Talent Acquisition vs. Recruitment: What’s The Difference?

Today’s guest blogger is Armaan Akbany, CEO and Co-Founder of Shortlyst AI. Shortlyst AI is an all-in-one AI-based outbound multi-channel sourcing platform. Shortlyst AI provides 629+ million professional database, automation and contact finder features to cater to the needs of modern recruitment. In this article, Armaan and the Shortlyst Team share the differences between talent acquisition and recruitment, terms which are often used interchangeably.

How do we differentiate recruiter from talent acquisition specialist?

The terms recruitment and talent acquisition are often viewed to be the same, but the modern recruiter would know that there is a fundamental difference between the two. Recruitment is often a reaction to sudden needs in filling up a job vacancy. However, talent acquisition strategies focus on manpower planning and securing talents into roles with specific sets of skill requirements.

While both result in hiring of candidates; recruitment errs on the side of being a more tactical short-term solution and talent acquisition is a long-term strategy. Between the two, you will have to consider case by case factors such as urgency and talent scarcity when deciding which method to use.

Recruitment vs. Talent Acquisition

Recruitment processes can generally be broken down into 3 key stages: sourcing, screening and hiring. There are variations to the number of steps within these three stages across companies, but they tend to follow predetermined steps designed to process candidates quickly. This take on hiring is often relied upon during periods of high erratic growth or unexpected high staff turnover rate. It is a quick-fix that resolves issues fast, but not necessarily in the most ideal manner.

Talent sourcing goes beyond just filling vacancies by establishing a pipeline of talents who are accessible when the needs arise. For the modern recruiter, this would mean a solid understanding of the business outlook and internal company dynamics. Thereby, allowing one to project three to six months ahead on hiring needs and set up the right combination of initiatives (e.g. talent nurturing, referral programs, etc.) to ensure a steady flow of candidates. The strategic nature of talent sourcing makes it suitable for securing ideal candidates, especially those that possess specific skills that are in high demand.

Which one benefits you and your company the most?

There are cases where companies can get by with just traditional recruitment, but progressively more and more businesses are reporting talent scarcity as a key blocker to growth. Nowadays, industries are getting more dynamic with ever changing demands on skills. The speed of change makes it so that the quality of employees greatly impacts the business goals and achievements.

With so much on the line when it comes to acquiring talents, it is no wonder why disruptions come with spikes in demand for certain skill-sets. Forward-looking companies are now realizing the importance of developing a talent acquisition strategy in face of these challenges. They want to be able to predict the talents required to realize their objectives and have a steady pipeline to minimize business disruptions.

For the modern recruiter, the benefits of a talent acquisition strategy scales with intensity of their hiring. By preemptively networking, you are building a passive talent pool that you can tap on to fulfill future business needs.

Not only does talent acquisition strategies help to cut down time-to-hire from when vacancies open up, it also allows you more time to understand your hire better. Better understanding of your candidates often leads to superior talents that are eight times more productive in doing high complexity tasks.

How to start transitioning to an effective talent acquisition strategy

For companies looking to implement an effective talent acquisition strategy, there are 5 key initiatives to look into:

1. Manpower Planning and Segmentation—A deep understanding of the nature of your business and where it is going will be critical in setting up your hiring plan. This understanding should then be further supplemented by knowledge of local and global hiring trends. Undeniably it is a daunting task for anyone to attempt this alone, which is why working in collaboration with internal departments would lead to the desired results.
2. Employer Branding—Talent acquisition is a two-way engagement between recruiters and candidates. Being viewed as the ideal place to work is already half the battle won. That is why a strong employer branding goes a long way in attracting the best talents. This involves creating a positive image backed up by good employee referrals, inside looks and clear company values.
3. Networking—You will need to familiarize yourself with your industry. Understand where the talents can be sourced and insert yourself there. Platforms such as social media and seminars are good places to start.
4. Referral Programs—Your biggest champions in attracting talents are your own colleagues. Positive experiences associated with your company would make one open to promote positions to friends and relatives. Furthermore, referred candidates are already vetted and can lead to a smoother hiring process. You just have to ensure that the right incentives are in place to cultivate this behavior.
5. Metrics—Talent acquisition strategy is an ongoing process that keeps your company ahead. There is no one-size-fits-all strategy and you will have to iterate your approach over time. Therefore, being able to quantify and track your hiring performance will ensure that you are implementing the right talent acquisition strategy.

If you are wondering what you can do today to set yourself up for success… well we are here to help! Shortlyst gives you an edge by having access to over 600M professional profiles at your fingertips. Once you have set up your hiring plan, our tool can help you source the talents you need and automate your engagement process. Best of all, you can set up a free-trial account in less than 5 minutes!