An effective talent acquisition strategy is top of mind for companies looking to get ideal candidates to fill vacant roles in their organizations. However, there has been an increasing talent gap as Bureau of Labour statistics reveal that there are 2.8 million more available jobs than workers to fill them.
Therefore, companies can no longer afford to rely on traditional and outdated retention tactics. Instead, talent acquisition teams should focus on devising strategic talent acquisition plans to stand out from the talent competition. This article will cover 5 strategies that would help improve your talent acquisition effort. Check them out!
What are talent acquisition strategies?
A talent acquisition strategy is a long-term focused HR strategy designed to identify, attract, recruit, and retain talents to fulfil organizational needs. In other words, it is a set of practices that HR managers adopt to get the best talents on their team.
Talent acquisition is becoming increasingly important due to the fierce competition in the labor market. Interestingly, the competition has now gravitated to a global level, with the likes of Bank of America, Goldman Sachs, Bloomberg, Meta and Microsoft recruiting African talents. Except you’re a top-tier company, it would be near impossible to beat this competition. But one way to do it is by devising and implementing talent acquisition strategies.
It is essential to note that talent acquisition is not the same as recruitment, as recruitment is only a component of the overall strategy and is limited to hiring qualified talents to fill specific roles.
5 Effective Talent Acquisition Strategies in 2023
Since we’ve settled on the meaning of talent acquisition strategies and what they entail, here are 5 top strategies for talent acquisition;
1. Focus on Employer Branding
It’s 2023, and it’s no news that the genz and millennials are taking over the reins of the workforce. Therefore, to appeal to this demographic, you must understand what is important to them.
A survey by Statistica reveals that Nigeria had 32.9 million active social media users as of Jan 2022, and there is no doubt that a large percentage of this number is the younger generation. According to jobvite, 12. 59% of job seekers used social media to research a company’s culture before applying. Unfortunately, not having a solid social media presence can do a lot of disincentive to your organization.
Therefore, companies must start by taking advantage of social media and posting content that gives prospective employees a feel of the organization’s culture.
While at this, the effort must be employee-focused. Whether posting pictures and videos of employees at work or congratulating them on promotions and work anniversaries, this helps your organization stand out as being people-centred.
2. Flexible Workplace Option
During the pandemic, remote work became the new normal. However, even with companies returning to working physically, the truth is that many talents have developed a preference for remote and hybrid work options. For example, the report shows that 23% of employees are willing to have their pay cut by 10% if it means they can work from home. Additionally, 35% of job seekers would readily turn down an offer if there is no remote work option.
Interestingly, employees have claimed to be more productive when working from home. Studies show that, on average, employees are 13% more productive when working from home. Therefore, a remote or hybrid work model would be great for up your retention game.
3. Curating a Comprehensive Compensation and Benefit Package
When choosing where to work, job seekers look for much more than a competitive paycheck. 32% of employees say employee benefits are as important to them as salaries. Therefore, there’s a need for hiring managers to rethink their employee benefits approach, mainly because, with the changes in workplace demographics, employees’ wants in terms of benefits have changed.
Organizations must begin to think of new and innovative benefits focused on their employees’ physical, financial, and emotional wellness. For example, one financial benefit that is fast becoming the preference of employees worldwide is on-demand pay, which gives employees access to their wages as soon as they earn them at no cost to employers. For more information on this benefit, check out this article.
4. Take Advantage of Data
Organizations must begin to see talent acquisition as crucial as selling their product, such that talent acquisition efforts are backed with data and marketing insights.
Think of it this way: your employees are your customers, and your company is the product you’re selling to them. Therefore, having recourse to data insights would help determine who the outstanding talents are and where to find them. Then, companies can back this discovery with marketing efforts through job descriptions, career pages, and emails.
5. Increased Focus on Talent Nurturing
Catch them young, they say. This applies to talent acquisitions, too. It is no news that the younger generation is more advanced in knowledge and skills in light of technological innovations that aid easier access to education. With online courses, the younger generations are able to develop the skillsets needed to succeed in particular roles. A great way to accommodate the younger generations can be through internships, graduate programs, and even partnering with universities to organize career sessions with prospects for hiring. Remember, the newbies of today will become top talents in the future.
With the changing demographics of the workplace, organizations must rethink their talent acquisition strategies to align with changing realities. As a result, the strategies listed in this article are not exhaustive. Therefore, depending on your organization’s goals, you can continue to develop strategies in line with talent acquisition best practices to stay ahead of the curve.