The success of any company is largely dependent on the quality of its employees. As it so happens, extraordinary candidates can only be hired through appropriate talent acquisition strategies.
Talent acquisition is the process of attracting and recruiting competent employees who can meet the needs of the company. A study has revealed that companies which have excellent talent recruitment strategies can achieve twice the profit margin and 3.5 times more revenue growth than those that don’t.
Talent Acquisition Strategies To Attract Top Quality Hires
1. Define Employer Brand
Employer branding is a strategic tool that you can use to attract, hire, and retain top-quality employees at your organisation. It is essentially the organisation’s identity and how it is portrayed to both current and future employees.
Some crucial aspects that you need to consider when creating your employer branding strategy are given below.
Understand your organisation’s vision
You need to know the vision, mission, values, culture, and objectives of your organisation. These characteristics are unique to it and will help you understand which skills your employees need to have to achieve its overall vision.
Carry out extensive research
Conduct research to know how your current and potential employees perceive the business. Obtain information on what they seek from it as a workplace.
You also need to understand how your organisation ranks against its' competitors in terms of employee satisfaction and experience. You can carry out your research on the internet, social media, or through surveys.
Create a marketing strategy
Your marketing strategy should be reflected via job portals and social media. You can use testimonials from past or current employees to support your brand. Collaborate with the marketing and communication teams to strengthen the branding process.
You can create and use metrics to evaluate the success of your employer brand. Some of the metrics you can use are brand awareness, source of hire, offer acceptance rate, employee experience, or employee retention rate.
2. Build An Inclusive Company Culture
Building an inclusive company culture is also one of the key talent acquisition strategies. An inclusive company culture means that an organisation is not biased with respect to gender, sexual orientation, ethnicity, culture, or disability.
According to a study by McKinsey & Company, organisations in the top quartile for gender diversity were 21% more likely to have better profitability. Additionally, those in the top quartile for cultural and ethnic diversity were 33% more likely to have better profitability.
You have to make sure that your business has inclusivity and diversity policies which are fully embraced by your employees. The inclusive company culture needs to be reflected at the job advertising level, through the hiring process, and onboarding phase.
For instance, if your interview panel consists of only men or people from a particular ethnic group, it sends a bad message to a female candidate or a person from another ethnic group. You risk losing top candidates if your interview panel is not inclusive and diverse.
3. Workforce Planning
This is a talent recruiting strategy which allows the business to recruit top employees cost-effectively at the right time. There are four stages to developing effective workplace planning:
- Conduct a talent assessment of your current and potential employees.
- Analyse the strategies and future needs of your organisation.
- Identify the gaps between the supply and demand of talent at your organisation.
- Provide solutions to what your organisation needs to do to meet its talent demands.
4. Source and Recruit Candidates Efficiently
Sourcing is the process of searching for top candidates for current and planned vacancies at your organisation. The objective of sourcing is to collect relevant information about top candidates. You can identify both passive or active job seekers through the sourcing process by using job portals, social media, or through networking.
Before you approach potential employees, ensure that you have clearly defined the attributes and skills that your desired employee needs to have. Create a job posting that highlights the key responsibilities to attract the best candidates.
5. Use Analytics
Data analytics in talent acquisition allow you to establish important data patterns that can assist you in making decisions related to hiring and onboarding activities. You can measure important aspects such as efficiency, effectiveness, and impact using data analytics.
Efficiency can be measured in terms of resource utilisation and process outcomes by using data on hiring volume, cost, and time taken to fill a vacancy.
You can measure effectiveness based on talent outcomes, using data such as the performance of new employees and retention rates.
Finally, impact can be measured by determining the influence that your talent acquisition strategies have on business outcomes.
Effective Acquisition Strategies Contribute To Business Success
Hiring the best candidates will ensure that your organisation remains competitive and successful. Talent recruitment strategies play a key role as they allow you to attract the most qualified candidates.
Remember to use analytics to gain valuable insights into the effectiveness and success of your strategies.