Just why is a talent pipeline so vital to the progress of a company – and that of a recruitment agency? We explore the reasons for a talent pipeline creation.
What is a talent pipeline? And why should you aim to build one of your own? A company’s talent pipeline is defined as a pool of candidates who are qualified to assume open positions that have been newly created or vacated because of retirement or promotion. You may think of a company as a Football team manager and a company’s talent pipeline as said Football manager’s squad of substitutes to whom he has access when he needs a replacement!
We all know that managing a company is far more complex than managing a Football team. But having a talent pipeline helps to establish long-term professional relationships between a company and passive jobseekers. A talent pipeline is a vital element of recruitment agencies that constantly seek to reach out to a wide pool of passive jobseekers even though these jobseekers may not be keen on making a career switch just yet.
We tell you how a talent pipeline streamlines the recruiting process and how recruitment agencies can make use of their pipeline to fill their client's job positions efficiently.
1. Maximise Recruitment efforts
This is the most obvious benefit of having a talent pipeline – since recruiters already have a rich pool of potential candidates to choose from, they effectively shorten the time it takes to source for a candidate to fill an open position. They can thus focus their time on building strategies to attract, engage and retain top talent.
2. Minimise Work Disruption
When a job position is vacated, a disruption occurs in a business’ workflow. The disruption is even more damaging when the resignation happened unexpectedly. Recruiters can effectively reduce the severity of such disruptions by tapping onto their talent pipeline to fill their clients’ empty job positions quickly.
3. Keep Top Talent Within Reach
Recruitment agencies need to keep track of top talents across industries and build and nurture relationships with them. This ensures that, when a client embarks on staffing activities, recruiters would have a ready list of best candidates to fill an empty position.
4. Measuring for Fit
It is hard to be certain that the ‘best talent’ will commit to a company for long if he/she does not fit into the company culture. This is the reason why companies are careful about picking their next employee – they ensure that a potential candidate has values and a personality that matches them. Since recruiters take effort to nurture relationships with those within their talent pipeline, they are better able to assess the suitability of a job candidate given their familiarity with his/her character and personality.
5. Multiplying Leads
A great advantage of forming relationships with passive jobseekers is that your talent pipeline turns into a trusted source of referrals. Candidates who have grown comfortable with their recruitment agency will connect the link between their friends and the agency, allowing agencies to expand their pool of talent!
These five reasons explain why recruiters should build a talent pipeline to which they can tap on, in order to add value to the lives of passive job seekers and their clients. Furthermore, should the need to fill urgent positions arise, companies will be able to look towards you, the recruitment agency, as a quality and trusted provider with the resources to recommend suitable candidates for a job and minimise disruption.
In part two, we will share how building a talent pipeline allows recruiters to forge relationships with top talent and gain valuable workforce insights at the same time.
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