Hiring happens for a plethora of reasons. Organizations grow, there are new requirements in a company, or people move on to other positions – it is an unceasing, evolving process requiring constant reviewing and refinement. But for the modern recruiter, passively sitting back and waiting for a reason to hire is not an option. In today’s highly competitive recruiting environment, hiring managers and corporate recruiters and tech recruiting firms need to put in place a proactive plan to establish their own group of high-quality candidates even before business positions open up. This is where talent pipelines come into the picture.
What Is A Talent Pipeline?
A talent pipeline consists of an active database of qualified and vetted candidates to which recruiters have ready access, as and when vacancies present themselves in an organization. Talent pipelining entails identifying a group of suitable people who can be potential assets to the company, and developing relationships with them over a period of time. These individuals are constantly nurtured and gradually moved closer to ultimately taking up employment with the company.
How Does A Talent Pipeline Work?
Talent pipelines are built on the premise of proactive recruitment. Recruiting managers look out for potential recruits and establish connections with them through the pipeline even if they are not actively looking for a job change. Instead of launching a fresh search from scratch when a job opening is available, the recruiter can choose from these candidates who are already part of the talent pipeline.
Recruiters first need to identify positions that they will be most likely to be hiring for at some point down the line. These would generally entail positions with high churn rates, jobs which are highly specialized, or teams with high growth rates. Recruiters then use candidate relationship management (CRM) or applicant tracking system (ATS) programs to sift through candidates and create multiple talent pipelines with the best qualified people for specific roles.
What Are The Benefits Of Building & Maintaining A Talent Pipeline?
1. Reduced Time-to-Hire
Time to hire is one of the most important metrics for any recruitment manager. When a position takes too long to be filled, the whole organization suffers. LinkedIn reveals that only 30% of businesses can successfully fill a vacant position within 30 days, whereas 70% of companies need between one to four months to process a new recruit. A talent pipeline can help majorly reduce time-to-hire.
Having an effective talent pipeline allows the hiring process to be highly streamlined. The recruiter has constant access to potential new hires, and is two steps ahead of the competition when a vacancy comes up. The recruiter has already vetted the people in the pipeline, thus saving the time required for sourcing and accessing fresh applicants. By fostering prior connections with people in the talent pipeline, the recruiter is in a position to connect and hire qualified people more quickly, thus evading organizational disruption.
2. Higher Retention Rates
Mismatched expectations between a company and a candidate-turned-employee are one of the top reasons people quit their jobs. Talent pipelines can help narrow this gap and reduce attrition.
Often there is high pressure on recruiters to fill certain roles. The recruiter is unable to spend the requisite amount of time and effort necessary to source the perfect match and might end up hiring an unsuitable person just to meet the deadline. In other cases, candidates are in a rush to get the offer letter, and accept the first job they get without properly considering if it’s the right fit for them.
However, these problems can be eliminated by selecting candidates from already-built talent pipelines. Due to the recruiter’s prior relationship with them, the candidates have a clear idea about the organization and the kinds of roles that are available. The pipeline also enables the recruiter to have easier and faster access to a group of ideal applicants for the job. Greater satisfaction is guaranteed on both sides, leading to higher retention rates.
3. Better Quality of Hires
As mentioned earlier, recruiters are often under duress to fill a role – but the fact remains that a hastily-filled position does not always end up with the best person for the job. Talent pipelines help prevent this rush and thus ensure a better quality of recruitment.
When a recruiter is scrambling to hire for a particular position, they are at higher risk of making rushed, ill-considered hiring choices. Talent pipelines eliminate the need for hurried recruitment, since the recruiter is already in touch with a pool of qualified candidates. The recruiter has time to think long-term, be strategic, and plan in advance. When there is an available position, instead of submitting the first person they find, they can use their pipelines to hire the best candidate for the role.
4. Enhanced Candidate Experience
One of the main benefits of creating a talent pipeline is the ability to provide a significantly better candidate experience.
The basic premise of talent pipelines is building and sustaining relationships with candidates – identifying their job needs, considering their unique skills, keeping in mind their individual perspectives, and offering them employment on their own terms. This is a far more candidate-friendly strategy as compared to the traditional method of posting about a job and awaiting applications. Due to the hands-on approach, talent pipelines give recruiters the opportunity to engage with candidates on a personal level. They also have ample time to address the candidates’ queries and clarify any concerns. This two-way communication eliminates chances of miscommunication, adding to the positive candidate experience.
Developing talent pipelines can result in a smoother, more meaningful talent acquisition process, leading to better organizational performance and higher revenues. At Employvision, one of USA’s leading IT recruitment agencies, we have been in the business of recruiting top IT talent for over 15 years, and we are aware of the substantial benefits that talent pipelines can bring to a business.
If you need the best technology talent, Employvision is here to help. Contact us and start hiring great talent today!