The Great Resignation of 2021 and 2022 has employers reviewing the strategies they are using to attract talent and retain employees. Talent acquisition strategies refer to a method that companies are using to identify, attract, and recruit individuals who have the qualities necessary to fill open positions. The talent acquisition process also provides recommendations for ways companies can retain their most valuable employees.
Talent Acquisition Strategies vs. Recruiting
Although it may seem as if recruiting and talent acquisition are the same thing, there are differences. While recruiting concentrates on the here and now, talent acquisition strategies require long-term planning. Even though recruiting focuses on the short term, it can be a component of a company’s talent acquisition strategy.
The goal of recruitment is to fill a vacancy that is placing a strain on employees. Since the vacancy needs to be filled as soon as possible, human resources must find top talent right away.
Companies Can Increase Their Talent Pool by Taking a Skills-First Approach
The March 2023 Future of Recruiting Report states that using a skills-first approach can increase the number of talented candidates a company has to choose from by 19 times.
The Talent Acquisition Lifecycle
The talent acquisition lifecycle refers to the stages a candidate moves through during the interview process and directly following hire.
The five stages of the talent acquisition lifecycle:
- Seeking employment and completing the application.
- Passing assessment or screening criteria.
- Coming in for an interview.
- Hiring the candidate who can meet the company's needs.
- Onboarding activities such as orientation and learning about the company’s vision, values and culture.
When It Comes to Benefits, Think Outside the Box
Offering employees benefits like stock ownership programs, assistance with childcare, gym memberships or a longer lunch break every Friday can go a long way toward attracting new talent and retaining key employees.
Ways To Improve Employee Retention Rates
Companies that are serious about increasing their employee retention rates need to invest in their talent acquisition strategy. Although it may be enticing to fill the vacancy quickly, if the new hire is not the right fit, the employee’s life with the company may be short-lived, which places the company in dire straits yet again. Furthermore, key employees may become frustrated because of the time they are spending training new hires who leave shortly thereafter, which could result in these employees seeking a position elsewhere.
Payday Payroll's Recruiting and Onboarding Services
In today's rapidly evolving talent landscape, an effective recruiting and onboarding process can significantly influence an organization's ability to attract and retain top talent. Recognizing this crucial need, Payday Payroll offers specialized Recruiting and Onboarding services tailored to modern businesses.
Recruiting with a Personal Touch
Payday’s recruiting solutions seamlessly blend personal consultation with tailor-made technologies, ensuring that the hiring process is both human-centric and technologically advanced. Our commitment is to reduce friction in the hiring process, thus ensuring a smoother transition for both employers and candidates.
Onboarding Excellence
Once the right talent is identified, the next challenge is to ensure a smooth transition into the organization. Payday’s onboarding solutions are designed to automate and streamline this process. We are dedicated to ensuring that your organization not only attracts but also efficiently acclimates and retains elite talent.
Features of Payday Payroll's Recruiting and Onboarding Services:
- Applicant Tracking: Real-time, cloud-based tools to efficiently manage candidate progress.
- Resume Management: Digitally manage and effortlessly search through resumes to find the perfect fit.
- New Hire Data Capture: Seamless integration between applicant management systems and onboarding platforms reduces data redundancy.
- Forms & Elections: Simplify onboarding with online forms and benefits election tools.
- Employee Screening: Ensure the integrity of your hires with Payday's comprehensive background checks and integrated screening process.
- Benefits Enrollment: Our onboarding portal and dedicated Payday Benefits team streamline benefits enrollment, handling eligibility and carrier communication on your behalf.
In the face of modern talent challenges, organizations need a partner who understands the nuances of recruiting and onboarding. Payday Payroll stands ready to assist with solutions that are both technologically advanced and deeply human-centered. By prioritizing efficiency and personal touch, we help businesses ensure they're always a step ahead in the talent game.
If you are ready to improve your talent acquisition strategies and employee retention rates using the strategies in this article, contact Payday Payroll today by calling (757) 523-0605 or using our online contact form.