Companies of all sizes (and in every industry) are beginning to understand the need for a well-crafted talent pipeline. What is a talent pipeline? It consists of all potential candidates that can be continuously nurtured and approached when open positions come up. Considering that 90% of global professionals are interested in hearing about new job opportunities, regardless of current employment status, it’s crucial that these individuals are included in your candidate search. Here are four benefits of mastering a proactive talent pipeline:
Reduce Time to Hire/Fill
A proactive talent pipeline allows you to be a step ahead of your competition in the hiring process, while also saving time in actively sourcing and narrowing down the ideal candidate profile. This gives recruiters valuable time to develop a strategic approach to attract and hire key candidates. You will already know the talent and what is necessary for them to consider making a career move.A proactive talent pipeline can really help your organization meet #recruiting goals! Check out what @IQTalent has to say about the benefits: Click To Tweet
Additionally, a proactive approach to creating talent pipelines allows the recruiter to better influence strategic hiring decisions for your business by educating the hiring managers on the talent landscape. Standard sourcing practices are so rushed that they overlook multiple top prospects. Recruiting talent in proactive ways will improve the hiring manager’s confidence in their hiring decisions. How? Because they’ll be continuously building relationships with talent instead of aimlessly cycling through candidates to try and figure out who is the best fit. Plus, being proactive with a talent pipeline builds the relationship with candidates that may make great candidates and future employees down the road.
“One of the ways we manage our proactive pipeline is by getting candidates in the door. At
IQTalent Partners, we hold Open Houses so we can build relationships with prospective
candidates. We’ve hired people we met at the open house weeks and months later.”
– Chris Murdock, Co-Founder and Senior Partner at IQTalent Partners
Strategically Measure Candidate Fit
Every company wants the best talent available. Even the best talent won’t be successful in the long term if they don’t fit in with the company’s culture and values. By getting to know prospective candidates early on, you have more time to gain deeper insight into their personalities. This helps recruiters detect how well the candidates will fit in culturally – not just how strong an interviewee they may be.
Since a proactive talent pipeline gives you more time to find talent, you will end up with a large number of high-quality prospects. Once you’ve identified who these candidates are, you will have much more time to build a personal relationship. There will also be more time to accurately assess them and fill a position within your organization when they consider entering the job market. One way to facilitate the growth of these talent pools is to proactively map them together with your pipeline. These “heat maps” or measurements of candidate fit help keep the talent pool flowing forward from entry to eventual hire or exit.@IQTalent has all the information you need to build a #TalentPipeline filled with the best #candidates: Click To Tweet
These factors taken together will undoubtedly result in higher-performing employees. With more spread out and thorough vetting and reference checking, your percentage of “weak hires” will decrease dramatically (46% of new hires fail). Additionally, the chance of hiring poor candidates who aren’t a cultural fit will be almost nonexistent.
Increased Offer Acceptance
Now that you’ve filtered out poor cultural fits, you’ll be able to target the most talented and fitting candidates for your company. Because you’ve built a relationship, your potential candidates will have a higher probability of wanting to be a part of your team. Additionally, now that those in your pipeline have had more time to learn about the company, they will be more convinced of the advantages of joining.
In addition, because of the two-way communication over a long period of time, the firm is more likely to capture and understand the unique needs of those they target. As a result, their offers will be sculpted to meet those unique needs. Taken together, this will dramatically increase your offer acceptance rates from those who were in the pipeline.
Higher Retention Rates
At this point, a recurring theme is that candidates are often rushed into accepting a job offer. This is happening when talent pipelines are not being utilized. This results in a significant percentage of employees regretting their decisions and ultimately becoming dissatisfied. However, a proactive talent pipeline works to resolve this issue. Instead of quickly filling open positions, employers and candidates are able to make calculated decisions prior to accepting an offer.
This is advantageous not only to candidates but employees as well. As candidates have more time to thoroughly learn about the company, they will also understand how they fit in at your organization. Essentially, there will be no surprises after they start. This is because of that deep knowledge and the commitment they had built up over time. 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 fresh from the online job board.
Now that you know the benefits of building a talent pipeline, are you ready to get started? Contact us today to learn more about how IQTalent Partners can help you revolutionize your hiring process.