Many of us have heard the terms “talent acquisition” and “recruitment” used synonymously. For someone not associated with the profession, the two terms would mean the same however, they are fundamentally different.
Rapid movement of talent has multiplied the challenges related to talent acquisition and management. In two years, 44% of millennial workers would be searching for new jobs. According to US Bureau of Labor statistics, the voluntary quit rate is 25% higher as compared to the level before the pandemic.
The “traditionalists” may still be enticed by the usual tactics used by the employers such as compensation and title for attracting and retaining people. However there is a large potential workforce rejecting the traditional levers.
Long story short, it has become vital to understand the difference between ‘recruitment’ and ‘talent acquisition’ whereby the latter has become the need of the hour.
So what exactly is recruitment?
From identification of a potential candidate to taking an employee on-board, the entire set of processes come under recruitment. The process of recruitment may be unique to every organization or even the HR professionals.
However in general the list of steps in the recruitment process include the following:
- Identification of the need for hiring
- Making a recruitment plan
- Compiling job descriptions and job specifications with help from the relevant business unit
- Advertising for the position inside and outside the organization
- Receiving and reviewing applications
- Initial Screening and interview calls
- Background and reference checks
- Final offer to the candidates
- Hiring and onboarding the new employee
In short, recruitment is about filling a vacancy by determining what type of a candidate is best suited for the position to be filled. It also refers to looking for people inside and outside the organization including job fairs or networking events.
What is talent acquisition and how is it different from recruitment?
It is the talent within a company that drives its success hence the approach for talent acquisition is more strategic. The entire process of talent acquisition is curated with careful consideration so that the best talent can be found for the teams and the organization.
The future of work is evolving constantly and talent acquisition is a game changer considering the ‘Great Resignation’ that followed the pandemic.
In the end it is clear to say that recruiter and talent acquisition are different. Some ways in which organizations can ensure a strong talent acquisition are:
- Ensure that the HR has their homework done. There is a clarity on what type of talent is needed for the long-term success of the organization.
- The personnel responsible for sourcing and onboarding employees should be connected so that the process is consistent.
- Identify and plan the talent development journey.
You can read more in our article Company culture attracts talent.
In simpler words, recruitment is focused on filling a vacancy that has just been created in a team. However talent acquisition is a more nuanced process that also ensures that the top talent within the industry with the most appropriate skillset is identified through research and expert opinion and to source this talent for the company for a long term.