Understanding talent pipeline
The job market is changing fast, and so are the skills and qualities that companies are looking for in their employees. The old way of recruiting just doesn't work anymore.
According to a recent study by LinkedIn, 70% of recruiters said that having a talent pipeline is essential, when it comes to recruiting success. So, as a recruiter, you need to be more proactive and keep an eye on the changing patterns of talent movement. Candidates are looking to diversify their skills and work in more rewarding environments. Consequently, a proactive approach can help you streamline the process.
Keeping this in mind, we have devised some strategies that will streamline your thought process and ease your workload in creating a full fledged hiring pipeline.
A talent pipeline, to put it simply, is a long list or collection of suitable candidate profiles. All the profiles will be eligible for specific posts with the required skill set.
The benefits of building a talent pipeline
Increased recruiter productivity
92% of recruiters say that building a strong candidate pipeline is their top priority, (Source: LinkedIn), as this eases the task of filling up positions in companies as they can easily reach out to the shortlisted candidates in the pipeline, note their interest or availability and engage them as and when necessary.
Win-win for candidates
The candidates in the pipeline also attain the benefits of networking and can mention their availability regarding shifting positions or taking up new roles. This provides them better exposure which eventually works in the favour of their career growth.
The long term benefits
It is noted that companies with strong candidate pipelines are 21% more profitable than companies with low candidate pipelines.
Establishing regular communication and nurturing relationships with candidates in the pipeline can be extremely beneficial to recruiters in their career trajectory.
Building a talent pipeline makes the recruitment process more proactive than reactive, hence recruiters can keep better track of their strategies and processes.
Hit the bulls eye
This helps companies to identify talent pools that are eligible and efficient and may be hired as per requirement.
Why Should You Create a Talent Pipeline?
If developed properly and systematically, then, talent pipelines can serve as the scaffolding on which the entire company can be raised and developed further. This is because the talent pipelines are highly beneficial. Some benefits include:
- Talent pooling- There is a high and increased chance of better talent acquisition as it reduces the rush with which candidates apply for vacant posts. It makes eligible candidates readily approachable to find out their requirements and preferences.
It reduces the burden of going through several rounds of interviews and selection processes. It also reduces time and increases efficiency in the recruitment process.
- Overcoming passivity- Many candidates who are not actively looking up for new posts, may not apply to job openings but may have the proper degrees, qualifications and skills. The talent pipeline will help recruiters to find the best people and connect with them with better offers.
- Less dependency on brands- Regardless of company limitations such as working from remote locations or underdeveloped brand name, the hiring pipeline will help to bring the appropriate talent to the table.
- Increased diversity- Talent pipeline is a strategy or tactic. It helps organisations to find candidates from a diverse background with a variety of talents.
It helps candidates to understand the job market and job requirements. It serves to build a relationship of give and take that helps companies grow with candidates and vice versa.
How to build a talent pipeline for effective hiring?
As with any strategy or idea, the final execution is what it takes to create the magic. This must be done in a strategic and well- organised manner. This may be done in the following ways:
Understand your current Talent needs and future goals
What are the skills and experience that you need in your employees? What are your company’s plans for growth? Once you have a good understanding of your needs, you can start to identify potential candidates.
Create a strong employer brand
Your employer brand is what makes your company stand out from other companies and it is very important to create an attractive image to be able to convince your potential talent. You can do this by creating career pages on your website, sharing employee stories on social media and so on.HubSpot, focuses on building a strong pipeline by focusing on employer branding and they have a strong social media presence and use it to connect it with potential candidates. As a result of their efforts, HubSpot has a candidate pipeline that is filled with qualified and engaged candidates.
Fetch candidates from a variety of sources
There are many different places where you can find qualified candidates such as social media platforms, networking sites, word of mouth, college career centres and placement cells.
Nurture your talent pipeline
Once you have identified potential candidates, it is important to nurture and maintain your relationship with them. This can be done by sending them updates about upcoming events, inviting them to events and sending them personalised messages on social media.
Make the hiring process easy and efficient
Once you are ready to hire, make sure the process is smooth and efficient as possible for the candidates. This can include having a clear cut job description, using a variety of screening methods and most importantly providing timely feedback.
Additional Important strategies to build a talent pipeline
1. Focus on diversity and inclusion
Make sure your talent pipeline reflects the diversity of the world around you. This means actively recruiting candidates from all stratas and creating a workplace where everyone feels welcome and respected.
GitLab is a remote - first company that has built a strong candidate pipeline by focusing on designing a program to attract and retain candidates from all backgrounds. As a result of their results GitLab has a candidate pipeline that is 50% women and 30% people of colour.
2. Invest in employee development
One of the best ways to attract and retain top candidates is to offer opportunities for their growth and development. Show the candidates that you are committed to their success and that you see them as a long term investment.
3. Use Technology to your advantage
There are a number of HR tools that can help you manage your talent pipeline more efficiently. These tools can help you automate tasks, track candidates and make better hiring decisions.
That’s where Kula comes in
Kula is a powerful platform that helps recruiters streamline their workflow and improve their efficiency. With Kula you can manage your hiring pipeline in one central place. Kula gives you a complete overview of your hiring pipeline , from sourcing to interviewing to offer.
This makes it easy to track your progress and identify any areas where you need to improve. With Kula, you can spend less time on administrative tasks and more time on what matters the most: building relationships with candidates and closing deals.
Important Talent Pipeline Metrics
The talent pipeline should be fool proof and measurable.
- Source of hire - This metric identifies where you are finding your best candidates
- Pipeline conversion rate - This metric measures how many candidates move from one stage of the hiring process to the next
- Quality of hire - This metric measures how well your new hires are performing in their roles. It can be measured by using a variety of factors such as performance reviews, employee turnover rates etc.
- Time to hire - This metric measures how long it will take to fill an open position.
- Candidate experience - This metric measures how satisfied a candidate is with your hiring process.
- Cost per hire - this metric measures the total cost of hiring a new employee.
- Diversity of the pipeline - This metric measures the diversity of your talent pipeline in terms of factors like gender, race and sexual orientation.
- Attrition rate - This metric measures the percentage of employees who leave your company each year. A high attrition rate can indicate that you have a problem with your talent pipeline.
It is important to to have a strong talent pipeline in place so that you can quickly and easily find and hire the best candidates for open positions and by following these mentioned tips, by tracking these metrics as well as the strategies , we are hopeful that you can gain insights into the effectiveness of your pipeline and identify areas where you can improve.