Now you’ve heard us wax lyrical about talent pipelines on numerous occasions, but we just realised that we never fully explained exactly what it is that makes them so special. So if you’re still on the fence regarding this incredible recruitment resource or you’d just like a little reminder of how useful they are, here are seven reasons to get out there and build that talent pipeline.
1. Enjoy more success in interviews
When building your pipeline, it’s not enough to simply pack it with professionals. You need to make sure that they are the right professionals. Those that will, in theory, fit seamlessly into your company. This should lead to an easier interviewing process and a higher success rate.
But it’s not just that. These candidates are already connected to you and have a solid understanding of the company ethos and culture. This means that they are far more likely to relax at the interview stage and enjoy themselves making your job a hell of a lot easier.
2. Reduce cost per hire
There are several ways to reduce your cost per hire, but before you get to those, it’s essential to have a healthy talent pipeline. Now setting up your pipeline will require some investment but in the long term it will pay off.
This healthy pipeline eliminates the need to spend too much of your budget on marketing. How so? Well, the candidates in your pipeline are already warm and once they hear you have a position they’re often eager to apply.
And with a pipeline brimming with relevant talent, you can cut down on the time and money spent on sourcing and qualifying new candidates. Which interestingly enough, brings us to our next point.
3. Remove cold calls from your workday
Well, you’ll never fully eliminate cold calls from your workday, but you sure can cut down on them. Having a healthy talent pipeline that includes a diverse pool of candidates with a variety of skills and experience makes your life much easier.
When you have a position available in your marketing department, and you have 40 marketers in your pipeline, the chances are, you won’t be making too many cold calls. So if you’re clever, you’ll make sure you have enough talent to cover all the bases should any unexpected vacancies pop up.
4. Promote your work culture
Your talent pipeline isn’t just a pool of readymade candidates; it’s also another channel through which you can promote your awesome work culture. Think about it. Here you have a group of professionals that you are engaging with on a regular basis (at least you should be) and that just so happen to be interested in your company. Who better to share your incredible work culture with?
If the candidates in your talent pipeline have regular access to content that promotes the great thing you get up to, they will feel more inclined to come in for that interview. In fact, they might even ask you if you’re hiring.
5. It keeps you in touch with your runner-up candidates
We touched on this before in our post on reducing your cost per hire, but it’s worth mentioning again. In every campaign, you have those candidates that almost made it but lost out to someone else. Most often, these candidates are just unlucky that someone else outshined them in the final interview stage.
With a talent pipeline, you keep all those runner-up candidates warm and maintain a positive relationship with them. This makes them much easier to reconnect with once a new position arises.
6. Reduce time to hire
Time, we all wish we had more, but unfortunately, there’s only so much of it in each working day. So when it comes to reducing time to hire, recruiters will do whatever it takes to save time.
A talent pipeline dramatically reduces time to hire by providing you the recruiter with a ready-made resource from which to pull their candidates. But we didn’t really need to tell you that, did we? And once you have your talent pipeline in place then take a look at these other ways you can accelerate your time to hire.
7. It’s good for your candidates
These days, recruitment is all about candidate experience and talent pipelines are the first step in creating a positive experience for potential employees.
Candidates want to know about the companies before they apply for a position. In fact, 38% of candidates spend 1-2 hours on research. So when you promote your work culture through your talent pipeline, your candidates have no real need to do their homework. And if you’ve done your job right, they’ll know exactly what they’re getting into when they apply for a position.
Creating this positive experience has many benefits, but the most important one is that it promotes a positive brand image for the company and encourages candidates (even the unsuccessful ones) to recommend your company to other professionals.
If you're wondering where is a good place to start for you and your team, gather some data on your biggest successes and go from there!
If you’re still on the fence after reading this then we need to get you on the phone with one of our talent sourcing consultants. With them it’s talent pipelines this, talent pipelines that, and we suspect that they might even dream about them too. Of course, this just makes them the ideal people to join your team. So get in touch today and we’ll set you up with one.