Why is talent acquisition important for businesses?
There are a number of key elements that must operate effectively in a business. Your employees are one of those elements. In fact, many would argue that employees (or human capital) are the driving force behind a company’s success therefore finding and retaining the right people is crucial.
Whilst it’s still early days, businesses are starting to understand the difference between recruiting and acquiring talent and recognising how effective talent acquisition is.
The key difference between recruitment and talent acquisition is, recruiting delivers on a company’s short- term hiring needs, and talent acquisition is part of the business long term and ongoing strategy.
Rather than just filling the positions that are open at that moment; the acquisition process runs continuously in the background to identify and qualify the best options for future positions. These may be newly created positions in line with business growth, roles that are ‘hard to fill’, positions that require specialist skill or are leadership/executive roles.
It’s important to highlight at this stage, the value of leading companies, such as Facebook and Apple is attributed to ‘intangible’ assets. Assets have an impact on business value and fall into two categories – tangible assets (machinery, buildings, etc.) and intangible assets (brands, technology, relationships etc.)
For example, a team of engineers in a small business may be responsible for it’s commercial value just like the marketing machine behind giants like Nike and Coca Cola. If the employees (human capital) knowledge, skills and capability are the key elements of driving business value it is vital that a company take a more strategic approach to talent acquisition and focus on investing in attracting and selecting the best talent available to that business.
Talent acquisition strategy gives businesses the opportunity to attract the most talented and skilled employees available on the market, which in turn contributes to their performance and results.
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