Nowadays, business leaders all recognize that in order to ensure successful execution of business strategies, it is crucial to have the right talents to support. However, the right talent cannot appear in place naturally, instead a mature, efficient talent acquisition function is needed.
As a result, research into competitors’ practices regarding the establishment of talent acquisition function is an important task. Then, business is required to prepare for a change and invest in the function, necessitating a broader approach to talent acquisition.
Researches have shown the transformation from low to high performing in talent acquisition will bring about benefits in specific business outcomes, including growth, productivity and innovation.
The newly introduced TA Maturity Model allow business leaders to assess the current capabilities of the organizations and provide a guideline to progress in maturity. There are four levels included in the TA Maturity Model, in which Level 1 being the least mature and Level 4 shows the most mature level. In the TA Maturity Model, each level is described by a specific level of achievement through the five factors.
In this article, Faro Recruitment Vietnam will explain all the 4 stages of Maturity level:
Level 1: Basic and Transactional
Level 1 involves the basic requirements of talent acquisition, which most organizations often are qualified for. In Level 1 companies, talent acquisition only performs general tasks such as sourcing and assessing potential candidates. It often lacks the link with other apartments such as accounting, HR or other key members within the firms. Therefore, the talent acquisition function in this level often lacks processes standardization.
Level 2: Focused and Standardized
Level 2 is characterized by a more standardized approach to level 1, however, there are still some limitations. At this level, there has been some integration between talent acquisition and the overall HR activities, influenced by hiring managers’ decisions. Key sourcing strategies are crucial in this level and talent acquisition leaders are responsible for assessing these strategies.
Level 3: Integrated and Evidence-Based
At level 3, the talent acquisition activities have been further refined with automated and standardized. In which candidate evaluations are integrated to reduce bias in the hiring process. Level 3 TA capabilities are advanced with investment sum in analytics and artificial intelligence. Training and professional development is also paid more attention to.
Level 4: Personalized and Digital-Enhanced
In the final level, the talent acquisition functions reach its peak of capabilities regarding talent acquisition and continues to innovate for better performance. At this level, you can see the constant refining in the processes and assumptions. In addition, serious consideration and focus is given on cooperating with other business functions to enhance the results and strategies, broadening the resource pools.
The most important factor here is that, the organizations qualified for the most mature level are intensively integrated into the business, building the cooperative relations with leaders at all level. Researches have proved that those which achieved the level 4 in talent acquisition also generate higher business performance. Accordingly, organizations qualified for high levels of talent acquisition maturity earn 18% more revenue, 30% productivity advantage than other firms of lower maturity levels.