A talent pipeline is a pro-active hiring strategy where companies source and engage candidates for future roles. Somewhat like an ‘on hold’ talent pool! By building a pipeline you have a number of quality candidates with the right skills, qualifications and background ready for when you have a recruitment need.
There are active pipelines (where candidates are currently applying for positions), and passive pipelines (where they are not actively searching but have expressed an interest in your company).
In these uncertain times, now is a great time to start building a talent pipeline that aligns with your business strategy moving forward.
– Saves time, energy and money down the line
– Builds a portfolio of top talent
– Faster filling of roles when the time comes to recruit
– Lower cost per hire – saving on advertising and recruitment costs
– Better interviews as you have already built a relationship with the individual
– Minimal disruption for business – faster turnaround times on active recruitment
– Better quality hires
– Higher retention rates – no surprises for your new recruits
HOW DO YOU BUILD A TALENT PIPELINE?
- Look at your demographics, location, skills and qualifications that are needed for various positions
- Profile your ideal candidate – in terms of talent, behavioural skills and cultural fit.
- Look at your current talent in the organization and earmark those that have potential
- Ensure that your employer branding is candidate friendly – website, social media and word of mouth referrals
- Look at where turnover is high, what are the hard to fill roles, consider company growth and expansion and predict possible future gaps
- Keep a record of past shortlisted candidates that didn’t make it, get referrals from existing staff members and contacts
- When you approach people be honest, show genuine interest, respect their time and ask them how they want to stay in touch.
-Academic alumni sites
Once you have set up your pipeline keep it fresh! Stay up to date with market and economic trends and business growth and keep engaging with your pipeline to keep them interested!