Talent Acquisition vs Talent Management vs Human Resource

Do you know the difference between talent acquisition, talent management, and HR? These three hr terms are distinct, that are used individually. Read this article to know more about these terms.

Talent Acquisition VS Talent Management VS HR

Talent acquisition, talent management, and HR are three words that are often used interchangeably but these three terms are far from synonymous. They are exclusively used in their special manner and they each bring unique factors to the recruitment process. 

As an HR professional, you have no scope for misconceptions and you must always have clarity about what you are involved with. So,  you must make sure that you use the right technology to have smooth communication with the candidates as well as among your own team. 

The terms Talent acquisition, talent management, and HR have different meanings, and these teams each have their own different functions and roles. So, let's dive in and once and for all, get these terms straight.

About Talent Management

Talent management is the approach where the strategy has been formed to attract the right and top talent, and onboard them. Help them to grow their skills by keeping the objective of the company in the mind.

In short, the talent management process comes into the frame in order to develop and retain the workforce of the top talents and accomplish the organization's goals. The talent management process includes the seven most critical facets, that are given below:

1. Recruiting

2. Onboarding

3. Performance management

4. Compensation planning

5. Succession planning

6. Learning and planning

7. Workforce planning

Roles and functions of the talent management team

Talent Management is the continuous process of creating and maintaining employees all throughout an organization. The work of a Talent Management expert includes:

• Mentor high-potential employees

• Convey employee training programs

• Reward and mentor employees and promote them

Talent management importance

1. Help business to performance

Talent management reaches the company to the most deserving talents. Talent management becomes more effective when these three components come together: Talent allocation, positive candidate experience, and HR team strategies. This helps businesses to achieve their goals by improving their performance.

2. Help the business to stay in the competition

Hiring the top and qualified talent through talent management and developing relationships with employees, help businesses to become ready for any challenge. A strong team of employees makes the competition tougher.

3. Help to form a productive team

An effective talent management strategy helps companies to form a productive team by hiring qualified candidates. Consequently, this productive team will bring more creativity to the team.

4. Decrease  the turnover rate

When employees feel safe and valued in the company, they will stay with the company for a long time. Every employee wants to grow and needs an opportunity to improve their skills. So, if these things are grabbed by the employees they will never leave the organization.

About Talent Acquisition

Talent acquisition is the process that takes place by employers or recruiters who track the top talents and recruit and onboard them in order to meet the organization's needs. 

It is the same as the function of the human department. The talent acquisition team identifies, acquires, assesses, and hires the candidates to fill the open position in the company.                       

And for this whole process, the talent acquisition department usually adopts standalone Talent Acquisition software. This software automates the hiring process. The following steps include in talent acquisition:

1. Lead generation

2. Candidate sourcing

3. Recruiting

4. Pre-employment assessment test

5. Interview

6. Reference verification

7. Final hiring decision

8. Onboarding

Roles and functions of the talent acquisition team

Talent Acquisition is a way to pull in and hire gifted employees to satisfy an organization's business needs. The work of a Talent Acquisition expert includes:

• Building a solid brand to attract the best candidates

• Creating candidate pipelines to meet present and future business needs

• Keep up associations with past candidates for future chances

• Deliberately source potential candidates from different backgrounds

Talent acquisition importance

1. Create a strong employer brand

Company website, culture, and social media presence attract top both customers and potential candidates. In order to attract the top talents, the talent acquisition team is forced to enhance the employer's brand.

2. Make the job description with the detailed information

Every candidate tries to match themselves by reviewing the job description. More informatic job descriptions help candidates to relate to open positions. Also, make the decision to apply or not easier. The Talent acquisition team tries to create the context of the job description with whole information.

3. Utilize the analytics to improve acquisition

The talent acquisition team acts as a marketing campaign. Thus, for them, convincing the candidates to join the company is the same as encouraging the customers to buy the product. Data analytics helps the team to know where the top talents are belonging, which certain questions discourage the candidate to continue the pre-employment process, the visual form of company culture increases the traffic of the candidates, and so on.

About Human Resources

Human Resources or the HR team is responsible for hiring new employees and walking them through the pre and post-onboarding process. Hence, this team is responsible for candidate acquisition and management. They look after the hiring team, and the training and also, manage the applications for the job position. 

Once a candidate is hired, HR is responsible for the workplace policies, reward system, and all other employee engagement programs. They are also responsible for letting go of the employees.

Roles and functions of human resource

The human resource department plays a key role in every organization. Let’s see what are the key roles and functions of human resources.

• Employee performance improvement plan

• Responsible for forming a relationship between employer and employees

• Ensure compliance with labor laws

• Proving training to the new employees

• Recruiting

Human resource importance

1. Build and maintain the company culture

Positive company culture is the root of many crucial things like deriving employee engagement, job satisfaction, staff retention, and turnover that also define the success of the business. Hence, the human resource department plays a pivotal role in developing, reinforcing, and transforming company culture.

2. Business communication

To become productive and to derive the business well, effective communication amongst the team is required. Often, the way of communication that should be adopted, is defined by the HR team. Effective communication reduces misunderstanding and increases employee engagement. Moreover, good communication way helps to form a strong relationship between the team members.

3. Conflict resolution

Building relationships amongst the employees and employees is one of the primary jobs of HR. And, maintaining that relationship is a continuous process. As team members with different opinions, they always give birth to conflict. The HR team is responsible to clarify the topic of conflict and create stronger relations.

Comparison Between Talent Acquisition, Talent Management, and  Human Resource

Each organization will investigate its dynamics like size, objectives, budget, and so forth and afterward, decide to implement these HR divisions in their workspace. It is completely upon the firm if they want these three different divisions or if they want to operate under a single division.

The more these three departments coordinate and work together, the better results they will deliver. Discovering talent will be part of the talent acquisition team's work and the candidates hired will be looked after by the talent managers by bringing their onboarding, preparation, and management skills to use.

So, both these divisions are responsible for the smooth working of the HR department. Talent acquisition and management are both important profiles that are necessary for a well-functioning HR Department. There might be discrete groups investigating every one of these fields yet they should work in synchronization to achieve significant results.

A firm or an organization should make the essential courses of action for a completely working HR wing, that has both the talent acquisition and talent management divisions working to their full potential.