Have you noticed that two of the broadest and most common terms in our industry – “talent acquisition” and “recruiting” – are often used interchangeably?

Talent acquisition and recruitment are two very distinct ideas. They have never been more different, either, given that they are being driven even further apart by new technologies and trends.

That tendency to confuse the two terms can make it difficult for recruiters and hiring managers to work accurately and make the most of both concepts.

Let’s fix that.

How Are Talent Acquisition and Recruitment Different?

Here’s a closer look at the definition of these two terms:

Recruitment

Recruitment is more of an action that’s all about filling vacancies. Recruitment is the process of identifying a vacancy within a business and then setting the wheels in motion to source, interview and eventually hire the appropriate candidate.

This is most often a short-term tactic that’s focused around finding the right talent as quickly and as cost-efficiently as possible.

Talent Acquisition

If recruitment is a short-term action, talent acquisition can be seen as more of a long-term strategy: talent acquisition is about identifying specific talent requirements in advance and using cutting-edge techniques to make it as simple, effective and inexpensive as possible to find specific talent.

This means that talent acquisition can give companies the ability to find the perfect candidates for complex roles.

What Are the Advantages of Talent Acquisition?

Recruitment is perhaps what most people think of when they imagine the day-to-day reality of the recruitment industry. Talent acquisition is becoming increasingly important, though, given that talent scarcity and the competition for that talent is more fierce than ever before.

You can expect to unlock the following benefits if you decide to invest in your talent acquisition strategy:

Find niche talent

The global talent shortage is a real issue. In fact, a study from Korn Ferry found that by 2030 there will be a universal human talent shortage of 85 million people – roughly the population of Germany.

The dearth of skilled candidates will put lots of pressure on businesses to compete for the few qualified and experienced candidates out there. A robust talent acquisition strategy can help companies to identify vacancies earlier than competitors, and keep tabs on the appropriate candidates.

In a context where the fight for the best talent is more fierce than ever before, it’s little wonder that more businesses are trying to develop robust talent acquisition strategies.

Develop your employer brand

Strong employer branding can help businesses to stand out from the crowd to attract and retain the best employees. That’s why figures from LinkedIn show that 72% of recruiting leaders around the world agree that employer brand has a significant impact on hiring.

Talent acquisition forces businesses to think carefully about their employer brand and incorporate it into their strategy. The act of developing and executing a talent acquisition strategy can help businesses to build strong employer brands that give them the edge over their competition.

Bring the talent to you

There are a number of figures around that try to define the average cost per hire in the UK. According to the HR review, that figure stands at around £30,614 per employee when accounting for the cost of lost output too.

A robust talent acquisition strategy can help you to slash those costs by bringing the talent to you. This can make the hiring process cheaper and faster. Those applicants are often very enthusiastic about your business, and they’ll become top performers for your company, too.

Key Talent Acquisition Trends for 2020

Talent acquisition is continually evolving. Here are the latest trends that are shaping talent acquisition strategies around the world.

AI-driven technology is growing in power – and popularity

Today, AI is helping recruiters around the world to execute ambitious talent acquisition strategies. According to LinkedIn, AI is helping recruiters and hiring managers save time (67%), remove human bias (43%) and deliver the best candidate matches (31%).

Over the course of 2020, we’ll see nascent AI platforms further augment the capabilities of recruiters and hiring managers.

Predictive analytics is starting to uncover talent needs

Sophisticated tools and platforms are now able to use troves of historical data to make accurate predictions about the future talent needs of organisations. Businesses around the world are making the most of these tools to inform their talent acquisition strategy.

This can help to expedite the hiring process and – paired with powerful AI-driven talent acquisition platforms like Elevate – give businesses the best chance of sourcing the right talent.

Teams are using AI to tackle unconscious bias

A number of studies have shone a light on the benefits of a diverse workforce. Those teams are often happier, more productive and more innovative.

Unconscious bias is sometimes a barrier to cultivating a genuinely diverse workplace; however this is why recruiters and hiring managers around the world are using AI-driven talent acquisition tools to fight against bias and discrimination.

These AI technologies are helping to surface the best candidates for the role, and they can empower businesses to engage in blind hiring.

Acquire the Right Talent with Elevate

Elevate offers an AI-driven platform that empowers talent acquisition teams to augment their abilities and bring out their full potential. Learn more about Elevate and how you can leverage our platform to move fast and recruit the talent you need.

According to Glassdoor research, the average length of the UK hiring process sits at 27.9 days. This significant amount of time can harm the productivity of your business and hinder its ability to move forward.

There’s an ocean of potential talent out there, but the challenge of recruitment is fishing for the appropriate candidates and keeping tabs on them.

This is why talent pools are an invaluable resource.

In this post, we’ll take a look at what talent pools are and four actionable techniques that you can use to maintain a healthy talent pool.

What Is a Talent Pool?

A talent pool is a database of candidate profiles. This database gives recruiters and hiring managers the ability to keep track of crucial candidates over the long-term and access potential candidates instantly.

The most effective hiring managers and recruiters will diligently maintain those talent pools to add and remove candidates as necessary. They’ll also draw on candidates form their talent pool regularly.

For added convenience, the majority of hiring managers will maintain distinct talent pools which can further segment groups of candidates according to factors like their level of experience and overall suitability.

What Are the Benefits of a Talent Pool?

Here are the key reasons to create and maintain talent pools::

Better candidates

Any recruiter or hiring professional will understand how challenging it can be to find high-quality candidates for their roles. 76% of hiring managers told Glassdoor that attracting quality candidates is their number one challenge.

Talent pools can give you the edge. With a robust talent pool in your hands, you’ll find it easier to sort through pre-qualified candidates and have access to proven talent quicker.

Faster hires

When it comes to hiring candidates, it’s critical that you find the appropriate talent within a reasonable timeframe. Each day that you have a vacant position will result in losses for your business.

Talent pools can expedite the time to hire. You’ll be able to quickly browse through pre-qualified candidates as and when you need to. You might find the perfect candidate in your talent pool.

Reduced hiring costs

Making a new hire in the UK is expensive. On average, businesses can expect to pay around 20-30% of the final salary to recruitment agencies. This can harm the profitability of your business, and those costs can seriously mount up if you make multiple hires.

Equipped with a talent pool that’s overflowing with quality candidates, you’ll be able to make your selection and circumvent many of the traditional costs that come with recruitment.

Four Actionable Tips to Maintain a Healthy Talent Pool

Now that we have a better understanding of why to maintain a talent pool let’s explore five essential tips that you can use to establish and leverage your own.

1. Divide Your Talent Pools Using Candidate Personas

Candidate personas are a handy tool used by recruiters and hiring managers. Those semi-fictional personas make it easier to guide the hiring process and stay focused on finding the right talent.

Those candidate personas can also provide you with a logical and organic way to segment your talent pool. This exercise can make your talent pool even more convenient to navigate, and you’ll have the right talent just a few clicks away.

The details of this tip will vary from one business to the next, according to how you created your talent pool. For a rudimentary solution, you could divide an excel spreadsheet into tabs according to your key profiles.

Here’s a look at how that might appear:

2. Keep Track of Your Alumni

To get the best results from your talent pool, you should be sure to keep track of your alumni. There’s always a chance that your previous employees might be available to rejoin your business.

There are clear benefits to rehiring alumni: they will slot right into your company culture, for instance, and rehiring alumni can have a very positive impact on your employer brand.

To keep track of your alumni, you should be sure to keep their contact details on record and maintain regular contact with them. You might even decide to send a monthly newsletter to those alumni – this could keep them updated and help them to feel like a part of the family.

Interested in what this might look like? Take a look at this Alumni Newsletter example from Deloitte. You can see the type of content and tone that they use to re-engage their corporate alumni.

Ready to take a look at the additional benefits that come with a strong alumni talent pool? Read our piece on the six reasons you should develop an alumni talent pool.

3. Don’t Forget to Track Unsuccessful Candidates

According to numbers from Forbes, the average job will attract a staggering 118 applications. While you might need to hire just a single person for the role, you could have invited some very intriguing candidates.

It’s vital that you keep hold of them and retain their details. We all know that plans change quickly within the world of business and that it’s always useful to have a backup plan.

Re-engaging unsuccessful candidates is also great for your employer brand. Lots of hiring managers tell unsuccessful candidates that their contact information will be retained on record, but they fail to follow up. If you contact an unsuccessful candidate in the future, they’ll be sure to appreciate the gesture.

4. Use Your Talent Pool Regularly

The best way to maintain a healthy talent pool is to use it regularly. Far too often, hiring managers and recruiters neglect their talent pool and fail to exploit its full potential.

A lack of activity could mean that your talent pool becomes rusty and outdated very quickly. The longer you neglect, the greater the temptation will be to ignore it when trying to find a new candidate.

Try to incorporate your talent pool into your recruitment workflow to get the maximum value from it. Make it your first port of call after identifying a new position, and you might find the perfect candidate.

Cultivate Powerful Talent Pools with Elevate

If you are ready to create and maintain AI-driven talent pools, do so with Elevate’s leading Talent Intelligence platform today. Our solution provides you immediate visibility into your private talent pools while granting you access to the exclusive Elevate Directmarket.

Finding the right talent is harder than ever before. Statistics from the Society for Human Resource Management tell us that 75% of recruiters believe there is a skills shortage among their applicants.

The war for talent means that recruiters must leverage cutting-edge tools and techniques to source the best candidates.

With time these tools and techniques evolve. For a significant period, Boolean search operators were a critical tool that gave recruiters the ability to surface relevant candidates.

Now, AI-driven sourcing is taking the lead.

In this post, we’ll explore those two concepts in more detail. We’ll then offer up five reasons why AI sourcing is superior to Boolean sourcing.

What Is Boolean Sourcing?

Boolean search allows recruiters to combine keywords alongside a series of operators to find the most relevant results. Those operators include AND, NOT and OR.

Recruiters can use those operators alongside brackets and quotation marks to tweak their search results to surface more suitable candidates. Specific search engines and applicant tracking systems also offer a range of additional tricks and tools to help recruiters refine their search even further.

When using Google, for instance, recruiters can start their search with “site:” to perform an x-ray search and surface results from a specific domain. Here’s an example of a typical Boolean search using Google:

As you can see, the Boolean search returns relevant results based on the keywords and operators that were used.

What Is AI Sourcing?

AI sourcing is much more powerful. Recruiters can use AI-powered platforms to search through vast databases in a matter of seconds intelligently. The AI algorithms can weigh and balance several factors to present recruiters with the most appropriate and suitable candidates.

This power is the driving force behind Gartner’s estimation that the business value of AI will reach a staggering $3.9 trillion by 2022

Let’s dig deeper into the key differences between Boolean and AI sourcing.

Five Reasons AI Sourcing Is Better Than Boolean Sourcing

AI-driven sourcing will replace Boolean sourcing in the not too distant future. Here are the five factors driving the explosive growth of AI sourcing.

1. Easier to use

Mastering the art of Boolean sourcing is no easy task. Recruiters will often spend hours upon hours learning the intricacies of Boolean search – and there’s no guarantee that they’re going to get the best results.

AI-driven platforms, on the other hand, are very elegant and simple to use. Recruiters can quickly set up their searches with just a few clicks and rest assured that they’re going to see every viable candidate for their position.

This ease of use means that recruiters can say goodbye to the hours spent learning Boolean search and invest in other areas of growth.

2. See More Sophisticated Results

Boolean searches are powerful, but recruiters have no guarantee that those searches deliver comprehensive results.

This is because Boolean logic only offers up yes or no results – there’s no space for “maybe”. This means that recruiters might find themselves missing out on that perfect candidate due to the inflexibility of Boolean search.

AI-driven logic is much more powerful. Those searches can embrace and understand ambiguity to give recruiters the full spectrum of potential candidates. The most sophisticated AI-driven searches will use natural language processing, for instance, to identify synonyms and the relationships between words.

3. More Free Time for Recruiters

Boolean searches are not only challenging to master, but they can also take a long time to execute. Even the most skilled Boolean expert will have to type out their search and proofread it carefully manually – a single misplaced piece of punctuation can undo a Boolean search, after all.

AI sourcing is much faster. Recruiters can configure their searches in a matter of seconds and leave the heavy lifting to sophisticated algorithms. In the blink of an eye, those recruiters will have comprehensive and high-quality results before them.

This speed means that recruiters can work as efficiently as possible. Recruiters who use the Elevate AI Platform enjoy a 90% reduction in search time. This empowers recruiters to invest their time in what they do best – connecting with candidates.

Technology is making recruitment more human. Looking to learn more? Read our piece on how AI enhances the human element of recruitment.

4. Eliminate Unconscious Bias

Diverse workplaces are more innovative, creative and productive. Those companies also benefit from a stronger employer brand and an enhanced level of employee engagement.

Unconscious bias can become a serious barrier to achieving a truly diverse workplace. The Guardian recently published an insightful piece on unconscious bias in Britain. The article makes it clear that unconscious bias is still an issue within recruitment.

AI-driven sourcing surfaces the most appropriate candidates and presents them to recruiters. While those algorithms can be configured to pay attention to factors like race and gender, they can help recruiters to break free from their unconscious bias.

5. Surface More Suitable Candidates

Boolean searches return a list of results with no further insight. Your dream candidate might be at the top of the list – or they might be buried under several unsuitable candidates.

This means that recruiters spend countless hours tediously sorting through potential candidates. While they might have a pool of potential candidates before them, they’ve still got to find the diamond in the rough.

AI-driven searches can weigh several factors to deliver the most suitable candidates in a logical order. This expedites the search process and means that recruiters are presented with the most suitable candidates.

Recruiters who use the Elevate AI Platform enjoy a 20% increase in suitable candidates, for instance.

Unlock the Power of AI Sourcing with Elevate

Are you ready to say goodbye to Boolean and hello to AI-powered sourcing? Step into the future of recruitment with Elevate’s leading Talent Intelligence platform today.

A blend of novel technologies and shifting attitudes towards work mean that the demand for agile talent is soaring. Today, countless businesses seek out agile talent temporarily.

According to figures from a global survey conducted by Staffing Industry Analysts, contingent workers accounted for 20% of workforces in 2017 – a significant leap from 15% in 2014.

In this piece, we’ll take a closer look at the key reasons agile talent is now becoming vital to the success of any growing business.

What Is Agile Talent?

Before we begin to explore the factors driving the popularity of agile talent, though, let’s quickly clarify precisely what we mean by this phrase.

There are many different types of contingent work and, therefore, categories of contingent workers. In its research study titled The Case for Contingent Work, Staffing Industry Analysts outline five key categories:

  • Temporary agency workers
  • Other directly-sourced temporary workers
  • Temporary workers
  • Human cloud workers
  • Independent contractors

Agile talent tends to refer to highly-skilled contingent workers who collaborate on a short-term basis with several businesses.

Why Is Agile Talent So Popular?

Let’s dive right into the reasons that agile talent is becoming a popular choice for businesses around the world.

1. Faster to hire

According to findings from Jobvite’s 2018 Recruitment Benchmark Report, it takes the average company 38 days to fill an open position. This varies, of course, depending on the employer and the vacancy that they are hoping to fill.

That’s a significant amount of time, and it means that many businesses often find themselves stuck without the talent that they need. In today’s fast-moving business world where each day counts, that can significantly harm the growth of a budding business.

Those new team members will often need to go through an extended period of onboarding, too, to understand internal policies and procedures.

Agile talent is the perfect solution to this problem. Businesses can find, recruit and onboard agile talent in a matter of days. This helps companies to keep moving forward at an impressive pace.

2. Build diverse teams

Diverse workplaces are often more creative, productive and performant. Those businesses benefit from a variety of perspectives, and the majority of people relish the opportunity to work as part of a diverse team, too.

Agile talent can help to make businesses more diverse. Those professionals often work on a short-term basis, meaning that businesses can benefit from fresh perspectives and backgrounds regularly.

This dynamic can help businesses to evolve constantly. Those agile team members will bring new perspectives and best practice with them, too, assisting the companies to improve and learn through exposure to new professionals continually.

3. Find unique and flexible talent

Findings from The Open University Business Barometer suggest that over the course of 2018, a staggering 91% of organisations in the UK struggled to find workers with the right skills.

There’s a significant skill shortage, and this is still an issue today. In the same report, 70% of senior business leaders said that deficit was responsible for a longer – and more expensive – recruitment process.

This dynamic also places the power in the hands of those talented candidates, who can now command high salaries. This means that it’s becoming increasingly difficult for businesses to access the talent that they require.

Agile talent could be the key. These tech-savvy professionals work on a more flexible basis, and they’ll often move from one project to the next, which means that their unique talents are more accessible to businesses.

This is why so many businesses are turning to agile talent to resolve their skill shortage issues. As the demand for more specialist skillsets continues to increase, we’ll be sure to see this preference for agile talent grow.

4. Cut costs dramatically

Finding and employing full-time workers is incredibly expensive. Businesses have to consider the following significant costs when hiring talent:

  • Recruitment costs
  • Salaries
  • National insurance contributions
  • Pension contributions
  • Holiday pay
  • Sick pay
  • Maternity and paternity pay

There are several other factors to consider, too, like equipment and the costs that are associated with sourcing and maintaining a healthy working environment.

Putting together a full team can place a substantial financial burden on any business. This is one of the key reasons that companies, both large and small, are turning towards agile talent.

While agile talent may command a higher hourly rate, businesses can still expect to make significant savings – all while enjoying the additional benefits that agile talent brings.

5. Prepare for the future

Figures from Wonolo suggest that if the gig economy continues its current rate of growth, 50% of the US workforce can be expected to participate in it by 2027. There are similar trends taking shape in the UK and beyond, too, so businesses should be sure to try and develop their agile talent strategy sooner rather than later.

As time draws on, we’ll see that those businesses with a mature agile talent strategy will enjoy privileged access to the best talent at the best rates.

A big reason for the success of those businesses will be established alumni talent pools. Are you intrested to learn more about what those talent pools could do for you? Be sure to read our piece on why building a corporate alumni network makes sense.

Retain, Engage and Attract Your Agile Talent with Elevate

Are you currently riding the wave of agile talent? Develop a keen strategy, and you’ll be sure to unlock all of the benefits above.

Interested about the prospect of finding the best talent exactly when you need it? Join some of the world’s leading brands and access Elevate’s leading Talent Intelligence platform today.

Estimates from Gartner suggest that the business value of artificial intelligence will reach a whopping $3.9 trillion by 2022.

The firm suggests that the majority of this growth will initially be driven by AI’s ability to process large datasets at a blazingly-fast pace and in unique ways. This power continues to open up exciting new possibilities for countless industries.

Recruitment is one of those industries: according to LinkedIn, 76% of recruiters believe that AI will have a somewhat significant impact on our industry.

A subsection of those recruiters wonders whether AI will prove itself as a threat to the recruitment industry. Could machines and unfeeling logic make recruitment less human?

On the contrary, we believe that AI will make recruitment more human than ever before.

Here’s How AI Will Enhance The Human Element in Recruitment

There’s a very high chance that the emergence and proliferation of AI will result in more human-oriented recruitment. Here’s a look at the five ways AI is likely going to enhance the human element:

1. Reduce unconscious bias

Countless studies have shown that diverse workforces are happier, more productive and more innovative. A blend of backgrounds and characters also mean that companies benefit from a potent mixture of skills and experiences.

Unfortunately, unconscious bias in recruitment can make it challenging to cultivate a genuinely diverse workspace. Despite best efforts, the majority of recruitment professionals form unconscious opinions on their candidates based on small amounts of information.

We are social creatures, and we can’t help but demonstrate unconscious biases. Anything from the intonation of a person’s voice to the clothes that they wear will register on some level.

AI is already proving to be a powerful tool in the fight against bias and discrimination, though: several AI-driven technologies can help to surface the most appropriate candidates and assist with blind hiring.

In this sense, AI-driven recruitment is empowering recruiters to eliminate unconscious bias so that they can put together fantastic teams.

2. Free up recruiters’ time

Recruitment professionals often display solid interpersonal skills that they use to put together strong teams. They’ll rely on those abilities to identify future needs, source the right candidates, design job descriptions and much more.

Unfortunately, several repetitive tasks can make it difficult for recruitment professionals to focus on the core job. All too often, recruiters are stuck filing paperwork, fiddling with various job platforms and trying to keep a keen eye on the latest employment laws.

In this sense, AI is a big help. It can take care of repetitive tasks so that recruiters are better able to focus on the human side of their work, resulting in better outcomes for businesses and candidates alike.

3. Personalise learning and development

Companies that offer comprehensive training programs often enjoy a 218% higher income per employee when compared to those businesses that don’t invest in training. Unfortunately, many companies struggle to get the most from training programs. They might find it challenging to get started at all.

Thankfully, AI can offer exciting insights into the skill sets and preferences of candidates, helping businesses to place a strong focus on developing the potential of each employee with catered learning and development courses.

This feature of AI can help recruiters to understand better their candidates and how they might develop in a given role, again emphasising the individual.

4. Increase hiring volume for businesses

According to figures from Workable, the average time to hire is around a month. This will vary, of course, according to factors like the position and region. That’s quite a significant amount of time, though, and it means that recruiters often struggle to fuel their company with quality candidates regularly.

Thankfully, AI can help to expedite the time to hire allowing recruiters access to quality candidates in record time and then do what they do best – work to assess and develop that person’s skill set.

With AI giving recruiters a helping hand, those professionals will find it easier to build large and diverse teams.

5. Drive demand for more human-oriented HR professionals

As we watch AI transform the recruitment industry over the coming years, we’ll be sure to notice how the desired skillsets for recruiters shift. With AI taking care of the repetitive activities and sourcing of quality candidates, we’ll see businesses search for recruiters who have incredibly strong and insightful interpersonal skills.

With AI working away behind the scenes, the spotlight will be firmly on recruiters and their ability to assess the character of their candidates. In this sense, AI will undoubtedly help to bring about the human side of recruitment.

Recruiters will be better able and more free to forge authentic connections with their candidates and help to create more human workplaces.

Unlock the Power of AI-Driven Talent Intelligence with Elevate

Here at Elevate, we’re incredibly excited about the potential of AI to reveal the human side of recruitment. Are you ready to leverage the real power of talent intelligence? Learn more about Elevate AI and how our platform can help you to retain, engage and attract the best talent.