When it comes to the subject of Recruitment Vs Talent Acquisition, Founders Board Members and C-Suites can tend to come to the conclusion that they mean the same thing. But actually, they have very different roles in the talent world.
Are you tired of not getting your recruitment right the first time around?
It could be that you need to improve the recruitment functions within your business.
In this candidate-driven market, more companies are seeing that their traditional approach of using a recruiter to advertise for a job is just not cutting it. So, are turning to a Talent Acquisition Consultant.
In this blog, we break down Recruitment vs Talent Acquisition. Discussing the differences between them and the Innovex way to helping businesses build that strong hiring and employee satisfaction strategy through our acquisition services.
What is Recruitment
Recruitment is a term you’ll hear all the time in business. But what does it mean?
Recruitment is a process where an organisation will hire a firm to search for a candidate to fill a role for their client. There are two types of recruiting structures contingent and retained.
At Innovex, we are a Retained Executive Search Recruiter, meaning our process helps scale-ups and start-ups grow their executive leadership and C-suite teams. Find out more here.
However, for those looking for an operational role, a contingent agency is the best approach to finding these roles, their process usually occurs through the following steps:
1.) Recruiter understanding the job description and essential qualities the client requires.
2.) Identify a pool of candidates based on the job description information. Commonly including skills, qualifications, experience, and cultural fit.
3.) Candidates will be put forward to the clients, then, if successful, will move forward to the interview stage(s).
4.) An organisation’s chosen candidate will be hired for the role
5.) The recruiter will move on to a new search
NOTE: For the Innovex way to Executive Search, Click here.
The use of a Recruitment Strategy for an organisation
Whether you need a C-suite level or an intern, having a recruitment strategy is essential. It can:
– Increase the number of successful hires
– Save you and your organisation time and money
– Increase the quantity and quality of your talent pool
– Allows you and your team to focus on the activities that will drive your business growth forward
As outlined above, once your chosen candidate has signed their workplace contract with you, the recruiter’s job is complete. Therefore, it should be clear in your strategy whether what you need from a recruitment agency is only to find talent. If your organisation requires further support, then a talent acquisition advisory service may be of more value.
What is meant by Talent Acquisition?
Talent Acquisition is often confused with Recruitment because of its many similarities; ultimately, Recruitment is a subset of Talent Acquisition Advisory. Therefore, a talent acquisition advisor can do anything a recruiter does. But they take it much further.
Innovex Talent acquisition Advisory works with your organisation to improve your hiring strategy in terms of speed, quality, and volume to help support your long-term business objectives and ensure you will consistently attract and retain the best candidates.
The use of Talent Acquisition Advisory for organisations
Often, talent acquisition advisory firms are used by start-ups or scale-up looking to grow by improving their turnover, increasing their hiring opportunities, and overall employee satisfaction rate.
However, Innovex Talent Advisory Acquisition Service has also been successfully used by PC backed companies who seek to increase the value of their talent acquisition team.
Innovex provides a full review of organisations’; people, processes, and procedures and then help that organisation with the following steps that drive the business to their required transformation.
Click here for some examples of how Innovex has helped companies through our Talent Acquisition Advisory service.
The Innovex way: Our approach to Talent Acquisition Advisory
Let’s break it down.
1.) Undertake an initial meeting with your organisation to understand your requirements
2.) Execute a detailed brief with all stakeholders involved to ensure all are aligned
3.) Design a unique strategy to identify business aspirations
4.) We provide weekly updates via phone and email throughout
5.) Identify the strengths and weaknesses of your talent acquisition process, and work with you to make positive, long-lasting changes.
Contact us here for more information on Innovex’s approach to Talent Advisory acquisition.
Recruitment vs talent acquisition: what are the differences
Recruitment is the process of seeking talent that you need right now. Talent Acquisition is the process of seeking specialists or industry leaders AND retaining this talent for now and your future.
These different approaches mean the activities that acquisition and recruitment consultants undertake differ.
Below we have outlined goals organisations seek to achieve when hiring a recruiter or Talent acquisition Advisor. Outlining the activities undertaken by both style companies to achieve these. This will help you identify which style consultant, will be most suited for your organisation if planning to achieve the below goals.
Goal 1: Find industry-leading talent.
When creating your recruitment and employee retainment strategies, it’s essential that you consider whom you are looking for and their behaviour.
As a general approach, a recruiter will post a role on a career site/job board, wait for the first four applicants to apply, and send these off to your organisation. Therefore, if you want to fill a role, this could be the right approach.
The Innovex Talent Acquisition Advisory approach to finding new talent includes developing a talent strategy based on internal research establishing the skills or experience that could add value to your organisation.
Once identified, Innovex will proactively search for the candidates that meet the research requirements – within your specific talent pool and shortlist the leading talent.
Using real-time data can then identify the best compensation packages and industry benefits, leading to a successful hire to headhunt these candidates successfully. Finally, to ensure all stakeholders are satisfied, establish the best practices needed for integrating these new hires.
Goal 2: Retaining talent
The main difference when defining Recruitment vs Talent Acquisition is who retains talent.
If you decide to implement a recruiter within your hiring strategy, then it would be up to the organisation to retain talent themselves.
However, companies often struggle to retain talent through their internal process, even with an entire HR team. Staying up to date with salary market activity, understanding employee satisfaction, and other factors that go into retaining an employee are timely tasks many organisations don’t have the capabilities to achieve. Therefore, they will have their time undertaking these tasks or having to seek out new talent constantly, impacting their abilities to focus on the core activities that drive business growth.
Innovex Talent Acquisition Advisory Service can undertake this research for you. Through identifying actual market activities on current compensation packages within your operating market for specific roles required, along with undertaking internal research within your organisation to understand what factors will motivate and retain your employee.
Creating a detailed report on the changes needed within your acquisition strategy to hold onto the key employees within your business.
Goal 3: Replace current employees or expand internal operations
If your organisation wants to replace or add operation roles, this is a contingents recruiters’ speciality.
However, a talent acquisition approach is more suitable if you’re within an industry that relies on specialist knowledge or strong leadership to achieve an overall goal or want to build a sustainable long-term strategy.
For example, at Innovex, we help SaaS, Cybersecurity, Fintech, and Tech with their acquisition needs. We understand the value of the candidate’s skills, experience, and knowledge required to meet our client’s requirements.
Goal 4: Achieve short-term or long-term team development and growth
A contingency recruiter will make money from a successful hire. Therefore, that is what their ultimate focus is on. As a result, it could lead to a high turnover rate, as the head-hunter won’t go into that much detail regarding the candidate’s background and experience. Therefore, they may not have the complete knowledge or skill set to achieve goals or be satisfied within the role.
Innovex approach to Talent Acquisition will begin by looking at what team members are vital in driving your business growth. Building upon your organisation’s existing recruitment strategy will develop strong hiring foundations. Your organisation will have a clear understanding of all the information required and questions to ask when it comes to the hiring process of candidates, therefore, reassuring your chosen candidates are the right fit.
Suppose your organisation has recently undertaken a take-over, relocation, or creation of a new product. That will mean entering a new market or transaction outside the organisation’s comfort zone.
To successfully implement this change, you will need a team you can trust with the knowledge to guide that journey to success.
Innovex Talent Acquisition Advisory service will identify the qualities needed for this role and report on the capability required to make this transaction a success. Also, giving you the information necessary to ensure internal systems, employees, and culture aren’t negatively influenced by the organisation’s change.
Getting started with talent acquisition
This blog outlines the key differences between Recruitment vs Talent Acquisition and the different ways a recruiter or Talent acquisition Advisor can support your organisation.
A recruiter helps an organisation hire new talent. Whilst a Talent Acquisition Advisor will help seek the right talent, along with allowing you to retain the leading talent within your organisation.
Innovex Talent Acquisition Advisory service reviews the employees, processes, and procedures within your organisation to create a strategy that will drive transformation.
Through Innovex Talent Advisory Acquisition service, your organisation can achieve:
– A successful search for new and existing leadership positions– implementing the leading talent that’s going to take your business to it’s next level
– Employees who have tailored industry experience – encourage more specialist knowledge to increase your value within the operating market.
– Increase in employee satisfaction – encouraging a low turnover and increase in motivation and productivity within your team
– A long-term team who are dedicated to business development and growth
To get started with your talent acquisition journey, click here to contact us.