Talent acquisition transformation is a strictly aspirational concept, with most firms too busy even to consider revamping any existing strategies and solutions. In light of the massive disruption caused by covid-19, this however has now become a reality. The current slowdown gives organizations the time needed to assess and adjust practices in a way that will better position their teams for the future when hiring ramps up again.
The success of any organization is closely tied to the quality of its employees, which, in turn, relates to its talent acquisition process. Thus, finding and hiring the right people is a crucial element of an organization's business plan, which directly affects the company's future success. Without the right employees, a business is likely to struggle with poor productivity, bad decision- making, and unmotivated staff. These factors make it difficult for a business to remain stable in a competitive market.
Talent acquisition is forward-thinking. Instead of simply hiring a candidate to fill a current opening, the talent acquisition team considers what the potential employee's career path could be within the organization. That means talent acquisition ensures the organization hires people who could eventually become managers and senior managers within the business hence it becomes more about creating a long-term strategic plan for the future.
An effective talent acquisition strategy also decreases risk throughout the business because it reduces the chances of an unsuccessful hire. This, in turn, saves time and money that could otherwise be wasted on training bad hires while also improving productivity. Organizations should note that it makes sense to devote energies to retaining key staff. Nevertheless, beyond that, the starting point in practice for an extended talent management program is a process of identifying people with talent through a performance management system. It would then be possible to concentrate on leadership and management development programs to maintain staff. After this, a sophisticated approach to career planning and, possibly, succession planning could be introduced.
Finally, to emerge stronger from the COVID-19 crisis, companies should start reskilling their workforces considering the tremendous impact the pandemic has had on employee’s life and businesses which has compelled them to adjust rapidly to talent management initiative.