Talent acquisition or Talent Management-which is important?

The field of human resources looks at the entire gamut of responsibilities of a company in relation to its people, who are its most valuable asset. From hiring employees to evaluating their performance and disbursing their remuneration, everything that is part of managing people comes under the aegis of human resource management or HRM. There are three key disciplines within HRM:

• Talent acquisition

• Compensation and benefits

• Talent management

What is talent acquisition?

Talent acquisition is the process whereby HR leaders hire candidates such that the right person with the right skills and potential to perform well is hired at the company. Bringing in the right talent is key to securing a competitive advantage in the market, and for this, attracting and hiring skilled employees is important. This is done by means of:

• Finding candidates from diverse backgrounds

• Keeping a connect with past candidates with an eye on possible future openings

• Setting up candidate pipelines to cater to present and future talent requirements of the business

• Attracting the right candidates by strengthening the employer brand

What is talent management?

An ongoing process that comes into the picture when talented people have been brought on board, talent management looks at the training and development plan and activities for the hired candidates. It is also concerned with keeping them engaged at work, boosting their on-the-job satisfaction, and getting them ready to take on new, often higher roles in the future. It therefore comes into the picture once the candidate has been evaluated and has accepted the job, and aims to develop and retain the candidate.

Key tasks handled by talent managers are:

• Planning for hiring and succession

• Conducting or facilitating training programs for employees

• Coaching high-potential employees

• Offering mentorship, promotion, and rewards to deserving employees

Which of the two processes is more important?

There is no definitive answer to this, as both have their own place. While acquisition is how the best candidates are attracted to and hired by the company, management is what develops them and ensures that quality hires stay within the fold. It would be improper to consider one without the other, and a lack of adequate focus on either could create a serious roadblock to high employee potential.

Retaining the employee requires developing the talent that has been painstakingly attracted and hired. In addition, instilling a good training culture requires the hiring of skilled candidates who are good at learning and developing their skills. Digital technologies often come to the aid of talent leaders here.

What makes talent acquisition important to the business?

Talent acquisition is the key first step in setting up a workplace staffed with the most talented people available and affordable. Only such an employee base can truly drive a company to success. Here is why HR leaders must ensure good talent acquisition practices:

• Bring on board candidates who can learn skills beyond just the purview of their immediate job roles

• Create a diverse employee base by sourcing and evaluating candidates from different backgrounds

• Put in place a talent pipeline for catering to future staff requirements

• Bring in a proactive hiring strategy instead of rushing to hire when a particular requirement comes up or a position falls vacant

Why is talent management important?

The buck does not stop at finding and hiring the right people. Talent managers need to develop and nurture the hired people, to engage them, and to prevent employee turnover. Here are the pluses of managing talent properly:

• Unlocking employee potential through training and development

• Boosting their morale and motivation

• Filling key positions with internal hires

• Boosting retention with excellent career plans and future paths

It is not a question of one or the other. Both talent acquisition and management must play their role for organizational success.