When it comes to hiring employees, there is a difference between talent acquisition and talent recruitment.
Recruitment is the process of sourcing, screening, interviewing, assessing and selecting those qualified for positions within the organization.
Talent acquisition, on the other hand, focuses on the longer-term needs for the company to grow and dominate within its industry. It looks at the bigger picture when selecting candidates and is not about just filling positions, but strategizing to find those with the right qualities and skill sets that will innovate and transform the company.
Too often businesses ignore the need to acquire talent, assuming they can recruit and then up skill within the firm. This strategy is short-sighted and comes with drawbacks, however. There are three major issues with this type of thinking:
Your company may need to provide substantial training, only to learn after time and money, that they're unable to level up the skills needed and are not a good fit culturally.
More time and money may end up being spent to replace poor recruitments.
Your company risks having a revolving door culture where employees regularly leave, causing disruption and uncertainty within the work environment.
When focused on talent acquisition instead of basic recruitment, company resources like time, money and cultural unity are better preserved.