A strong talent acquisition game is crucial for any organization. But in knowledge-driven sectors like the tech industry, the ability to attract, hire and retain the right people is often what will make or break your business.
The competition for tech talent is growing increasingly fierce, and acquiring the right talent is becoming one of the biggest challenges for tech companies. And while some companies struggle to grow and crumble under high employee attrition and low engagement, other companies scale smoothly and build cultures where people and businesses grow and develop in tandem. The difference between the former and the latter is an efficient talent acquisition strategy.
The right hires will build a culture of engagement and performance
Every company is unique, and every role requires a different set of skills. Understanding what makes a good hire for your particular organization and how to measure the outcome will allow you to keep hiring the right people. And when you do that, you lay the ground for a culture where people are engaged in what they do and perform at their best. What culture you build will impact your bottom line, and your culture will be made up of the people you hire.
A strong culture will help you strengthen your employer brand
As competition for tech talent is growing, tech companies are pouring more resources into employer branding. But the best way to build a strong employer brand is to invest in your talent acquisition, your people, and their employee experience. If you focus on finding the right people and helping them thrive, they will build your employer brand for you.
Employee attrition is expensive
Getting it right when you recruit new talent is crucial for several reasons. Not least because the cost of bad hires is extremely high. According to research by Oxford Economics, the average cost of turnover per employee is a staggering $30,614. A good talent acquisition strategy will focus on finding the right candidate for each role rather than filling every open position as quickly as possible.
The right hires will help you scale quicker
An important but sometimes overlooked aspect of talent acquisition is hiring the right people not just today, but that will grow into new leadership roles as your company expands. A strategic outlook on talent acquisition will help ensure that you will always have an internal pipeline of skilled people to recruit leaders from. This means that by investing more in the initial hiring process, you save a lot of time and money in the long run.
People are your competitive edge
The landscape of technology is an ever-evolving one, and the only constant is change. Having the leading solution today doesn’t mean you’ll still be market leaders tomorrow, as there is a constant race for innovation and market share. When you consider this, it becomes clear that your product and its features are not your strongest differentiators. Your people are. Because it’s your people who will make sure your company stays relevant, continues to innovate, and come up with solutions that help you beat the competition.
Tech growth is always a team effort
To grow, evolve, and build category-leading products, you need a winning team of exceptional talent. You need to find the right fits for your culture, who will embrace and be motivated by your vision. To do that, you need an efficient talent acquisition strategy. Reach out to discuss how we can help you set that strategy – and take action on it!