6 talent acquisition strategies from leading employers
We are at an inflection point in society. The combination of a rapidly aging workforce paired with declining birth rates should have alarm bells ringing for HR practitioners as the COVID-induced worries of the talent shortage are just the beginning.
As Fortune states, “Put simply, talent scarcity will be endemic to the labor market in the years and decades ahead.”
And it's about more than just the number of people; there's also a looming problem with available skills compared to what companies will need. In the coming years and decades, finding talent – let alone the right talent – will be a big challenge.
In today's market, a robust talent acquisition strategy is crucial for the success and long-term sustainability of organizations at large. The ability to attract and retain top talent is a strategic imperative, as skilled and motivated employees play a pivotal role in driving innovation, productivity, and overall organizational success.
Powerful talent acquisition strategies
Table of contents
- Defining the modern talent acquisition strategy
- Why you need a talent acquisition strategy
- The 6-step talent acquisition framework
What is a talent acquisition strategy?
A talent acquisition strategy is a systematic plan or approach that organizations use to attract, identify, recruit, and retain the right talent for their workforce.
In action, this is typically comprised of:
1. Recruitment technology
Applicant Tracking Systems (ATS) can aid in the management of hiring procedures, making candidate tracking simpler and enabling effective communication and teamwork among hiring teams. Additionally, integrating Candidate Relationship Management (CRM) tools improves sourcing capabilities, leading to a more structured and proactive approach to recruitment.
2. Channel approach
Utilizing a diverse channel strategy supports thorough coverage and access to a range of qualified candidates. External channels, such as job boards and professional networking platforms, extend outreach to a wider audience. However, it’s imperative to also consider internal sources for talent. Implementing education and upskilling programs that cultivate internal talent pipelines is essential for a robust talent acquisition strategy.
3. Channel partnerships
Educational institutions present a direct pathway to emerging talent. Partnering with schools, universities, and short-form learning programs can grant access to a pool of candidates with the pertinent skills and expertise your business needs.
Employer branding is the embodiment of your organization’s values, actions, and culture. By nurturing your employee brand and articulating a compelling employee value proposition (EVP), organizations can effectively attract top talent. More on this, shortly.
4. Mix of benefits
It’s important to take a look at your offerings to see how they stack up to the competition. Beyond the necessities, in 2024, what employees really want is better benefits.
This could look like:
- Flexible work arrangements
- Mental health benefits
- Childcare subsidies
- Wellness reimbursements
- Unlimited PTO policies
For more details, check out this comprehensive guide on how to build a robust talent strategy.
With all of this in mind, what's needed to stand out from the crowd?
A differentiated employee value proposition powered by innovative education benefits and career mobility programs that effectively allows them to leverage internal talent pipelines.
Why you need a differentiated talent acquisition strategy
If you’re not scared yet, you should be.
According to the U.S. Chamber of Commerce's latest data:
- There are 9.5 million job openings in the United States, but only 6.5 million unemployed workers.
- Job openings have steadily increased, while unemployment has slowly declined.
- Fewer and fewer Americans have been participating in the workforce for decades, resulting in a smaller workforce that is only expected to continue shrinking for years to come.
For HR professionals operating in a tight labor market, establishing a differentiated talent acquisition strategy powered by a compelling employee value proposition is imperative to building a successful business strategy.
Below we’ll cover how leading employers are doing just that.
A six-step framework for building an innovative talent acquisition strategy
1. Make sure you are investing in a differentiated EVP – beyond pay
Employees want to work for organizations that offer three main things: pay, purpose, and pathways. The first two aren’t novel insights, it’s the pathway piece that has been missing.
In Guild's recent American Worker Survey Report, 74% of workers polled said they would be “very likely” or “somewhat likely” to leave their company if offered additional education or career opportunities elsewhere.
Guild’s Career Opportunity Platform helps organizations attract top talent by supporting a strong employee brand and employee value proposition (EVP) to prospective employees. Learn more about the 5 pillars of an EVP that attracts and retains top talent.
2. Reimagine your talent pool
Too many organizations are neglecting their greatest source of potential talent: their current employees. When you look internally, your talent pool becomes an ocean.
To address the acute talent shortage in healthcare, Bon Secours Mercy Health (BSMH) turned inward, tapping into their existing workforce by creating new educational opportunities and skill-building aligned closely to career pathways in high demand. By funding tuition and providing robust guidance and support, BSMH is enabling its people to grow into new (often higher-paying) roles. To learn more about BSMH's strategies for addressing the ongoing healthcare talent shortage, read the full BSMH case study.
Employer Partner Spotlight
An actionable internal mobility framework for healthcare
Jeff Johnson, Director for Workforce Pipelines at Bon Secours Mercy Health, discusses how the internal mobility team functions within the business to connect employees with both educational opportunities through Guild and roles in demand — filling talent pipelines in the process.
Jeff Johnson Director for Workforce Pipelines, Bon Secours Mercy Health
“So many of our talent acquisition, recruitment industry is heavily focused externally, it’s on stealing talent from your competitors. And that’s a fundamentally different skill set from growing your own people. It’s also fundamentally different than helping folks who are new to the industry grow within it.”
3. Revamp antiquated HR team structures
As mentioned above, so much of talent acquisition is heavily focused externally. In reality, a holistic approach to talent that encompasses talent attraction, retention, and internal talent development is crucial for securing the right talent for your workforce.
The ability to cultivate talent internally requires a differentiated approach to HR. Organizations can think of this as a virtuous flywheel of talent attraction, talent development, and talent retention.
But, many organizations need to rethink the antiquated structures of their HR function for the flywheel to work. Instead of operating in functional silos, talent acquisition and talent development (learning and development, total rewards) should be connected through the goal of filling in-demand roles with internal talent pipelines (internal mobility).
And according to research from The Josh Bersin Company, this “build vs. buy” approach to critical talent needs –– used by some of the highest performing organizations –– is garnering a massive ROI, as “it can cost as much as 6-times more to hire from the outside than to build from within.”
The Josh Bersin Company, Career Pathways: Building Tomorrow’s Workforce Today, 2022
It can cost as much as 6-times more to hire from the outside than to build from within.
4. Actively promote your benefits
It may seem obvious to promote your benefits, but a lack of employee awareness and program adoption can lead to costly talent investments without the ROI. Knowing which channels will resonate most with your workforce is also critical to success.
There tends to be an overreliance on formal, passive channels such as email, HR, company websites, and job descriptions. Although these modes of information sharing can be useful, in actuality, informal channels, like conversations with supervisors or coworkers, company reviews, and interviews can dominate how benefit information is communicated and actioned upon.1
Like many other restaurants and retail companies struggling with talent attraction and retention, Chipotle took a look at their benefits to see how they could improve on their employer value proposition and communication channels.
The company already had a strong brand with customers and employees alike being drawn to Chipotle’s commitment to sustainability, quality, and ethical business practices.
To stay aligned with their mission, Chipotle decided to redesign and expand their education benefits program.
The result? They saw a 46% increase in job applicants attributed to a campaign promoting the Guild benefit.2 Read the full Chipotle case study here and hear directly from their Director of Global Benefits, Daniel Banks, below.
Employer Partner Spotlight
How Chipotle uses upskilling to fuel business growth
Daniel Banks, Director of Global Benefits at Chipotle, discusses how the fast casual brand drives restaurant growth by instilling a culture of opportunity with a tuition-free education and career mobility program.
5. Create compelling and visible career pathways
In order for employees to access the growth opportunities they so desperately desire, they need to be aware of the pathways available to them, and be equipped with a clear understanding of how to navigate pathways effectively.
According to The Josh Bersin Company, career pathways “include a series of carefully designed development steps, such as education, certifications, degrees, learning programs, experiences, gigs, mentoring, and new roles that take an individual from their current role to a higher demand, often higher-paying job.”
For a behind-the-scenes look at career pathways investments at Walmart, Bon Secours Mercy Health, and Rocket Companies, check out Guild's Career Pathways report.
6. Incorporate DEI
Despite DEI efforts in the workplace being under fire, it’s more important than ever to build and support diverse teams, focusing on equity and inclusion in policy and culture.
Why? All of these efforts drive company performance on all levels, from innovation to improved decision-making, customer service, and positive employer brand.
Research from Great Place To Work® concurs, stating that “that when it comes to unlocking innovation, diverse and inclusive teams are the key. Regardless of industry, field, or domain, organizations that seek diverse viewpoints — across ethnicity, gender, age, educational background, etc. — experience higher rates of innovation.”
Stand out from the crowd. Create a differentiated talent acquisition strategy.
The talent acquisition challenges we are facing today are only going to be further exacerbated with time, creating a snowball effect across businesses at large. The understanding that talent growth strategy and business growth strategy are synonymous provides HR practitioners the opportunity to solve business problems like never before. In order to do so, a larger systemic shift away from antiquated talent acquisition team structures is critical, along with an acute focus on a differentiated talent acquisition strategy to truly stand out in a large crowd.
