There is no question that recruiting talent is time-consuming, challenging, and costly. In fact, I read in an article on Jobonics, that in the UK, it costs over £ 30,000 to replace a staff member and takes nearly 30 days. I read somewhere else that Google gets over 2 million job applications per year, making it more difficult to get into than Harvard. Amazon is notorious for their lengthy and intense hiring process.
But most of the best business leaders in the world emphasize that their talent strategy and the processes that onboard great people into their organizations is what is at the core of their success! Talent acquisition and retention is paramount to their surviving and thriving in the future.
According to Mark Bennioff, CEO of Salesforce.com, "Acquiring the right talent is the most important key to growth. Hiring was - and still is - the most important thing we do."
Bill Gates, from Microsoft emphasizes that, “The key for us, number one, has always been hiring smart people.”
Steve Jobs, while leading Apple, said, "The secret of my success is that we have gone to exceptional lengths to hire the best people in the world. Hiring the best is your most important task."
Lastly, Joe Kraus, one more successful tech entrepreneur, cautioned that, “The cost of hiring someone bad is so much greater than missing out on someone good.”
Over the years, talent acquisition has evolved and this info-graphic provides some interesting information about that development over time. It is a fun way to follow the journey of talent acquisition.
With today's talent challenges, changing workforce dynamics, technology capabilities, and fewer geographical limitations, talent mobility is playing a bigger more critical role than ever to support talent acquisition. Mobility programs are more involved with workforce planning and while they still own the logistical and tactical elements of mobility, along with the processes that keep the company safe and compliant, they are being leaned into to as a critical element that helps power the talent strategies that are likely determining the real future of each company.
Does your mobility program feel connected to your talent acquisition and retention strategies?
In recent years, talent acquisition as a function has evolved quickly and dramatically to reflect changing economic realities, an increasingly complex and competitive field, and the rapid advancement of technology. Talent acquisition is different now than it was decades back, and the quick evolution shall continue in the face of lightning-fast innovation. Let's go through the journey of talent acquisition with this sketchnote and observe how the function has evolved over the years.