Talent management is one of the most current topics in HR. How can we provide candidates with the best experience? How can we attract the best employees? What do we have to do to win the War for Talents?

In this article we will explore the question of what the difference is between talent management and talent acquisition. In addition, we give you crucial tips for the correct implementation in your HR department!

What is Talent Management?
Talent management is the full range of HR processes to attract, develop, motivate and retain high potentials:

The full scope of HR processes: Talent management is about several HR processes that are linked together. Therefore, a talent management strategy is required to unlock the full potential of all HR processes.

Win, develop, motivate and retain: This is not an exhaustive list. Talent management touches all key HR areas, from recruitment to employee onboarding, from performance management to retention.

High Potentials: The purpose of talent management is to improve performance. Talent management aims to motivate, develop and retain employees to perform better. When done right, talent management can help companies build a sustainable competitive advantage.

Talent Management Strategies
According to Roger L. Martin (2010), to create a talent management strategy, you need to answer the following five questions:

1) What does your company aim for? What are the goals and how do you measure progress?
2.what do you want to focus on?
3.how can you measure yourself against the competition?
4.what other skills do you need to build your business?
5.what progress are you making?

Talent management involves a number of key HR processes
Talent management is a complex process. As mentioned above, it includes various elements from HR. Here is an overview:

Employer Branding: A strong brand attracts even the best candidates.

Employer Image: Reputation is related to employer branding. However, the image is more likely to be influenced by free media, over which the company has less control. An example of a bad reputation is the banking sector in recent years, especially after the financial crisis of 2008.

Candidate Experience: The Candidate Experience influences the employer brand.

Candidate Selection: Identifying and selecting candidates is a critical part of talent management.

Referral programs: Employees recruit employees. Referral programs are effective because they help to find candidates faster and better.

Onboarding: Getting employees up to speed as quickly as possible enables them to work independently and productively. At the same time you strengthen employee loyalty.

Commitment: Committed employees are motivated, perform well and are more likely to stay.

Retention: Retention strategies help to retain the best employees. One example is Talent Succession Planning.

Talent Succession Planning: Do you want to fill important top positions as quickly as possible when they become vacant? A talent pipeline that ensures succession planning is a suitable key element.

Continuing Education: This is not only a common talent management practice, but also a best practice in human resources. Training employees helps to increase performance and loyalty to the organisation. After all, you want to ensure that your employees continue to be leaders in their field, don’t you?

Performance Management: An essential part of talent management is improving business performance.

HR Analytics: By leveraging data, you can ensure that you are applying the right KPIs to make business results measurable.

Why is talent acquisition important?
Talent Acquisition helps the company build qualified employees who will drive the business forward. With a well-designed talent acquisition strategy, companies can

-proactive recruitment,

-candidate pipelines for future personnel requirements,

-and candidates with different backgrounds.

What is the difference between Talent Acquisition and Talent Management?
First comes Talent Acquisition, then Talent Management. Talent Acquisition is about hiring candidates with the right skills and potential for advancement. Talent management follows after hiring

-proactive recruitment,

-candidate pipelines for future personnel requirements,

-and candidates with different backgrounds.

What is the difference between Talent Acquisition and Talent Management?
First comes Talent Acquisition, then Talent Management. Talent Acquisition is about hiring candidates with the right skills and potential for advancement. Talent management follows after a candidate has been hired. Current employees are trained and developed. This ensures that they remain motivated and can take on demanding tasks.

Which is more important: Talent Management or Talent Acquisition?
You cannot have one without the other. Talent Acquisition is the process of recruiting and hiring qualified employees. With Talent Management you develop and retain these qualified employees. If you attract and hire good people, but don’t invest in their development, you can’t retain them. Therefore, it makes sense to incorporate both Talent Management and Talent Acquisition techniques into your HR strategy to attract and develop high potentials.

Conclusion:
The debate between Talent Management and Talent Acquisition, where one is more important than the other, is unnecessary. The HR department should use both to achieve optimal results. In this way, the company can benefit from the skills and experience of its employees and remain competitive in the market, but it all starts with finding the right job for the right person at the right time. That is why JobTender24 supports you as a crowd recruiting platform to find the right talents for you!

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