Business owners and managers often overlook the importance of establishing a pipeline strategy. There is a common misconception that qualified candidates will show up at every business’s doorstep, eager to work. Though filling open positions hasn’t been challenging in previous years and decades, times are changing.
Businesses that build an effective talent pipeline strategy prime the metaphorical pump of human capital, setting the stage for advancing the organization’s collective interest. Even if you already have a talent pipeline strategy in place, it is in your interest to revisit that strategy and improve it accordingly.
What is a Talent Pipeline Strategy?
Talent pipeline strategies are best defined as an organized effort to pinpoint the optimal candidate for job openings as they arise. Invest the time, effort, and resources necessary to develop the right talent pipeline strategy for your business, and you’ll snag the best candidates before the competition. Furthermore, successful talent pipeline strategies also help bolster retention rates, keeping the best employees in the fold for the long haul.
Ideally, your business will sidestep the resource and time-intensive reactive hiring in which the hunt for the optimal candidate commences after an employee leaves their post. Invest the resources necessary to establish a sufficient pipeline of high-quality potential hires, and they’ll transition to new posts seamlessly and efficiently.
Let’s take a quick look at the nuances of talent pipelines and what goes into creating a talent pipeline strategy.
How is a Talent Pipeline Different From a Talent Pool?
Talent pipelines are not the same as talent pools. Talent pools are a list of job potential candidates with the skills, education, talent, and other attributes that make them suitable for openings that pop up down the line. On the other hand, the pipeline is the movement of the memberstalent pool members toward appropriate positions as they open.
Ideally, the talent pipeline will involve both external and internal individuals. However, most businesses assemble the talent pool with those on the inside as it is easier to quickly and seamlessly transition such individuals to new positions as they become available. When you refine the methods used to qualify candidates for promotions, you’ll maximize the efficiency of your talent pipeline.
Why is a Talent Pipeline Strategy so Important?
A talent pipeline without a strategy is bound to fail. Pipelining strategy empowers your business to customize openings to attract target candidates. As an example, establishing landing pages will help draw interest from high-quality candidates. The creation and use of a referral program, networking events and social sourcing also help businesses connect with coveted candidates.
Benefits of an Effective Talent Pipeline Strategy
An overarching strategy fills the talent pipeline as efficiently as possible. Ideally, your talent pipeline strategy should allow for the personalization of roles. By including tailoring roles to specific personas most likely to thrive in those positions, you can boost your candidate experience and reach better qualified candidates.
Here’s a quick look at the specific benefits of creating an effective talent pipeline strategy.
Connect with Passive Prospects
The candidates most interested in the open opportunity are not guaranteed to be those who excel in the role. Alternatively, passive candidates who are not on the prowl for new openings won’t actively look for employment postings.
An effective talent pipeline strategy helps connect with eligible passive prospects, establishing a reciprocal professional relationship that proves mutually beneficial.
Connect with Top Notch Candidates
The success of your business is largely dependent on the quality of your contributors. An efficient talent pipeline strategy requires connections with elite candidates, moving them toward employment through a methodical long-term approach as opposed to rushing to onboard anyone willing to work.
Extend Beyond Your Brand
Your business might not be located in a major metropolis with top candidates. Furthermore, your employer brand might not be fully developed or recognizable.
Instead of narrowing your talent pool, expand your reach. A well-developed talent pipeline that extends beyond your brand and will make it much easier to pinpoint the top candidates. After exploring new candidates beyond your brand, you can ultimately steer them to open positions as time progresses.
How to Build a Talent Pipeline Strategy
Let’s shift our attention to the nuts and bolts of building the talent pipeline strategy. Tap into the power of the industry’s best recruiting tools with PandoLogic. With proprietary AI to create and maintain your talent pipeline, filling open roles with the right candidates at the right time won’t be nearly as daunting.
Here’s how to do it.
Recruit in Accordance With Business Strategy
To align your talent pipeline strategy in accordance with your company’s, you need to start by understanding the specific needs of your business. What skills and experience are required for each role? What kind of culture add are you looking for? Once you have a clear understanding of what your business needs, you have the backbones of your talent pipeline strategy.
Develop your company’s ethos and vision for the future, recruit accordingly, and you’ll maximize the efficacy of your talent pipeline.
The most important step in building a talent pipeline strategy is finding the best candidates. This initial half of the battle is made that much easier with the right tech tools including AI.
As it is with most successful strategies, communication is key. Strive to communicate, interview and onboard the best talent as opposed to those who express interest in the open positions and your new hires will make the intended impact.
When it’s time to hire, know exactly what kind of candidate you are looking for. Create candidate personas that represent the optimal candidates, highlighting the educational accomplishments, traits and skills you seek, then focus on bringing those “rainmakers” into the fold.
Attract and Assess
In addition to pinpointing potential hires, another key part building an effective talent pipeline strategy is to attract top talent. There are many ways to reach and attract future candidates, but it is critical to use the channels that will reach your target audience.
Drawing interest from the optimal candidates is that much easier with our recruitment tools. Attract elite talent to your business through both external and internal recruitment/analysis, continue to conduct talent reviews through in-depth assessment and promote accordingly.
Your Talent Pipeline Model is a Work in Progress
Talent pipeline metrics, AI, software and additional high-tech tools are essential to piecing together the puzzle that is the perfect talent pipeline model. Split your focus between attracting external candidates and developing internal candidates, review outcomes accordingly and make the necessary adjustments.
PandoLogic Primes the Talent Pipeline
Developing and perfecting a talent pipeline strategy is that much easier with the use of the right technology and guidance from industry experts. Embrace the opportunity to establish a talent pipeline, use the right AI recruiting platforms including PandoLogic’s tech tools and you’ll fill openings with the right candidates without wasting valuable time.
Contact us today to try our AI-powered staffing solutions demo at your business.