Talent Acquisition – Fake it until you make it

09232014As the gap in demand versus talent continues to grow, the focus on talent acquisition is continuing to increase. Organizations of all sizes are (or will soon be forced to) evaluating their talent acquisition strategy. As with anything, there’s a broad range in the spectrum of talent acquisition maturity and sophistication. Many organizations function somewhere in the middle, with a better than just reactive recruiting approach but a less than optimized talent acquisition process at full maturity. While it once seemed that large companies had an advantage, it’s increasingly clear that is not the case. Talent Acquisition can come from a variety of sources. The best positioned organizations have found the most efficient ways to utilize internal processes combined with services that can be outsourced help them to increase their talent pools and make more effective and effective business decisions. What may come as a surprise to many is the overall impact of a high performance talent acquisition strategy. A recent study found that a robust and mature talent acquisition function has the ability to have major impacts reaching far beyond a company’s ability to acquire talent:
Companies that have a robust, mature and proactive high performance talent acquisition strategy:

  • Are nearly one and a half times more effective on business outcomes
  • Are more than two times more effective on Talent Acquisition outcomes
  • Are nearly two times more likely to have effective relationships with hiring managers
  • Are nearly three times more likely to have valuable talent pools at their disposal
  • Are more than five times more likely to have effective social media strategies

Just as the benefits are far-reaching, the associated risks are as well. The costs can be significant when the gaps between a reactive model and a high-performance (read proactive and strategic) model aren’t met with proven and sustainable solutions. The evaluation alone to find the right proven and sustainable solutions is daunting. Organizations who’ve done it well understand that the ability to acquire talent efficiently and effectively may require a combination of solutions. The most important factor is to identify gaps quickly. There are a number of factors to consider:

  • Competitive Market Intelligence
  • Comparative pools of talent – quantitatively and qualitatively
  • Internal process advantages and challenges
  • Relationships with hiring managers
  • Brand image (opportunities and challenges)
  • Roadblocks
  • Historical data and current market trends

Once gaps are identified, a decisive approach to addressing them will include expanding or restructuring (via resources, responsibilities or processes) internally or supplementing 09232014bexternally by adding partners to the talent acquisitions process. Both options have associated costs, opportunities and risks, but for most organizations, time is an unlikely luxury. With that, the efficiency of getting to high-performance often requires the right combination of both internal and external solutions. Fortunately external partners are responding to this increasingly blended approach. Avancos has been at the forefront in our industry in partnering with our clients to provide insight and analytics that empower them far beyond just providing the access to talent. We’re happy to see increased competition in a marketplace with more demand than supply. Each of our customized solutions has helped our clients to not only improve their access to talent, but also fill major gaps in their talent acquisition plans. Our Talent Consulting and Advisory services have:

  • Increased transparency and revealed the internal process advantages and challenges
  • Identified and addressed solutions for process roadblocks
  • Improved relationships with hiring managers by providing valuable data to support assumptions
  • Addressed brand image to align clear expectations

Our Talent Intelligence services have:

  • Exponentially increased our clients views of the competitive landscape
  • Identified opportunities to improve talent position in a number of ways, including corporate acquisitions, hiring and talent management
  • Improved historical data and current market trends with real-world metrics and live information

Our Talent Pipelining and Talent Acquisition services have:

  • Expanded access to talent by more than 80% in many cases
  • Improved brand image and company exposure positively to drive more talent directly to our customers
  • Improved the overall knowledge of the market in every aspect relating to talent acquisition

PWhile internal and external options are abundant, partnerships that empower are not. A one size fits all approach is an unlikely option in today’s complex market. The good news is choosing the right partner allows organizations to function like a high performance talent acquisition practice quickly and effectively. Essentially, you can “fake it until you make it” by utilizing only what you need to externally and leveraging strengths internally to drive change across the organization. By doing so, small and mid-size companies can compete with large global companies for the same talent.

Please contact me at brittney.craft@avancos-global.com to discuss the state of your company’s Talent Acquisition strategy.

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