If a company’s most valuable asset is its employees, then its talent pipeline comes a close second. But what’s the use of an overflowing talent pool of candidates that are either uninterested in working for your company or simply unsuitable? The health of your talent pipeline is just as important as the number of candidates it consists of.
So take some time to measure just what kind of condition it’s in by answering these seven simple questions:
1. How is your screen-to-hire ratio?
First things first. Let’s talk about how good you are at attracting applicants. While we are firm believers in the ‘less is more’ ethos that ensures that you are targeting the right candidates, it’s a fine line to tread. Too few or too many and you’re not doing it right.
However, assuming that you’ve perfected your job postings and descriptions to zero in on the perfect pool of potential candidates, your screen-to-hire ratio is quite useful. Or rather, understanding how good your company is at attracting potential employees is useful. A lower number could indicate that you’re missing something in your marketing.
It goes without saying that if people are not attracted to your company either for its culture or potential for growth, then your talent pipeline is probably going to be on the skimpy side. Health-wise? It’s on its last legs.
2. Are there gaps in your pipeline?
The candidates in your talent pipeline – or more importantly, their skills – need to accurately reflect the needs of your company. There’s really no point in having thirty accountants ready for a new challenge when there’s only one person in the accounting department.
Analyze the roles within the company and the skills required for each position. Cross reference this with the skill sets of the candidates in your pipeline to ensure that you have cover for every potential opening.
Knowing the skills that are lacking in your pipeline allows you to focus your marketing efforts on attracting the right candidates to fill those gaps.
3. How regularly do you post content?
A talent pipeline isn’t just a directory of candidates you can call on at any time; it’s a list of people, and people like to be kept informed. And while your company website may be a fantastic resource filled with wonderfully informative articles, we all know that your candidates won’t visit it regularly, if ever at all.
Create a place where you can keep potential candidates informed of goings on within the company. It might be a Facebook group or page, or it could be your LinkedIn company page, wherever it is, don’t simply use it for job postings. Post relative and engaging content there on a regular basis.
Now how does this tie-in with measuring the health of your talent pipeline? Well, if you are regularly reminding your candidates of the company’s existence and they are engaging with your content, then that’s a pretty healthy looking pipeline you’ve got there. If your page or group is a tumbleweed-strewn ghost town, then you’ve got work to do.
5. How often do you communicate with your candidates?
Yes, we understand that this is basic recruitment etiquette, but it is nevertheless worth pointing out again; staying in touch with your candidates means everything.
While you may feel like you spoke to that candidate with the stellar sales record just last week, a quick look at your emails may show that it was actually over two months ago. Recruiters are busy folk, and it’s very easy to lose track of time, but candidates (especially those waiting on a call) don’t get this.
Check your emails, your CRM software, your notepad, your phone records, the post-its in your pocket, do whatever it takes to find out how often it is that you communicate with your candidates. And use that information to determine if you’re doing enough. If not, then the chances are you may have already lost some of the candidates in your pipeline.
6. Are you diversifying enough?
Diversity in the workplace is a big deal right now and with good reason. Recruiters or companies that doggedly stick to a specific demographic are the ones that are missing out on those superstar candidates we mentioned earlier.
Is your talent pipeline filled with clones? If so, then you need to diversify. It’s all well and good having talented candidates, but if you’re not tapping into other areas of the talent pool then you could miss out on that ever elusive perfect candidate (does one really exist?)
A healthy talent pipeline is a diverse one. No question.
7. Are your candidates all from external sources?
What do we mean by that? Well, have you included candidates from within the organization in your talent pipeline? If the answer is no, then you’d best start looking inward to flesh out that pipeline with some on-site talent.
A talent pipeline should always include individuals within the company that have the required skills or experience to step into another role. The benefits of hiring from within are quite substantial. It fosters enthusiasm and promotes a feeling of self-worth in employees, not to mention the fact that it makes a recruiter’s life so much easier.
So it stands to reason that a pipeline with at least a smattering of internal talent is one that is in pretty good health.
Have you built your talent pipeline? Or is it something that you just can’t seem to find the time to invest in? At vsource we know a thing or two about building a talent pipeline so if you’re short on time and in need of some assistance, drop us a line today and we’ll get right back to you.