain our company’s success—and help take it up a notch.
Finding the best and the brightest talent is one of the toughest tasks facing a business, so we went to HR experts to learn the benefits of setting a talent acquisition strategy in motion.
Here are the 4 advantages of technology talent acquisition in Singapore
Avoid financial risk in the recruitment process
Recruiting “just in time” [to fill a job vacancy] often takes a lot of time and resource investment, and can be expensive (e.g. costs for job advertisements, headhunters, resources in HR and management for the application process and interviews.) Talent acquisition is a way of minimizing the risk of recruiting “mistakes,” such as hiring the wrong person and noticing too late. It is essential to align long-term staff planning with business strategy. We will only hit milestones with the right talent in place when we need it.”
Go beyond active candidates
“Talent acquisition means attracting passive candidates, rather than active candidates. This is important because passive candidates are not looking for a job since they already have one. That is why passive candidates are usually superior.”
Fill the talent pipeline
Want to keep our talent pipeline full? Whether we have chosen to join a job platform, attend networking events, work with universities, or provide professional development programs in-house—our talent acquisition efforts need to be documented, ensuring that we have the most qualified and relevant candidates at the ready, when we are ready.
These days, there are a lot of third-party data sources that can be used to target our audience and monitor our progress. Other application processes can be tweaked to meet our needs. The higher number of applications, the more resources we invest in posting our jobs. The higher conversion rate shows us that we have an efficient talent interview and onboarding system. I think the key is to find the right place to find the right talent for our needs. The right resources will improve the efficiency of the whole talent acquisition process, and you will have a higher chance of finding the right talent.”
Hiring ‘raw talent’
For some companies, a candidate does not necessarily need to have the right qualifications and experience, as much as the ‘raw talent’ for the job.
When we are recruiting, we are looking for the perfect candidate to immediately and effortlessly fill the vacancy that we have right now, whereas talent acquisition is more about planning for the future and hiring employees who will be a better fit for the company in the long-term. This tends to attract applicants who have huge self-belief and confidence. Often these people would not have the same kind of qualifications as our other staff, but their natural talents and enthusiasm are invaluable for sales.”
Putting a talent acquisition strategy to work allows our company to build a relationship with a candidate over time, even if they are not actively searching for a job, just yet. This not only provides our business with a bird’s eye view of a candidate’s skill set but also what our company needs to provide to the candidate to tap into their future potential. To find out more about our tech job openings in Singapore click here.