In a fast-moving economy characterized by constant disruption, the only thing that never changes is the fact that everything's always changing — and that's why it's so important to have a foresightful talent acquisition strategy in place. Here are five ways to frame that strategy in terms of ROI.
1. greater capacity to adapt and scale
Given the pace of change in our next normal, the ability to adapt and scale when needed can give companies a competitive edge. When you partner with staffing firms that have global reach and deep rosters of qualified talent, that's not a problem. Staffing partners can flex and scale to meet your growth needs, ensuring that business continues as usual and that the quality of your products or services doesn’t fall off whenever demand spikes. It’s a sure recipe for connecting your talent acquisition strategy to greater ROI.
2. reduced time to fill
Unemployment in the U.S. today is at a historic low, which means there's a shortage of qualified talent in nearly every industry. Indeed, the average time to fill at most organizations in the U.S. right now is 42 days — that is, 42 days you really can’t afford to spare. But the right talent strategy should not only help you catch up, but also get ahead — and attain a crucial edge on your competition.
3. decreased departmental overhead
The right talent acquisition strategy will help you reduce the costs associated with HR overhead, which in turn can free up working capital to invest in growing your business — a win-win. You should consider incorporating human resources outsourcing (HRO) as part of that strategy, too. Having a dedicated third party handle core HR duties allows you to focus without distraction on value-adding initiatives. It can deliver significant ROI.
4. enhanced culture fit
Your talent strategy will enable you to understand not only the qualifications that candidates need, but also the intangible factors that will make someone a good fit for your workplace culture. And that's critical, indeed, given that the cost of a bad hire is estimated to be as high as 30 percent of an employee’s first-year salary. So you can't afford to let the wrong ones in.
5. ability to hire for growth mindsets
When employees are genuinely interested in learning from colleagues and contributing to your company — versus simply working for a paycheck — you'll find that your company is primed for growth. And a savvy talent acquisition strategy can help you attract, hire and retain exactly these candidates.
key takeaways: talent acquisition and ROI
At the end of the day, of course, implementing a more robust talent strategy should deliver value in myriad ways. But, when making the business case to internal stakeholders, start with the five areas discussed here and you'll be well on your way to securing buy-in — and seeing higher ROI.
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