The phrases “Talent Acquisition” and “Talent Management” are often used interchangeably, despite the fact that they serve different purposes with regard to hiring and developing employees.
It’s a shame these terms are so often confused because they both serve very valuable independent purposes. When Talent Management is executed properly (which, depending who you ask, can include Talent Acquisition), it can be a very powerful program with regard to attracting, onboarding, training, and retaining quality employees.
Here’s a look at what each of these terms means:
Talent Acquisition: This one is more simple. Talent Acquisition is the process and efforts that attract the right kind of talent to the organization to best fit the needs of the position and the business.
Talent Management: Talent Management is more complex. You’ll find a lot of different definitions out there, but put simply, it is all the processes and systems to attract, recruit, retain and engage employees. This includes activities such as talent acquisition, onboarding, continuous learning, coaching and development, performance management, and more. You may already have some of these programs in place without having a formal talent mangement system.
Now, imagine if you could implement a talent acquisition process as a part of a formal talent management process at your organization. Many leading companies are doing just that and reaping the many benefits.
Benefits of Talent Acquisition
Having a talent acquisition process allows the organization to have a more proactive and structured hiring process that finds candidates that are a fit for not only the job itself but also for the culture of the organization. Acquisition efforts can also help to enhance the diversity of the team through sourcing from a larger pool of qualified applicants.
Benefits of Talent Management
A focus on talent management can do a lot for your organization. A talent management system provides a more streamlined onboarding process for new employees and develop and present a clear growth path in order to engage and retain them. Talent management processes can also identify any potential skills gaps for the acquisition team to work to fill in the future.
HR’s Role in Talent Management and Acquisition
The talent management and acquisition processes are often efforts led by those in the HR department. Reason being, they are typically the primary team involved in attracting, selecting, onboarding, training, and evaluating employees. As a business grows, these two areas become key components in decreasing turnover, retaining quality employees, and the continued growth of the business. A strong HR department overseeing talent processes leads to a stronger organization as a whole.
Getting Started With Talent Management Services
You probably now understand that finding and developing your organization’s workforce should be a top priority for future growth and stability. You probably also know that the resources allocated to new programs can often be limited. That’s where resources like HR Collaborative come in – we help facilitate these management and acquisition processes for you at a reasonable cost so you can focus on other areas of running the business. Feel free to contact us today if you want to learn about partnering with HR collaborative on comprehensive talent management services.