As a recruiter, one of the most important questions we tend to ask ourselves is the difference between skill acquisition vs talent acquisition. At a moment’s glance, this might look like synonymous terms, but there is an underlying difference between both.
Skill acquisition is a short term fix and is chosen when companies need to address a challenge quickly, while on the other hand talent acquisition is a long term approach and is planned strategically so that the long term vision of the company can be addressed.
Being a professional recruiter, just by understanding the key differences between both these terms you can understand the needs of the company you are serving and thus fulfill its needs better.
In this short article, we will describe to you the difference between both these terms and how you can better use them to increase your efficiency. Let’s begin!
Skill acquisition can be defined as the process of internal hiring where current employees of the organization are engaged in activities to up their current skills and thus bridge the current gap in the organization.
Talent acquisition, on the other hand, can be defined as the process of external hiring where new talent is recruited in the organization to bridge the gap in the current ecosystem.
Now that you understand the underlying differences of skill acquisition vs talent acquisition, let us understand which one to choose when and which can be leveraged better.
Skill Acquisition vs Talent Acquisition: Which One to Choose
If you are looking to fulfill a current gap in the organization, hiring fresh candidates with the latest skills might sound appealing at first, but it also affects certain other aspects of the organization. Thus, it is necessary to realize which option to choose when.
Scale & Sustainability
If you are thinking about upskilling your present employees with up to date skills for the market, it all comes down to affordability. One of the most important aspects to understand before you take any decision is to analyze the present workforce and which skill will help them be better.
If you choose to upskill your present talent, not only will your reputation increase in the market, but it will also help you in better retention.
On the other hand, if you choose to hire new employees, you will get a name for favoring new talent over those that are already present.
Thus, both of these options have pros and cons and depending on the current state of your organization, you need to make an informed decision.
Keep Your Current Employees Motivated
One of the biggest downsides of hiring fresh talent is to keep your current employees motivated. Once your employees get the wind that new talent is coming, it is common for them to panic and starts applying to other jobs. This will result in severe effects on employee retention, which is disastrous for any company.
One of the best ways to overcome this obstacle is to keep your current employees motivated while hiring fresh new talent. When you are engaging them in any curriculum make sure to make it fun and interesting, instead of serving the same monotonous material.
Tell your employees about the benefits and prospects of undertaking this course and how it will equip them with better skills for the future. Show them that you care for them and that they are an asset to the organization. Only tying them legally to be in the company for a set amount of time after course completion, won’t restrict them from choosing a different organization over yours.
Creme Da La Creme
One of the biggest challenges organization's face is to motivate the resistant learners in the workforce to learn new skills and upskill them. One of the best ways to overcome this challenge is to make the learning material interesting and incentivize it so that everyone takes it up.
As a recruiter, there often will be times when you are faced with the challenge of deciding between talent and skill acquisition. In these situations, look at the present scenario of the organization and understand its need and accordingly make an informed decision.
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