For those of us who work in the recruitment industry, the importance of talent acquisition is clear – it’s vital for business success. However, for those at board level, the importance of an ongoing and long-term strategy to identify candidates for future vacancies in the company might not be so clear.
As long as the company is doing well, and there are no current vacancies to fill, there’s no real need to worry about terms like ‘talent acquisition’. After all, it’s just another recruitment buzzword, right?
Of course, you know differently.
And now it’s time that your c-level executives also fully understand the importance of a strategy that offers the company some considerable long-term benefits.
It’s time to shed some light.
The importance of talent
CEOs and top-level executives understand only too well the importance of talent. In 2018, a study by PWC found that as many as 80% of CEOs were worried about the availability of key skills. The same study also found that 60% of CEOs were rethinking their HR function primarily due to digital transformation and the expected talent shortfall.
However, what many of those leaders who were surveyed failed to realize was that the answer to their talent and skills shortage could be found much closer to home.
With the job market becoming increasingly competitive, both recruiters and HR managers are fully aware that recruitment is now an ongoing strategic process. Theirs is now a proactive approach where they identify possible future talent gaps and source suitable passive candidates that could potentially fill those roles.
Again, we’re likely preaching to the converted here, but this is what makes talent acquisition leaders so important to the overall success of the business. In other words, with a solid talent acquisition strategy, CEOs need not worry about talent gaps or skills shortages.
Changing the perception
It’s now crucial that talent acquisition leaders present themselves in a more strategic light. Many c-level executives currently see them as operational. They answer the call to arms, so to speak, yet rarely offer any strategic insight at board level.
So how do they do this?
By aligning their talent acquisition goals to the predicted growth and success of the company, TA leaders can help CEOs understand how beneficial their input is to decision-making at board level.
With the right strategy in place that includes a candidate pipeline brimming with suitable talent, the company is in a position to start recruiting prior to any expected talent or staffing shortfalls.
This speeds up the time to hire and reduces overall costs as the majority of the recruitment ‘legwork’ is done during quieter periods when the company is not hiring.
It also reduces the possibility of a drop in productivity as the company takes on new talent and brings them up to speed ahead of schedule.
Reduced costs, and a hit the ground running approach — music to the ears of a CEO.
If you’d like to learn more about the interaction between TA and leaders at board level, watch our webinar TA securing a spot at the Exec Table.