HR strategy for talent acquisition during the current layoff wave in the tech-industry

Abstract

Talent acquisition is the procedure of identifying, attracting and acquiring skilled and talented individuals to meet the hiring needs of an organization. It involves various activities such as job posting, candidate screening, interviewing and selection. It is essential for any organization to succeed in a highly competitive market. The right talent can help businesses stay ahead of their competitors and achieve their objectives. It also helps businesses to meet their workforce demands and achieve their strategic goals. Talent Acquisition is often mistaken for recruitment. The former is a cyclical process that involves creating employer brand, communicating the employee value proposition and establishing relations with talent pool. This shall result in the talent pipeline development and create a sustainable supply chain that is prepared towards anticipated demand in the organization. The latter is a linear process where hiring is necessary to meet the current demand or vacancies available. Hence, it is a reactive approach that often results in increased time & cost to hire, sometimes even compromising on quality (Bansal et al., n.d.). Hence, Talent acquisition takes place in a strategic manner to improve recruitment KPIs.