What Benefit You Will Get By Building A Talent Pipeline
COVID-19 has changed our lives in many ways, including the way we work. Moreover, it is not only changed how we work and communicate with others but also how we hire. While many companies are being very selective about which roles to be filled and which ones to be frozen, there will inevitably be exceptions for the strategic position. Nonetheless, the crisis should not undermine your talent strategy. With a high percentage of people currently working from home, now is the time to get a step ahead of your competitors by building a talent pipeline.
Developing a talent pipeline means your company shifts from reactive to proactive recruiting. You are no longer thinking about just filling open roles, but considering who you may need in the future, and who you should eventually hire. Talent pipelining is a long-term play. As a strategy, it takes time to develop and nurture, but the benefits are well worth the investment. Also, by building your pipeline now, you will get benefits such as:
- You will hire better candidates
Recruiters usually approach candidates once they have open positions ready, which can be a lot of pressure to fill the job immediately. Instead of rushing to find candidates for immediate needs, talent pipeline will help recruiters to take a more long-term approach. Recruiters will have more time to accurately assess the best possible candidates, not only submitting the people that are immediately available. The other thing is that with limited time, it is rare to find the perfect candidate when the job is open.
- Engaging passive candidates
As you may already know, passive candidates are quite difficult to be approached as they are not actively looking for new opportunities and probably won’t see or be attracted to your job postings. The talent pipeline allows you to find them and make contact without mentioning an immediate job opening. Are you still not sure when the organization will resume the recruitment process? Well, the goal of a talent pipeline is to help you to have your best candidates ready to join your organization when hiring hits full motion again.
- Higher retention rates
Because a talent pipeline allows recruiters to have two-way communication over a long period of time, the organization is more likely to capture and understand the needs of their candidate markets. A hiring process with an immediate decision will result in either employees or employers regretting their decisions, becoming dissatisfied, and beginning to look elsewhere. In addition, the candidates from a talent pipeline source will stay for a longer time than those who are hastily recruited.
With an effective talent pipeline strategy, no searches start from scratch and organizations will dramatically reduce costs and time to hire. As it is time for every company to reassess their recruiting strategy, this can be a great time for recruiters to capitalize on this moment.