Recruitment. Historically, the typical approach is to only interview candidates specifically when you have a vacancy to fill – a reactive approach to resourcing. Whilst there’s nothing inherently wrong with this, there is a forward-think approach that could have big benefits for your company. And that is to build a Talent Pipeline!
Advantage 1 – Reducing Time to Hire
- One of your employees resigns. From that moment, there’s lots to do – review the job description, produce well written job adverts and post them on relevant job boards, speak with recruiters, identify candidates directly, start the process of engaging from scratch. When the candidates finally arrive for interview, the success rate is lower given they haven’t had ‘the big sell’ yet – they’re not as engaged as someone who you’ve already gone through this with 6-12 months ago. That results in a longer interview process, and then there’s the notice period of the successful hire. Sound familiar?!
- Imagine instead that you have a pool of 10 candidates who you’ve already met informally over the last 12 months. You know them, they know you – they’re engaged with your business, a captive audience. They are made aware now you are ready to recruit, and within a much shorter period they will be formally interviewing. The success rate is higher because performance at interview will be much better. So that 30 minutes you spent having a coffee with a fellow industry professional 8 months ago has just saved you weeks, possibly months!
Advantage 2 – Reducing Cost per Hire
- We all know the ‘time is money’ adage, so there’s clear cost saving from reducing your time to hire – you’re not spending as much time interviewing unsuitable candidates, and you can shortcut much of the ‘recruitment legwork’ when it comes to filling a vacancy.
- More than that, there’s significantly less impact on your business. There isn’t an empty desk for months, either losing revenue if it’s a sales role or adding to remaining employees’ workloads thereby negative affecting morale, environment and culture.
Advantage 3 – Hiring the Best
- It’s a really competitive labour market, and the fight for talent has never been fiercer. Reactively interviewing when you need to fill a vacancy can result a more restrictive candidate pool – you’ll be competing with other companies recruiting for the same individuals, as well as those forward-thinking businesses who are building meaningful commercial relationships with future talent. Having a pipeline of talent already waiting in the wings is a sure-fire way to guarantee the best hire.
There are so many more advantages to recruiting through a built Talent Pipeline – new hires typically perform better, employee retention is improved, business critical positions can be filled immediately, better conversions from interview to offer to acceptance to starting, less stress for you in respect of recruiting…the list goes on and on! With so many positives in building a Talent Pipeline is it time to review how you recruit?