Which sounds better: rushing to fill a job opening and hoping for the best, or selecting a pre-vetted candidate who has already expressed some interest? That’s one major difference between the traditional hiring model and the talent pipeline. It’s not just a good idea, it can improve your odds of a great hire every single time.
Many companies don’t use the talent pipeline model because they think that it’s not an affordable option. But the benefits are quantifiable and far reaching. Once it’s in motion and tended regularly, it only grows better and stronger every day.
With a Talent Pipeline, Luck Isn’t as Important
Some companies think that the talent pipeline or talent pool approach is too time-consuming and expensive to maintain, says HR thought leader, Dr. John Sullivan for ERE Media. But the question might be whether you can afford not to use it.
If you rely on luck, which is what happens when many companies post a job ad, you’re just as likely to be disappointed as not. The perfect candidate might be actively looking for work when you place the ad. But it’s more plausible that he or she won’t.
If they are in your talent pool, they’ll know your company, have some rapport with you and be more inclined to consider the possibility of an interview. He or she will also have a level of trust with you that they don’t with other companies who don’t make the effort. All you’ll have to do is extend the invitation.
The Talent Pool is a Living, Growing Thing
A cultivated talent pool gives you a constant group of pre-vetted candidates whose qualifications and skills are known. It doesn’t happen overnight, of course. It comes from a bit of cold calling, social networking and staying in touch with previous job candidates who are up-and-coming or might not have gotten a job offer in the past. These are valuable people you’ll want access to when the time arises.
RealMatch candidate matching adds another layer to the pipeline. Because candidates who apply for your jobs are already matched for skills, experience, culture and more, there’s less vetting to do. Only one person can get a given job, so that can leave several qualified, talented people who already expressed interest once. Stay in touch, and they’ll remain a viable part of your network.
The beautiful thing about this group of individuals is that where you don’t usually have time to win over an active job seeker, you have all the time in the world to develop a professional relationship with a candidate. The pool keeps growing and growing. Just like the perfect apple on a tree, you’ll know right where to look when you have a job opening. And because they’ve had time to learn about your company and understand its culture, your chances of winning over top talent that’s actively employed elsewhere is much greater.
Your talent pipeline translates to your dream team.
The Benefit of a Good Talent Pool is Easier to Justify
If you meet with resistance about cultivating a talent pipeline, all that you have to do is compare results. Using a traditional hiring model, Dr. Sullivan says that employers regret extending a job offer about half the time, or more.
That’s because the whole process is rushed, and there’s no guarantee of who will be looking for work when the job is posted. Using the talent pipeline approach, the process isn’t as urgent, there are fewer surprises, and the odds of a good hire and good retention rate go up.
You’ll also fill positions more quickly. Time to hire is a growing expense, and it explodes when there’s a bad hire and the process repeats itself. Fewer candidates will exit the process, and your reach will extend to talent that you couldn’t find before. It’s an all-around great plan.
The talent pipeline is overlooked by so many companies, but that doesn’t seem logical. There’s much less wasted effort. And there are fewer unqualified people to sort through while hoping to find one who might be a good fit.
When everyone in the pool is desirable for one reason or another, quality of hire must improve. The time that it takes to develop relationships with top talent is time well spent.
RealMatch helps bring the right recruiters, HR and candidates together for optimum hiring results. Want to learn more about it?