Successful talent acquisition, as defined by Deloitte is ‘a strategic approach to identifying, attracting, and onboarding talent to efficiently and effectively meet dynamic business needs’ yet organisations are still failing to deliver on those business needs.
The priority of any successful business must be its people. As the UK faces an ongoing talent crisis, here are seven signs your company needs to invest in talent acquisition:-
A skills emergency : The CBI’s latest survey ‘Inspiring Growth’ identifies a ‘skills emergency’, calling on the UK to strengthen its education and skills systems to compete on an international basis. The crisis is affecting the majority of industries but most notably the construction, manufacturing, engineering, science and high-tech sectors. If you’re affected by a lack of skills, your talent acquisition strategy is in need of investment.
Low levels of employee engagement : Nearly two thirds of UK employees are disengaged in their current jobs, resulting in poor productivity and a negative employer brand. These statistics are supported by the Office for National Statistics' own figures which shows UK productivity has not improved since 2007. The current ‘stagnation’ levels suggest a disconnect between employers and their staff. Investment in talent acquisition will enable business leaders to focus on the issues requiring attention.
Plummeting employee retention : Disengaged, unhappy employees quit their jobs to explore better opportunities elsewhere, forcing HR to constantly deal with filling the gap left by the talent exodus and its impact on staff morale and productivity. One third of UK companies have turnover levels of 21% according to research carried out by Hays. To boost retention levels, it’s vital to identify your most successful employees and discover what will compel them to remain with your company. Your HR software will provide you with the data you need to move forward.
Lack of qualified candidates : According to your recruitment analytics you’re attracting applicants to your job posts but not the right calibre. Take a look at your job postings. What do they tell candidates about your company? What is your average time to hire? How many online forms must candidates complete to submit an application? What is your cost of hire? Automating elements of your talent acquisition strategy will enable you to move applicants more quickly through your pipeline, facilitate collaboration within HR and ensure you don’t lose qualified candidates before the interview stage.
No clear brand message : Without investment in talent acquisition, your brand message will be at best hopeful and at worst inconsistent. Your culture is apparent in every step of your recruitment cycle, from your job adverts through to onboarding. Get it wrong and talent will leave your pipeline in droves. Don’t let your company culture become the Achilles’ heel in your hiring process.
What recruiting CRM? A talent acquisition strategy which relies on Excel spreadsheets and e-mail rather than sophisticated HR software means an inconsistent hiring process, lengthy time to hire and lost talent. CEOs think nothing of investing in CRM (customer relationship management) software to promote customer connections yet continue to rely on outdated technology or worse – manual systems – when it comes to hiring talent. Forward thinking business leaders understand the most important CRM is a recruiting CRM.
HR isn’t a priority : Too many employers treat talent acquisition as an afterthought when putting together their business strategy yet it should drive it. Prioritising talent acquisition is a long-term requirement. Involving HR with short and long-term company vision enables them to support business leaders. The most innovative and successful companies prioritise talent acquisition on an ongoing basis rather than in response to urgent needs yet only 5% of CEOs rate HR as excellent. Collaboration is key to reviving tired talent acquisition strategies.
Before you take another step forward with your business think talent acquisition first. Your people are the biggest investment you will ever make. Attracting, hiring and retaining them must be your priority.
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