What would you consider to be the best strategy for developing an effective talent pipeline that works in any business? Will these talent acquisition best practices work in the United States, the UK, Australia, Canada and the Netherlands?
Whatever approach you take in building a solid talent pipeline, must align with your business model, recruitment plan and strategies.
How do you stay ahead of your competitors when it comes to talent sourcing? Learn to move your HR plan from a passive model of recruitment to one that is constantly scouting for the best and tech-savvy talent.
To fully understand some of the most common talent acquisition best practices, let’s look at the definition of the talent pipeline.
What is a Talent Pipeline?
A talent pipeline consists of candidates who though may have passed all the recruiting tests and interviews, and of course, qualified for the vacancy but were not picked.
Why is a talent pipeline important? The most interesting thing about a talent pipeline is that it saves you time, energy and money. You won’t waste your resources trying to reinvent the wheel every single time you need a new vacancy filled.
Once there’s a vacancy, you can easily fill it up, reduce the hire time and become more productive by simply accessing qualified candidates through the talent pipeline.
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What is the Difference Between Talent Pool and Talent Pipeline?
In the course of deploying the best talent sourcing strategy, you might want to know the difference between a talent pool and a pipeline.
A talent pipeline consists of candidates who have already been deemed qualified for a particular position, whereas a talent pool is a broader group of candidates that have not been fully vetted to enter a talent pipeline.
Whether you are implementing a diversity recruitment strategy in your company or not, you will need the best approach to building a solid talent pipeline strategy that’s guaranteed to work.
The Best Approach to Building a Great Talent Pipeline Strategy for the Future
1. Your recruitment plan should be in line with your company strategy
Your HR team should be acquainted with the company’s business strategy if they truly want to build a great talent pipeline strategy that works.
What are the roles critical to the growth of your company? And how do these roles contribute to helping your company reach its goals? Your HR team should have a perfect answer to these questions so that they can craft a recruitment plan that aligns with that.
If your recruitment plan aligns with the future growth of the company, it will be easier to know the right candidates that fit into the talent pipeline.
You may need to conduct a ‘what if’ analysis to determine what would happen if key team members leave. This will open your eyes to gaps in your current talent pipeline strategy.
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2. Put a system in place that helps you attract the right talent
Your talent pipeline strategy is nothing if you are yet to figure out how to attract the right talent.
Having a system in place can help you attract the best minds to seek an opportunity to work for you. Something as little as travel incentives for employees can enlist your business as one of the most talked-about brands in the United States, the UK, Dubai, Canada and Australia.
Instead of going from one LinkedIn profile to another running after potential candidates, a well-thought-out recruitment strategy can help you attract the right talent.
Your employer brand describes both your company’s values, culture, and experience – it should speak to the type of talent you’re looking for, and encourage those people to self-select you as a target employer for their next career step. You can also apply for employer awards (such as the Best Places to Work) to help build your brand.
You can as well popularize your brand as one that doesn’t discriminate on the basis of gender and race. A solid talent pipeline strategy demands that you get involved in diversity recruiting.
3. Invest quality time developing the candidates in your talent pipeline using an easy-to-understand strategy
According to a recent national survey of over 400 employees spanning three generations (Baby Boomers, Generation X, and Millennials), 70% of employees said that job-related training and development influenced their decision to stay at their job.
Whether candidates in your talent pipeline are internal or external, it’s important to develop them. This is because they are the ones that will determine how fast your business will grow. It was Richard Branson who said that “The way you treat your employees is exactly how they will treat your best customers.”
That goes to show that it is not enough to find or attract the right people, you need to have a strategy for building your talent pipeline.
Depending on the stage your business is in, you can have multiple training programs aimed at training your employees and those in your talent pipeline. You can build a dedicated program that addresses any skill gaps and provides ongoing training opportunities for development.
Regional or global leadership development programs or dedicated executive training programs are some great examples of programs you can use to attract great talents to your company and boost employee loyalty.
Final Word on Building an Effective Talent Pipeline Strategy
Some of the most amazing places to find quality talents in their large numbers are on LinkedIn, industry-related events and through targeted campaigns on social media. Beyond being a social network for business professionals, individuals like you are also making money on LinkedIn.