Talent is a company’s most important asset. It’s also the most expensive. The most common talent acquisition practices can cost your company money and not always efficiently. Improving your talent ROI should be a priority, but understanding how to do that will be crucial to your future success. There are many talent acquisition mistakes businesses commonly make, so looking at what those are and how to avoid them can be helpful to prevent this issue.
Before you make your next talent plan, consider these aspects.
Not Promoting from Within
When you have a personnel need in your company, what’s the first thing you do? Many organizations immediately look toward outside hiring, but promoting from within is not only less expensive; it also helps your company succeed. Internal mobility delivers better, higher-performing talent and drives retention.
When you promote from within, you’re utilizing employees who already have the knowledge of your business processes. Choose internal candidates with the aptitude to take on new tasks and responsibilities. And it’s always easier to hire entry-level employees than for higher-level roles.
Internal mobility delivers better, higher-performing talent and drives employee satisfaction and retention.
Not Focusing on Passive Talent
Passive talent is, by nature, those individuals who do not seek out your open jobs directly. They are often found by sourcing potential talent working at other companies or having been referred to your organization. And even though passive candidates are harder to find, they can be a much better fit for your company. Passive candidates stay in their jobs 21% longer, and a survey by LinkedIn indicates they are 33% more likely to want challenging work.
What may be even more important when bringing on new talent is that 17% of passive talent is less likely to need skills development. This means you can spend less on onboarding and training.
Not Upskilling Your Talent
Throughout talent acquisition strategies today, we are hearing that new applicants want to work in jobs where they can develop their skills and advance their careers. That’s where upskilling comes in. If you’re not providing an avenue for your team to learn new things, they will likely seek that fulfillment elsewhere.
There is more to upskilling than just employee satisfaction. It can also keep your business current in the global marketplace. New technologies are emerging every day, and training your current team will be much more cost-effective than hiring new talent whenever a need arises.
Not Prioritizing Diversity
Increased diversity in your workplace isn’t just about checking boxes. It’s about having decision-makers at all levels be representative of the community and, ultimately, your customer base. And diversity goes well beyond just racial and gender inclusivity. Hiring different individuals with different mindsets can give every aspect of your company a fresh perspective.
To prioritize diversity, of course, you will have to take a close look at your current hiring strategies. Unconscious bias can impact how organizations recruit and vet talent. Talent Intelligence can be one way to increase access to diverse professionals.
Conclusion: Utilize Talent Intelligence to Stay Ahead
Mistakes are often a part of success. Without learning from challenges that arise, individuals and companies can’t grow. But learning from the mistakes of others can be just as valuable and save you time and money. In terms of the hiring process, making significant mistakes can result in lost revenue and decreased employee satisfaction.
Improving your hiring process through Talent Intelligence can give you the edge over your competition. Source and recruit top talent based on important criteria that will provide you with an understanding of who will be the best fit in your organization.
Learn more about Talent Intelligence and Censia by contacting our team today.