What is Talent Acquisition?
To understand What is Talent Acquisition? one needs to also understand that there is a fundamental difference between recruiting and Talent Acquisition. Recruitment more or less means filling vacancies while talent acquisition describes a holistic process that involves a strategic approach to attracting, sourcing, recruiting, assessing, hiring, and onboarding the best talent to meet your business’s overall objectives. This helps organizations create talent pipelines and forecast talent needs for the future.
However, the fact that they often get mixed up goes to explain why so many organizations are experiencing an extreme talent deficit.
Research has proven that an organization that excelled in talent acquisition underwent 3.5 times more earnings growth and double the profit margin compared to other organizations.
To understand What is Talent Acquisition? requires a long-term perspective, identifies future business requirements and builds talent pools for this future.
It is a part of talent management and contains other tactical elements with each using their subset of features and activities.
What is Talent Acquisition? The ability to answer this question can Transform your Talent Acquisition Strategies with best-in-class processes.
“There is much money going into all aspects of recruiting and talent acquisition. It’s generating much innovation, but also much noise” says David Mallon, Vice President, and Chief Analyst with Bersin, Deloitte Consulting.
Digital transformation is happening and happening very fast around us. Moreover, HR, more specifically, Talent Acquisition Strategies, is undergoing a rapid change for the good. With the advent of technologies like AI, machine learning, and blockchain, most of the transactional and operational tasks of recruiters have been completely automated.
Everything from emotion to click AI and ML can impact how the talent acquisition process works. For instance, AI helps professionals with sending out customized emails to candidates, giving them regular updates on the status of the application, and prepares reports for the recruitment team. In essence, technology is providing organizations with strategic insights throughout the talent acquisition life cycle.
SAP SuccessFactors Recruiting helps you source, engage, and hire the world’s best talent. Unlike other approaches, SuccessFactors provides a comprehensive yet simple solution that guides everyone at every step.
Candidate Relationship Management (CRM) –why do you need this?
Candidate Relationship Management (CRM) is a borrowed concept from sales which is increasingly becoming more popular among Talent Acquisition Strategies. CRM talks about a continuous relationship with current, past, and potential candidates by improving candidate engagement and enhancing the candidate experience. At the end of it, organizations are after an engaged, enthusiastic, and high-impact talent pipeline built and ready ahead of demand and that is precisely what CRM is helping them to achieve.
The SAP SuccessFactors Recruiting solution, now with embedded candidate relationship management capabilities, helps recruiters attract more relevant candidates, engage and nurture targeted talent pools and manage the application and hiring process at a higher efficiency rate. Equipped with candidate relationship management capabilities within their workflows, recruiters can manage candidate engagement end-to-end on a self-service basis, across a multitude of channels.
Recruiting Marketing helps you execute your CRM strategies
Execution of CRM strategies requires the use of innovative recruiting tactics. Increasingly, talent acquisition professionals are using marketing methods to attract passive candidates and build relationships with them ahead of demand. Simply put, recruiting marketing means applying the proven best-practices in Marketing to attract and engage the best candidates.
Recruitment marketing solutions can help you enhance brand recognition and appreciation through different channels, such as your company’s career site, job advertisement, recruitment events, talent network, advanced analytics (insights), etc.
Core to SAP SuccessFactors Recruiting Marketing solution is an advanced data analytics tool that offers unique insights into what activities are the most effective in finding and engaging candidates. Data is real-time, so your sourcing decisions immediately become more intelligent, more strategic, and more agile.
Finally, recruiters can focus on recruiting. Unique, time-saving features include:
- Smart Job Publishing that automates the distribution of your jobs to the most effective boards and aggregators
- Search Engine Optimization (SEO) that drives more traffic directly to your career site from major search engines like Google, Yahoo, and Bing
- Referral marketing tools that help your employee population market your jobs through their own online relationships, multiplying your impact and reach
- A talent community that captures passive candidates who may not be ready to apply so that you can build a relationship until the timing is right
- Advanced Analytics Dashboard to continuously monitor what sources are driving qualified traffic and hires
SAP SuccessFactors Talent Acquisition is leading the way.
SAP SuccessFactors Talent Acquisition not only streamlines and simplifies the hiring process but also helps the organizations in the following ways:
- From requisition approval to offer approvals, mobile experience eliminates hiring manager and recruiter wait times to fill positions faster.
- Simple management of high volumes of candidates, helping them move through the application process to get at the best-fit candidates quickly.
- Take the complexities and ambiguity out of interviewing by managing the entire interview process from scheduling to feedback with data-driven candidate ranking.
- From offer letter generation to offer acceptance with SAP Signature Management by DocuSign, SAP SuccessFactors has a complete, simple process of managing offers to hire talent faster and easier than ever before
- Real-time sourcing analytics drive better decision making
- Detailed candidate management reporting gives you the visibility you need into what roles are filling quickly and which take more time, so you alter your candidate pipelining strategies to drive better hiring in less time