How to create a successful talent acquisition strategy
May 17, 2018
Talent acquisition is a strategy that businesses use to find and attract the most lucrative candidates. While you sometimes need to fill a role quickly due to a sudden employee departure, your overall talent acquisition strategy should be big picture and long-term. Finding and hiring quality candidates, especially for specialist and management positions, requires time and deliberation from managers and HR.
Companies need to approach talent acquisition strategically in order to guarantee the continued success of the individuals who occupy these roles. They need to look at their current talent acquisition data, analyze their business goals and then figure out how to implement a forward-thinking talent acquisition strategy that will ensure they have the right talent with the right skills. This type of strategic plan, which will prioritize retention, will be worth the time and energy it'll save in employee turnover costs.
Look at Your Talent Acquisition Data
When creating your talent acquisition strategy, first gather data by calculating employee retention and turnover rates. Then you'll know what changes you need to make. You can see just how often employees are leaving and determine whether or not your current talent acquisition plan is actually effective.
You can calculate retention by dividing the number of individual workers employed at the end of a defined period of time (like a year or a quarter) by the number of workers employed at the beginning of that period. Then, multiply that figure by 100—that's your retention rate.
If retention is low, analyze exit interview data to determine when employee engagement drops, and how those employees were trained. This will enable you to understand if the talent acquisition process is failing or if the right retention efforts aren't in place.
For example, if an employee left just a few months after being hired, perhaps he was not the right fit from the start or was improperly onboarded. If the employee left after a few years without ever being promoted, it's possible he wasn't given enough opportunity to grow—that's a failure of the talent acquisition process, too, because retaining employees through proper learning and development is equally as important as hiring them.
Improve Your Onboarding and Training Processes
Once you know where you stand in terms of your talent acquisition strategy, you can make improvements to your onboarding process. As part of the process, you should be giving employees a personalized and targeted training. Set specific goals they need to reach and establish ways to for them to easily communicate with managers, mentors and coworkers. The onboarding process should provide continuous learning, so employees feel that they are always growing within your company and have opportunities for promotions.
According to one ClearCompany report, 76 percent of employees crave opportunities for career growth. In addition, 40 percent of workers who don't receive proper job training will quit their jobs within the first year and 68 percent of employees say that development and training is the most critical workplace policy.
Talent acquisition goes hand-in-hand with training and retention programs when it comes to decreasing turnover and increasing employee engagement—that's why it's critical to emphasize your company's commitment to growth and training during the talent acquisition process.
Creating Your Talent Acquisition and Retention Plan
Once you know your data, have heard from employees and have committed to changing your onboarding process, come up with a plan that will include all your learnings, as well as better talent acquisition strategies, onboarding practices and retention methods. Then, find the right technology to aid you in the implementation of your new program.
With the help of a recruitment program like Cornerstone's Recruiting Software Suite, you can attract and hire the best talent from the get-go, present them with the proper onboarding, boost employee engagement and guarantee that they will continue to learn for as long as they are employed by your company.
When your workers have stellar onboarding, training and learning experiences, they'll stick around, saving you time, money and energy.