The Importance of Investing in Talent Acquisition
As we gradually emerge into the post-COVID world, the workforce that entered the pandemic looks vastly different from the one today. Employees have always looked for purpose, growth opportunities and development in the companies that they worked with. However, the fundamental difference now is that they are increasingly willing to hold their companies accountable for a failure to deliver.
From an organisational standpoint, the ‘talent war’ of late has caused higher turnover, internal knowledge gaps, customer consternation, and several other disruptions. However, it doesn’t need to be that way. In today’s environment, the best companies are changing their view of talent acquisition and management to be a long-term investment rather than a business cost.
As the gatekeeper of the organisation’s talent pool, Talent Acquisition has a critical role to play in sourcing, attracting and onboarding leading talent from across the industry. As organisations evolve, their talent needs increasingly become more sophisticated and the Talent Acquisition team needs to be appropriately resourced and trained to meet these changing demands.
A well-trained and empowered Talent Acquisition team brings with it some key benefits that can directly influence long-term business success:
- Employee perception
- Cost savings
- Competitive advantage
The first major benefit lies in the enhanced employee perception that top talent delivers. This aspect is vital, particularly for companies in sectors such as technology where intellectual capital is the greatest currency. As the labour market grows increasingly better educated and more skilled, companies are fighting for the best talent that can help elevate them to the next level. In this regard, a Talent Acquisition team that is knowledgeable about the company’s mission and direction, and capable of scouting and engaging the right talent is a tremendous asset to have. Ultimately, making an investment in the Talent Acquisition team today will streamline hiring processes tomorrow to ensure that top talent views your organization as a preferred destination.
The second benefit is the cost savings that can be unlocked through a high-quality workforce. A hiring team that knows the market well is able to quickly identify the right candidates for vacancies and assess their fit for the organisation. By getting new employees onboarded quickly and reducing the number of poor hires made, companies stand to improve bottom-line results substantially. This is because each new hire costs a company close to $5,000 (or even more depending on the type and seniority of the position). That number can be several multiples higher if we account for the costs of lost productivity while a recruitment process for a vacancy is underway.
The third benefit stems from the competitive advantage that star recruitment teams bring to the table. A solid Talent Acquisition unit is defined by their ability to anticipate emerging trends in the labour market and identify the in-demand skills of the future. When hiring for talent is done with a future-facing lens, companies are better prepared to navigate the change and weather short-term shocks compared to their peers.
In arguably the most competitive market for talent ever seen, organisations need to do more than ever before to secure the right candidates that will support their growth. Investing in their talent acquisition capabilities is a major step in the right direction to bringing in high-performance talent that is vision-aligned.