In the tug of war for recruiting the best talent, you cannot expect the candidate will be interested in joining you organically. So if you want to be a successful recruiter in the long term you will definitely have to be proactive, targeting the right candidate who is the perfect fit for your company and rework building a relationship. So, if you are planning to build a more proactive recruiting model, talent pipelines should be a critical part of your HR strategy.
As a common part of with any new concept, there is also a fair amount of confusion about the best way desirable to strategize and implement a talent pipelining strategy. So with that in mind, we have tried to build a comprehensive guide on talent pipeline that you or your company needs to know about having the best talent management strategies.
Definition of Talent Pipeline
A talent pipeline actually refers to a pool of candidates who are suitable to fill certain positions. These candidates can be anyone like the employees who have prospects for advancement or they may be external candidates who are partially or fully pre-qualified for a respective opening.
Though the term talent pipeline is very closely associated to talent pool and at certain instances they are used alternatively, blurring their distinctions, but there is a clear distinction between the two. A talent pool typically refers to a broader group of potential job candidates. These are generally the people who are identified as probable employees and have a chance of being included in an organizational database. However, these candidates have not been evaluated enough to be part of the talent pipeline of the organization. Advertising for candidates, collecting job applications and resumes and conducting interviews may be enough for many firms to keep the talent pipeline filled, but this is not necessarily true for in-demand and highly skilled occupations. Firms that need highly skilled workers may develop a multiyear strategy to fill their talent pipeline.
For instance, many organizations use college job fairs to conduct an initial vetting of potential candidates. But waiting until a student is near graduation may be too late. Some firms are developing relationships with students very early in their college careers. This can be done through some informal talent networks, internship offers and opportunities to work in a corporate-sponsored research lab that operates in a university’s science or research institutes. Firms may also see contingent workers people hired on a temporary or freelance basis as part of their talent pipeline.
Benefits of Building a Talent Pipeline
You can locate more prospective candidates
There is often pressure to fill up job vacancies immediately which results in rushed recruiting. This might also lead to missing numerous top prospects. When you have a talent pipeline, you basically have more time to get to know candidates which allows you to ensure that they have the right skill set and fit into your company culture well. If there candidates who are still developing but have the potential to do well in your company, you can keep in contact with them until the time is ripe. When this developing talent finally reaches the required skill or experience level that you need, you can formally recruit them.
You can have higher retention rates among new hires
Similar to the previous point, candidates are also often rushed into accepting a job offer. This results in a significant percentage of employees regretting their decision. However, candidates hired from your talent pipeline are not rushed into taking up the new job. They will be more informed about your company and understand where they fit in. The fact that they know exactly what they will get by joining your company will result in a much higher retention rate from new hires who were in the recruiting inventory.
Scope of creating a better candidate experience
A talent pipeline process is candidate-centric, meaning that it focuses on identifying and meeting candidate needs. With more time for engagement, answering questions, and two-way communications, candidates will have a better experience both before and during the hiring process.
You will need less time to close job openings
A Talent pipeline allows you to be two steps ahead in the hiring process and saves time in actively sourcing and narrowing down the ideal candidate profile. This gives the recruiter valuable time to develop a customized strategy to attract and hire key individuals. You will already know the talent and what is important to them in order to consider making a career move.
It also allows the recruiter to better influence strategic hiring decisions for your business by educating the hiring managers on the talent landscape. This will help boost the hiring manager’s confidence that they are making an intelligent hire vs. cycling through many candidates to try to figure out who is the best available candidate.
You will build an effective employer brand
As building a talent pipeline involves proactively reaching out to candidates, building trust and relationships, your company will be seen as a credible career partner by individuals and efficient recruiter by organizations. When your company’s employer brand gains recognition, potential candidates will open up to recruitment professionals and entrust their careers in their hands, allowing recruiters to expand their talent pools even wider.
Methods of Building an effective Talent Pool
Unsurprisingly, business leaders are paying more attention to the ins and outs of recruitment and retention. In the 2017 Deloitte Global Human Capital Trends report, 83% of respondents to the survey ranked “attracting skilled resources” as a top-three concern. As the role of HR professional rises in strategic importance, so does the need for a formidable talent pipeline, the pool of talent ready to fill open positions. Avoiding business disruption and shortening hiring time are two key benefits of a smoothly running talent pipeline. To capitalize on this new executive mandate, companies should take four essential steps to creating and maintaining an effective talent pipeline.
1. Determine Current and Future Needs
The first step toward an effective talent pipeline is a deep dive on your organization’s current and future staffing requirements. Determining which roles and skills are critical and will be critical in future allows your team to form the foundation of a talent strategy that secures growth. This initial stage is the most crucial, and it is one that requires executive buy-in to connect all the departmental dots. You can start by creating detailed charts of the ideal workforce, today and five years down the road, that consider all factors, from labor market trends and impending industry regulations to anticipated effects that automation and other technologies will have on the jobs themselves.
2. Cross-Reference with Company Deficiencies
Once you reach a consensus on the roles that are most critical, you can see how this aligns with your company’s “problem” and positions with the maximum turnover. The possible pathways for future advancement will present themselves, while deep demographic analysis may reveal candidate traits that suggest longer-term employment.
3. Reconfigure for True Employee Advocacy
The goal for your talent pipeline strategy should be longer, more-fruitful employee tenure. But the job market has changed significantly since the days of decades-long employment that led to a gold watch three years is now considered a long time to work for the same company. The white whales of recruiting skilled millennial workers are more likely to switch companies than previous generations. The opportunity for career progression tops the list of desirable workplace qualities, cited by 52% of millennials.
If your company invests in employee development like education, training, performance-based incentives, and wellness programs it is much more likely to keep workers engaged, productive, and loyal. Focus on flexibility and work-life balance, which is important for both millennial and the parents many will become. Once you have committed to an employee-centric talent pipeline strategy, you can promote it by virtual platforms, so that all university programs, partner companies, and trade publications know about you thereby creating your employer brand.
4. Reassess Your Talent Pipeline Strategy Annually
Globalization and new technologies will surely shift your business’s challenges and opportunities, and it’s imperative that your talent pipeline strategy adapts. Schedule yearly assessments of your recruitment and retention plan, involving all stakeholders who participated in Step 1, to ensure that your company is meeting established goals for turnover reduction, succession planning, and employee satisfaction and engagement. Ongoing executive involvement is necessary to make sure each department aligns to the goal of recruiting and preparing your company’s future leaders.
To be truly agile and future-ready in your talent pipeline, your company should wield human capital management system that possesses social, mobile, analytics, and cloud capabilities. This can be a strong backbone for a successful talent pipeline built for future growth. Pipelining is a long game, and while you need to make sure that you’re helping candidates move through the process in a timely fashion, to be truly successful you need to map your engagement to their level of awareness.