Talent Acquisition
Talent acquisition is an executive concern as a scarcity of qualified job candidates threatens to limit productivity and innovation. As a result, it's becoming a balancing act for employers today. Organizations tell APQC that they seek to cut talent acquisition costs while improving the recruiting experience and the quality of new hires.
Transforming Talent Acquisition at BASF
Learn how chemical company BASF transformed its talent acquisition approach to uncover high performers in a tight labor market. In this article, you will learn about BASF’s “impact-based hiring” methodology, how it differs from traditional approaches, the change management required to help managers and leaders adapt to a new way of hiring, and how this approach has improved hiring efficiency and candidate quality.
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Securing Top Talent
Organizations are going to great lengths to secure top talent:
- Offering unlimited paid time off
- Giving travel stipends
- Providing free meals—breakfast, lunch, and dinner
- Paying off student loan debt
- Building on-site gyms, game rooms, and music rooms
- Compensating well-above the average rate
These are cool approaches and they may bring in top talent. Yet, they aren’t the most effective ways to address the current talent acquisition challenge.
Problem #1: They are expensive.
Problem #2: They are inefficient.
A More Effective Approach
True and lasting success in a competitive talent market requires more than attention-getting “carrots.” It requires a talent acquisition process that is strong end-to-end—one that thoughtfully leverages technology, analytics, innovations, and best practices to efficiently and cost effectively find, attract, and select the best talent for an organization.
Enticing perks and hefty pay packages are nice—if you can afford them—but be sure they are backed up by a talent acquisition process that is effective from sourcing to selection.
To build such a process at your organization, consider the following research-backed recommendations.
See How Your Efforts Measure Up
Talent Acquisition and Optimization Performance Assessment
Assess your organization's recruiting and new hire retention capabilities by completing the Open Standards Benchmarking Talent Acquisition and Optimization benchmarking assessment.
