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Best Practices to Effectively Execute Talent Acquisition Strategy

Every organisation knows that having the right talents in the right jobs is crucial for the business to grow and move to the next level. But every business owner knows too well that these talents do not usually appear on their own accord, requesting for jobs. These talents have to be proactively brought on board with a Talent Acquisition Strategy.

 

WHAT is a Talent Acquisition Strategy?

Talent acquisition is a strategy that focuses on sourcing, attracting, selecting, hiring, growing, and retaining talents that fulfil the organisation’s needs. Such a strategy does not necessarily consider the best talents in the market as they may not fit into the organisation’s culture. Rather, it aims to line up the right people, either now or in the future, who have the capability to move the organisation forward. 

 

WHY is Talent Acquisition crucial now?

In 2022Q1, the unemployment rate in Singapore fell to 2.2%, the lowest level since 2019Q3, according to data from the Ministry of Manpower. At the same time, total employment grew by 42,000, as border restrictions eased. The number of job vacancies also rose to a new high, indicating the creation and availability of more jobs in the local job market.

In this competitive environment, a talent acquisition strategy is more critical than ever. However, developing a sustainable talent acquisition strategy that fits an organisation’s culture and business needs can be complex and challenging.

 

Below are some practices to execute a talent acquisition strategy effectively.

1. Define the Requirements for the Needed Talents Holistically

Before starting to source for the right skilled talents, one should know the skill set required. Apart from background knowledge, skills, abilities, and other competencies needed for the vacancy, defining a specific personality set is also essential. The latter matters—tremendously! 

Attitude is just as important as aptitude. Every job requires a certain kind of person to do it. Else the relationship between the acquired talents and the management can go sour quickly when they cannot fit in well with the organisation’s culture and work to their best ability.

 

2. Leverage Data to Evaluate Current Hiring Processes

The decisions made in any talent acquisition should be data-driven. HR may need to review the hiring processes with the most relevant facts and information when a company must go through another hiring round for the same job.

The correct data set allows HR to assess the average monthly and yearly hiring load. It will also give insights into turnover rates and determine periods of high and low demand. 

Identify the gap between the performance appraisals – existing employees and those who have left – and the job requirements. Thereafter, review how can the hiring processes be further fine-tuned to address the identified gap.

 

3. Collaborate to Utilise Resources Effectively

Collaboration and cooperation with HR and other departments should be the foundation of the strategy. It is prudent to ensure that the aims and systems of the HR department, be it software or standard of procedures, can execute the talent acquisition strategy effectively with minimal resources.

On the other hand, HR professionals can also work with the teams in charge of marketing and software to smoothen the process of sourcing talents. The right HRM software can save the HR team a great deal of time in filtering and screening the most qualified candidates. Besides solely relying on the HRM software, the right media channels can increase the exposure of vacancies to talents with specific attributes.

 

4. Keep Candidates Engaged

If HR could discern the potential value of talents, other firms could have also done that. Hence, once the core group of shortlisted candidates are established, HR should keep them engaged to secure these talents’ interests in the company. For example, these candidates should be kept in touch before and after the final interview, giving them a clear overview of the recruiting process and telling them when they can expect a decision.

Reaching out to and communicating with candidates during recruitment can influence their decision on whether to join your company. Their perspective is an insight into how your company treats employees. So, HR should put their best foot forward on this front.