What makes companies like Google, Apple, or Microsoft starkly different from the others? There could be a great many factors, but the most important one is, and will always be their employees. According to Bill Gates, “the key for us has always been hiring very smart people”.
But do organizations always manage to onboard the best employees?
According to a survey by Jobvite, 65% of recruiters claim that they face talent shortage. The same fact is reiterated in a 2016 NFIB report which states that 52% small business believe there’s a lack of qualified applicants. And finding suitable candidates continue to remain a major recruiting obstacle (LinkedIn).
In a growing economy, where companies are moving at break-neck speed, having the right people onboard can make or break your business. Given the circumstance, it is imperative that recruiters streamline their hiring strategy and build a ‘talent pipeline’. Talent…what? Glad you asked.
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A Talent Pipeline, also known as ‘Relation Recruiting’ shifts focus from reactive recruiting to passive recruiting. In other words, rather than hunt for talent when a position opens up, hiring managers should build a pipeline of efficient profiles. This includes staying abreast of the human resource landscape, thinking ahead in terms of the organization’s requirements, and connecting the dots.
4 Reasons to Start Building A Talent Pipeline Today
1) Knowing Your Prospects
When you choose profiles from the Talent Pipeline, you are invariably selecting candidates that you are acquainted with and are a favorable cultural fit. Because if it weren’t the case, they wouldn’t be in your pipeline in the first place. This method filters suitable candidates from the rest and gives you a much higher chance of making a good hire.
2) Putting Efficient Systems In Place
With a list of favorable prospects, the recruiting job is already half-done. You forgo the need to send out cold emails, update vacancies on LinkedIn and job boards, and carry out other time-consuming processes such as conducting detailed reviews & sifting through a pile of CVs. The best part? You already have a fair idea and can ascertain if they are a good fit or not.
3) Eliminating Time-To-Hire
According to the Society for Human Resource Management (SHRM), it takes an average of 42 days to fill a vacant position. And a longer time-to-hire translates to greater costs incurred. With a talent pipeline, HR Managers can drastically reduce the hiring cycle, thereby enabling a smooth and efficient process.
4) Finding The Right Fit
Where challenging tasks & senior management positions are concerned, it’s imperative to find the right person for the job. Sure, HR Managers can come up with a list of prospects and work their way through it. But a much effective method is to send out feelers & tap into their Talent Pipeline consisting warm leads. And according to Mattersight, 80% individuals would take one job over another based on personal relationships.
Before implementing new systems, it’s important that recruiters first identify the right platforms to operate on. Talent Pipelines can be built through relevant social media platforms such as LinkedIn and Medium. But if you want to cut through the clutter, you can also identify new avenues. Monjin, for instance, is the world’s leading video-interviewing platform that consists over 50,000 pre-assessed profiles. By connecting organizations with potential candidates, Monjin helps bridge the talent gap. For more, visit www.monjin.com