Talent Acquisition: Consulting Firms & Strategies

Are talent acquisition and recruitment the same?

Talent acquisition and recruitment are often considered equal, as their primary goal is to fill open positions in the organization, though there are some considerable differences as follows:

Pointers	Talent Acquisition	Recruitment
Tenure	Talent acquisition works strategically for the long-term process of finding highly qualified candidates for the most critical positions in the present and future.	Recruitment is operationally for the short-term process of filling vacancies, which is relatively normal compared to the critical ones or sometimes entry-level roles.
Time and Planning	Talent acquisition requires more time and planning to meet the needs of the job role with the unique set of relevant skills and expertise needed for the job role.	Recruitment refers to hiring for regular job roles; hence, it needs less planning to deploy recruiting tactics.

4 B’s—Talent acquisition strategies

Talent acquisition consulting firms need to develop a strategy suited to the company’s current requirements and future vision to avoid talent shortages and fulfill organizational goals.

Talent acquisition recruitment agencies use the 4 B’s strategies to hire top talent, such as Build, Buy, Borrow, and Bridge, which is known as a talent acquisition strategy framework defined to handle challenges related to finding the right talent.

1. Build:

• Organizations often struggle to find a fit for their requirements. This issue leads them to build in-house competency programs, such as internships, capability development, etc.
• They conduct the skills gap analysis to determine what is worth developing the most. Based on the analysis reports, they prepare training sessions for internal and new employees.
• Post becoming capable of capturing further opportunities, these employees are offered roles and greater responsibilities.
• The ‘Build’ strategy is widely suitable for large tech-based businesses.

2. Buy:

• ‘Buy’ is another strategy to approach experienced professionals. These professionals may be people working at competitors or want to step into more senior positions.
• These professionals need to find it worth moving from one organization to another with an attractive employee value proposition (EVP).
• Salary and other benefits are majorly important in this strategy. This approach is more suitable for startups or companies growing rapidly on the fronts of their demands.

3. Borrow:

• This strategy refers to hiring freelancers, part-time employees, or temporary staff whose skills complement your existing workforce.
• Small companies with diverse job requirements or seeking someone to undertake the project for a short time and don’t want to invest in employee long-term retention use this approach.

4. Bridge:

• Businesses utilize talent analysis techniques to determine potential employees based on the new skills for future opportunities and promotions.
• Bridging is also a strong retention strategy and makes the employee feel valued by the organization.
• While implementing this strategy, the organization plans for learning and development programs to encourage employees to work on their competencies and career progression.
• This strategy is used by stable organizations ready to invest in people.

The best talent acquisition companies help organizations with a well-planned talent acquisition strategy so the right people are hired to achieve business growth and success.

Talent Acquisition Metrics:

Some common talent acquisition metrics used in talent analytics are as follows:

1. Net Promoter Score of Candidates and Employees

• These two metrics are used to measure employee satisfaction and how loyal they are. These scores define the predictability of the organization as an employer.

2. Employee retention rate: This metric is used to calculate the percentage of employee retention and helps to understand how the company can hold its top talent.

3. Employee turnover, attrition, and churn: These metrics represent the number of employees who have left the company within a specific timeframe.

4. Turnover: Percentage of the need to find replacements in the position of the employees who have left the company.

5. Attrition: This is used to count voluntary exits from the organizations that need to be filled again.

6. Churn: This refers to both turnover and attrition, counting the total number of employees who exit from the company, no matter for what reason. It should be noted that high churn does not prove that the company is not doing well, but it is low on productivity.

7. Post-offer Percentage: Refers to the percentage of new hires who leave the company within a year post joining. This metric helps to measure the gaps in recruitment efficiency and onboarding to understand what exactly makes people leave the organization sooner.

8. Recruiter efficiency: This is an assessment of the recruitment process optimization based on time, cost, and candidate knowledge and expertise.

9. Time to fill: This measures the momentum at which the company fills the open positions right from the job requisition to the candidate’s acceptance of the offer. This metric is used for assessing recruitment efficiency and strategy.

10. Time to hire: This measures the momentum at which the company fills up the open positions right from the candidate applying for a role to the candidate’s acceptance of the offer. This metric is also used for assessing recruitment efficiency and strategy.

11. Time to productivity: This measure is used to assess the efficiency of the onboarding process. It measures how long the company takes for new hires to achieve standard productivity.

AI in Talent Acquisition

Artificial intelligence has created its significance in every field. The usage of the feature depends on the software in use. Artificial intelligence can help talent acquisition consulting firms in the following ways:

• Stronger collaboration: Through artificial intelligence, collaboration may become easier with data-driven insights.
• Automation: Artificial intelligence can help personalize employee and candidate experiences at scale and improve eNPS and cNPS.
• Agility: Data insight can be utilized to make skills-based, bias-free hiring decisions effectively and quickly through AI-assisted applicant screening.
• Improvement: Talent intelligence solutions can offer pro tips for learning and professional growth based on the skills to build a future-ready workforce.

 

FAQs

Q1: How does talent acquisition differ from recruitment?

Ans: Both talent acquisition and recruitment fill the open positions.

While both aim to fill open positions, talent acquisition looks into hiring long-term strategic planning and attracting top talent, while recruitment concentrates on short-term operational needs and filling immediate vacancies.

Q2: What is 4 B’s strategy of talent acquisition?
Ans: The 4 B’s stand for Build, Buy, Borrow, and Bridge.

These strategies use different approaches to fetching talent, internal development, hiring, utilizing experienced professionals and freelancers, and preparing for future needs.

Q3: What are the key talent acquisition metrics?

Ans: Talent acquisition metrics are as follows:

• Candidate and Employee Net Promoter Score (cNPS & eNPS)
• Employee Retention Rate
• Employee Turnover, Attrition, and Churn
• First-Year Turnover
• Recruiter Efficiency
• Time to Fill, Time to Hire, and Time to Productivity

Q4: What is the importance of talent acquisition metrics?

Ans: Metrics provide insights into the efficacy of recruitment strategies, identify areas of improvement, and help organizations make data-driven decisions and optimize the talent acquisition process.

To explore more on talent acquisition, please reach out to us.

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