Hiring a new employee costs more than simply their salary. In fact, when hiring a new staff member at the average UK salary of £27,600, the true cost to you, on average, for the first year of that employment is around £62,890 with a proportion of this cost going towards your internal HR department and the resources that are required for internal hiring and retention. If you use a typical external recruitment agency they are typically paid on commission and will often bill a fee equivalent to 20-30% of the employee’s starting salary – per employee!
However, talent acquisition for businesses can easily be improved and one option to consider is that of embedded recruitment. This model is designed to save time, resources and of course money when compared to the traditional recruitment agency, or RPO model.
What Is Talent Acquisition?
Talent acquisition is a broad field that includes recruiting, hiring, and managing employees. It also includes sourcing new talent and developing training programs for current employees.
The role of talent acquisition in business is to find and attract the best talent for a company. It also ensures that they retain talent by providing them with opportunities for growth. It is an ongoing strategy to find the best talent for a company.
Talent acquisition can be time-consuming and expensive. It requires a lot of resources – from time to money and people. And it is not easy to get the best talent in your company because the market is highly competitive.
What Is Embedded Recruitment?
In some ways, it would be easier and quicker to explain what embedded recruitment doesn’t do! There’s a whole host of services offered within this model encompassing a complete end-to-end recruitment solution. The main aim of the Troi embedded model is to provide skilled in-house talent acquisition teams to help you hire at scale and retain. But we do more than just hires.
- Employee branding and value proposition
- End-to-end service
- Salary and package benchmarking
- Omnichannel inbound/outbound strategy
- DE&I Process redesign
- Onboarding and retention
It is an effective strategy for businesses, especially startups and small businesses. It helps find qualified talent in the shortest time possible, which in turn saves companies time and money.
Differences Between Talent Acquisition and Embedded Recruitment
Talent acquisition and embedded recruitment processes are two different ways of recruiting people.
The term “talent acquisition” is often used interchangeably with “recruiting.” This is incorrect because they are two different things.
Recruiting refers to the process of finding candidates or job seekers. Recruiting is a short-term plan to resolve an existing issue.
Talent acquisition refers to all talent activities. The goal is to get high-quality employees and achieve business goals. Talent acquisition is a long-term, strategic plan for employees.
Benefits of Embedded Employee Recruitment Efforts
A combination of these practices can help companies with their recruiting process. Through this approach, companies can find and hire the best candidates for their companies. They can do this without having to spend a lot of money on external recruiters.
Below, we’ll outline the other benefits of embedded recruitment and talent acquisition:
Have One Point of Contact
Recruitment is a process that requires careful planning and patience. There are many steps needed before the recruitment process can be completed. The single point of contact approach helps companies in several ways.
A single point of contact during the recruitment process is beneficial for both the candidate and the company. It helps save time, money, and resources by eliminating multiple interviews for a single position.
Increased Brand Awareness
Talent acquisition is a crucial part of any business. Companies are always looking for new ways to attract and recruit the best talent.
Integrated practices are a way to help businesses. They can help companies with their recruitment efforts by making sure they have a good amount of brand awareness. This way they can capitalise on their existing brand and reach out to potential candidates before they go elsewhere.
Create an Exceptional Experience
When companies create an exceptional experience from the beginning, they see long-term results. Not only do good experiences leave talent satisfied with the company, but it also helps to make sure everything runs smoothly.
Other key benefits of having an exceptional experience during recruitment:
- Attracts more amazing talent
- Helps you find the best candidates
- Creates a welcoming environment for them
- Builds stronger connections with your current team
- People will want to join the company because of their experience
It can be the difference between a candidate who you had to convince to join your company, and one who is excited about the opportunity.
Transparent Hiring Process
The hiring process should be as transparent as possible. Transparency in the hiring process will help companies to hire the right people for their company. Transparency also helps to eliminate bias and discrimination in the hiring process.
Transparency is not only good for the candidates but also for the employers. It helps them to find the best candidate and build trust with them.
Reduce Time to Hire
Employers are able to find suitable candidates faster and more efficiently with embedded processes. They can also screen and filter candidates based on their skillsets.
For businesses, the benefit of hiring talent faster is that they can get a head start on their competition. They can also hire people who have more experience and expertise in a particular niche.
Lower Recruitment Spend
Recruitment spend is a huge cost for companies, especially small and medium-sized enterprises (SMEs). Companies can save a lot of money with embedded recruitment practices. Saving money allows companies to allocate more funds to talent development and management.
Get Started with an Embedded Talent Partner Today
Now you understand the difference between talent acquisition and embedded recruitment. We hope you have a clear understanding and can make a sound decision for your organisation.
At Troi, we offer an embedded recruitment model via a flat fee basis on a monthly subscription basis. Meaning we do not charge a commission fee per hire, simply a flat fee per month regardless of the amount of hires our skilled Talent Acquisition Managers make! Our scalable solution will streamline your recruitment and talent acquisition processes. It will also make hiring easier than ever.
If your company is ready to take recruitment to the next level, contact us today. You can also book a free consultation to get started immediately!