What is a talent pipeline?
Quite simply, a talent pipeline are potential hires/employees or candidates who have been qualified versus your future business requirements and can fill key roles within a business as soon as opportunity presents.
There are three stages to an effective talent strategy
- Talent pool
- Talent pipeline
- Talent acquisition
You can’t rely on the best talent applying (otherwise known as the ‘post and pray’ approach). To be successful in hiring and retaining talent, a proactive approach is needed in building a relationship with those individuals who have the skills, experience, shared values etc. to potentially be a great fit for your business.
The talent pipeline is a combination of external candidates (active or passive) as well as existing employees who show potential, can be promoted or transferred internally from within the business.
Developing a talent pipeline requires a business to shift from a reactive to proactive mindset when it comes to hiring. You’re thinking beyond your current vacancies to who and what your business will need in the future.
Should your business build a pipeline?
The short answer is yes. Every business will benefit from a having a pipeline of engaged candidates. With an engaged pipeline in place, the hiring process doesn’t start from scratch and reduces the time and cost of a hire.
Where do you start?
The quickest and easiest way to start building a talent pipeline is to review applicants who have applied/interviewed previously. Assuming the ‘candidate experience’ was well managed, there is a database (or a file gathering dust somewhere) of individuals you’ve already invested a significant amount of time and cost in attracting to your brand, assessing and interviewing them.
If you’re interested in learning more, do contact us (it’s not a pitch, we can help or point you in the right direction; we do it for our customers)
