In common HR parlance, two terms – recruitment and talent acquisition – are often used synonymously. However, while there are definite overlaps, the two expressions significantly differ from each other. While recruitment is the simple process of filling up vacancies, talent acquisition is an ongoing process, with a long-term strategy in mind, to find future leaders of a company - equipped with a very specific skillset. A talent acquisition company focuses on finding the best talent suitable for its client, who often asks for specific skillsets - be it technical or non-technical. The talent acquisition process involves a talent acquisition specialist scouting through hundreds of resumes, interviewing and screening candidates for skilled jobs and then facilitating the hiring and onboarding process on behalf of its client. Several companies now outsource this important, albeit cumbersome process, to a talent acquisition consultancy or a talent acquisition company to save time, money and effort. In fact, according to Entrepreneur magazine, outsourcing talent acquisition operations is one of the key things that a start-up must do to optimize its resources.
Here are some key differences between the two activities:
1. Recruitment is an ongoing process that requires little to no preparation. Whereas the steps in talent acquisition are complex and require careful planning.
2. Talent acquisition is often reserved for leadership roles and highly specific skills. Recruitment, on the other hand, can be carried out for junior to mid-senior roles.
3. Experts say niche skills, highly specific experiences and leadership positions call for bespoke headhunting that can only be provided by talent acquisition and not by routine recruitment.
4. Finally, while recruitment can be carried out in-house, a talent acquisition recruitment agency is often hired to carry out the job of talent acquisition.
Should You Opt for Talent Acquisition?
Since market metrics are dynamic and ever-changing, the skillsets required for this fluid environment are also constantly evolving. The threat of hacking and cyber-attacks calls for Cyber Security Experts. Likewise, the advent of digital media has created space for non-traditional marketing roles. Similar examples can be cited from other industries as well. The dynamic market conditions require that your company should have a talent acquisition policy in place. Smaller companies can benefit from outsourcing this area of operations to a talent acquisition recruiter.
Other factors necessitate taking help from a talent acquisition agency. Employee retention rates across industries are dwindling. A standard company in the US spends almost 45 days filling up any given position. According to the US Bureau of Labor Statistics, the average cost to a company in the US over an employee is nearly USD 39.01/hour. Despite this, there is no guarantee that a company can retain an employee on a long-term basis.
Outsourcing recruitment to a talent acquisition recruitment firm can help companies in saving both money and time. For small and medium enterprises, this is indeed good news as they can focus on aspects that matter the most – business growth and their core expertise. All these factors necessitate the involvement of a talent acquisition team in your hiring process.