How to create a talent acquisition strategy (with metrics)
Picture this: Company A is looking for a Junior Frontend Developer, and B is looking for a Development Lead.
Both require talent. However, the strategy for acquiring a Junior Frontend Developer would be different than hiring a Development Lead.
So, apart from the role, multiple other factors affect the development of the right strategy.
A talent acquisition strategy involves in-depth planning and ideation depending on metrics such as cost of vacancy, cost of hire, and so on. Hence, it's the initial stage of a talent acquisition process.
So, if you're looking to attract and hire the best talent for your company, read on!
To find and develop the right talent, staying on top of your talent acquisition game is paramount. So, whether you want to develop a data-driven strategy, hire freelancers, or utilize personality tests — focus on implementing the latest hiring trends,
Also, to get an edge, conduct a research competitor research. Learn from their failures and take inspiration from their victories.
Questions help you reflect, assess, analyze and most importantly, change. Let's understand with an example.
Martha is a startup CEO that offers consultations to small businesses. She wants to hire a junior data analyst for her venture. Data plays a huge role in her venture, and she aims to find the best fit, even if it's an entry-level role.
Q. Which talent acquisition methods have helped us gain a competitive advantage and can yield long-term benefits?
Clarity: Martha asks her team to collect feedback from recent hires about their candidate experience. She realizes that her one-month-long onboarding process of employee interactions and the idea of buddy culture enabled a positive experience. So, they decide to continue it.
Q. What are the constant challenges we face during talent acquisition? How can we overcome them this time?
Clarity: The hiring managers found it challenging to gauge whether candidates are a technical fit or not. They discussed it with Martha and decided to include tech teams during the interviews.
Q. Which resources are resulting in efficient acquisition?
Clarity: Martha finds that diversity in her team helps attract better talent. Hence, she decides to include more employees from different backgrounds to participate in the interviews.
Q. How can we allocate resources to make the process smoother on every level?
Clarity: Martha is willing to invest more time (30-45 days) to find a good hire. Since Martha gets cold emails from recent graduates and her company recently had a summer internship program, she won't need to invest hefty finances in recruiting.
Q. How can our talent acquisition strategy align with internal values and brand perception?
Clarity: Martha values her diverse team and wants her new hires to acquaint with the team and imbibe the culture. She ensures every new hire gets a buddy for the first month to divert their questions and feel comfortable.
So, to get clarity like Martha, brainstorm with your team and ask the right questions for a sturdy direction for your strategy.
While you get an "idea" of your acquisition process, you need firm data to support your beliefs or break some bubbles. And, metrics play a huge role in planning for these goals.
So, here are 7 metrics that need your attention:
Accessing metrics helps evaluate the recruiting process (whether your company is hiring the right people or not.) Additionally, they provide you with data to improve your recruitment process.
So, if your previous strategies didn't involve metrics, it's a good time to start now.
Talent isn't in abundance. So you've got to put your best foot forward to find and retain it. But first, it's necessary to understand the level of strategic intervention each hire needs.
Once you know the nature of the role, it allows you to filter channels for recruitment.
Once you know where to look for talent, you can allocate resources like time, cost, money, and hiring teams.
Check how flexible you can be with resources. For example, while hiring for a mid-senior level role, you can add more benefits and compensation to convert the candidate. You can also include more people in the hiring process.
You're never too late to start building a strategy. So begin to
Talent is crucial, and a well-made strategy inculcates transparency, feedback, and efficiency. So get strategizing today for better talent tomorrow.
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