Are you ready for the Make, Buy, or Steal approach to talent acquisition? You’re not alone. Most organizations have had to make this decision before. Here are some common mistakes to avoid:
Make, Buy, or Steal strategy
The dominant approach is the Make, buy, or steal strategy in the talent acquisition process. In this strategy, an organization seeks out a candidate who does not yet have relevant work experience and enrolls them in an extensive training program. For example, several organizations offer traineeships for recent college graduates in hopes of molding them into the perfect profile for the organization. This strategy can lead to the development of strong people into VPs, partners, and C-level executives. However, to succeed in this strategy, an organization must invest, differentiate, and align its hiring process with its culture and values.
An external recruiting agency can approach potential employees without using the organization’s name. While this is expensive, it allows an organization to steal workforce and expertise from competitors. This strategy is commonly used by large corporations and businesses looking to hire a senior-level executive. The advantages of this strategy include increased profit margins and reduced recruitment costs. At the same time, financial incentives are only a part of talent acquisition.
Campus recruitment is an excellent opportunity to reach a vast pool of talented students and graduates. Over 70% of employers plan to hire college graduates this year and are actively looking to recruit on college campuses. Campus recruitment is also an effective way to fill multiple roles at once.
One of the most critical components of a campus recruitment strategy is the skills assessment. This step is essential in identifying the best possible candidates, allowing employers to tap into the student population’s natural talent networks. These assessments can be done in many ways, including by conducting job fairs, sending out regular communications about open positions, and holding internships. A thriving campus recruitment drive will have a strong onboarding program and help companies improve hires’ quality and reduce time-to-hire and cost-per-hire.
As a company tries to attract top talent, it’s essential to consider employee life outside the business. Does the business model offer an excellent work-life balance? Does it provide adequate healthcare benefits? Does the company offer comprehensive employee benefits? How influential is culture to the employee’s happiness?
A recent study by Gartner found that the top concern for business executives is sourcing talent. In addition, unemployment hovers at 4%, making a talent shortage more pressing than many other risks. Considering these risks, some employers ask themselves, “Should I build my talent?”
Branding your company is crucial for attracting and retaining top talent. In addition to attracting and retaining top talent, employer branding can help you maintain your existing employees. Employee branding involves promoting and distinguishing your company and its values among the employees and potential job candidates. While branding has always been a core tool for marketers, it is now becoming a key ingredient in talent acquisition. You can channel that enthusiasm into your recruiting materials by understanding your employees’ preferences.
Identifying your strengths and weaknesses can help you make the best decisions regarding the hiring process. Content is king when it comes to recruiting, and employer brand content is the material you use to inform your candidate pool. Content includes your company website, social media profiles, and job sites. All of these must complement one another and convey a positive image of your company. You also need to listen to your employees. You can gather insights from them about what makes them tick and make sure to highlight those things.