Why is it Important to Build a Talent Pipeline?
As a business, wouldn’t it be great to be able to call on an immediate replacement if someone were to leave your company or a new vacancy were to be created that needed filling?
The same can be said for a recruiter – wouldn’t it be great to find an immediate candidate every time a business asked us to help them find the best person for their vacancy?
These are two classic scenarios where a talent pipeline becomes the most useful of tools for your business or recruitment agency.
What is a Talent Pipeline?
Talent pipelining is taking a different approach to your recruitment strategy. It is more about taking a proactive approach to recruiting rather than the reactive approach. This is where you should switch from recruiting to fill an open or new position, to thinking about who your company will want to take on or hire in the future.
There are massive benefits to talent pipelining, however, many companies do not follow this process. For companies who continuously recruit throughout the year, talent pipelining could save you with your cost per hire and shorten the length of time it takes you to find the right candidate.
Building Your Talent Pipeline
For companies and recruiters alike, the number one rule is to get to know your business. Be aware of what roles and vacancies are most likely to need filling in the long term. Pay particular attention to the departments with highest turnover. Keep up to date with your company’s or client’s growth and expansion plans or special projects which may require additional numbers. Make a list of potential candidates – they could come from within, they could come from a competitor, or they could come from recruitment advertising.
Here are some great ways of building your talent pipeline:
1. Networking
Networking is an extremely valuable method for helping you with your pipeline building. Networking events and social functions provide excellent opportunities to build your pipeline. You can also say the same for informal interviews. Although there may not be time to have a meeting with all potential candidates, it is worth holding interviews with those candidates who may come to you highly recommended or who have a very strong CV or social profile.
It is important to remember that there doesn’t need to be an immediate recruitment requirement for you to speak to good candidates, professional contacts made through networking or holding informal meetings will save you time and money in the future.
2. Candidate Referrals
Candidate referrals still prove to be an invaluable method for increasing a talent pipeline for both businesses and recruiters alike. Always ask for referrals from people inside and outside of your company. People already employed at your business will have a good knowledge of your industry and have a good sense of the type of person most likely to do well and fit into the company culture. Referral bonus schemes are a great way to encourage employees to refer a friend or family member to the company.
3. Recruitment Advertising
Recruitment advertising as another great way to build your pipeline for the future. A common mistake made by many businesses and recruiters alike is to quickly move on once a vacancy has been filled, often missing out on the opportunity to speak to some great talent for the future. Continue to speak to new applicants after your current vacancy has been filled, build up a stock of good candidates for future roles and save yourself time and adverting costs for the future.
4. Don’t Let Your Pipeline Stagnate
Finally, always keep in touch with your talent for the future. Don’t let the relationship in your pipeline stagnate. The key to effective pipelining is good, effective communication at all times. Make sure you keep up to date with your pipeline’s situation and interest and keep your pipeline up to date with future opportunities. This is guaranteed to save you time and money in the future.
If you would like to find out how we would go about helping you to build a talent pipeline for the future of your own business please get in touch for an initial discussion.