Many organizations still view talent acquisition as nothing more the basic HR tasks involved in attracting, hiring, and on-boarding personnel. These organizations react to the changing talent landscape simply by investing in recruiting technology to increase efficiency and control costs. This reactive mentality focuses continuous improvement efforts on combating loss of revenue and not on cultivating talent acquisition as a competitive competency to drive value creation.

To take full advantage of the opportunity the talent shortage presents, executives must begin to think of the talent acquisition process as a long-term value generator and plan accordingly. The old model of investigating and engaging a group of prospective employees only when there is a need is no longer viable or cost effective. Instead, companies must proactively promote a strong employment brand message and manage an active talent pipeline of “future” employees in order to be viewed as an employer of choice for the best talent.

When considering the ramifications that this shift in strategy can have, companies should remember that there is a direct correlation between quality of talent and value creation. The right technology and service investments are more than paid for by the positive impact high-quality recruiting can have on the performance of an organization. The successful implementation of this philosophy will determine the achievement and longevity of organizations going forward.

Your competitors will do what it takes to gain influence over both the top available talent and your currently employed best people. As the talent well dries up, winners will leverage recruiting as a competitive competency, not a transactional task.