Previously, we discussed the importance of having a talent pipeline framework. Today, we will explore the steps on how to build a talent pipeline strategy. Developing a successful candidate pipeline for critical roles requires effort and time. In this blog, we will delve into the concept of talent pipeline development and management, highlight their benefits, and provide a comprehensive step-by-step guide on how to build a candidate pipeline strategy.
Introduction
Imagine having a constant pool of talent at your fingertips, ready to fill any vacancy without the rush of sorting through resumes or conducting numerous interviews. This is known as a talent pipeline, and it is revolutionising the way organisations secure and retain top individuals.
In our talent pipeline guide, we will take you through the steps of how to create a pipeline strategy that attracts top talent, reduces recruitment costs, and improves overall business performance. Let us dive in and unlock the power of a strong talent pipeline process!
What is Talent Pipeline Development?
Talent pipeline development involves creating a continuous stream of qualified candidates for present and future job openings. By implementing effective planning, organisations can minimise knowledge loss when key individuals depart and enhance their overall talent pool.
Here is a closer look at the five factors involved in how to build a talent pipeline:
1. Candidate profile
To begin building your candidate pipeline, it is essential to clearly define the skills, qualifications, and characteristics you seek in your ideal candidates.
This profile serves as a roadmap to guide your recruitment efforts and enable you to focus on attracting individuals who align with your organisation’s vision and values. By clearly outlining the qualities you’re looking for, you can increase the likelihood of finding candidates who are the best fit for your organisation.
2. Employer branding
This is a critical factor in attracting talent, especially at a time where culture, wellbeing, and remote working are prominent topics. To recruit top talent, you need to effectively sell your organisation to candidates.
Why is this important?
- A strong employer brand is a key aspect of talent pipeline development.
- It helps to positively influence the recruiting process.
- It represents your company’s reputation and what it offers as an employer.
- It gives you the opportunity to stand out from your competitors and attract potential candidates.
According to Randstad, 50% of candidates would not work for a company with a bad reputation despite a higher salary.
In fact, companies with positive brands receive twice the number of job applications compared to those with a less favourable reputation.
3. Proactive sourcing
To create a strong talent pipeline process, you need to actively source candidates from various channels. This can include traditional methods like:
- Job boards
- Career fairs
- Industry events
- Professional networks
- Online platforms
By casting a wide net, you can increase the chances of finding qualified candidates who may be a good fit for your organisation.
4. Nurture passive candidates
Passive candidates are just as important as active candidates. These candidates may not be actively seeking new job opportunities but could be valuable assets to your organisation if given the right opportunity.
According to Workable’s Great Discontent 2021 Worker Survey, 37.3% of American job seekers are passively looking for work, 29.4% are not looking for new opportunities, and 33.4% are actively looking for jobs.
On one hand, engaging with passive candidates involves:
- Developing relationships
- Establishing connections through networking, industry events, and personalised outreach
On the other hand, building rapport and demonstrating the value of working with you:
- Helps to attract talented individuals
- Encourages passive candidates to consider a career change
If you are not curating lists of passive candidates, you are missing a huge opportunity on how to build an effective talent pipeline process.
5. Succession planning
Talent pipeline development goes beyond simply filling immediate vacancies. It plays a vital role in succession planning and focuses on cultivating a pool of talented individuals who can step into critical positions when the need arises by:
- Identifying and nurturing future leaders via targeted development programs, mentoring, and stretch assignments.
- Reducing disruption by ensuring there are qualified candidates ready to step into key roles when leaders retire, resign, or are promoted.
- Fostering a culture of continuous learning and development that cultivates a pipeline of capable individuals who are prepared to take on higher-level responsibilities.
- Mitigating the risk of talent gaps through continuous assessment and evaluation of your candidates’ readiness to maintain operational effectiveness.
- Retaining top talent and boosting employee morale sends a strong message to employees that you value their growth and career progression.
Best Ways to Effective Talent Pipeline Management
Effective talent pipeline management is a critical aspect once you have established a pool of prospective candidates. It involves having a predictable sequence of steps to move them from sourced to hired, thus ensuring a constant stream of qualified candidates ready to fill positions as they become available.
Here’s an expanded look at the best ways to manage your talent pipeline:
| Align your talent pipeline strategy with broader business goals | Integrate your talent pipeline strategy with existing L&D efforts |
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| Turn your organisation into a desirable place to work | Invest in the right ATS to nurture future candidates |
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6 Steps on How to Develop a Talent Pipeline Strategy
No matter which industry you are in, it is critical to know how to build a candidate pipeline to attract the right people. Read on for the seven steps of developing a strong talent pipeline strategy.
Step 1: Establish your talent needs and goals
Your talent pipeline needs to be grounded in a system that connects your talent pool to you and your team. Think about the positions that currently need to be filled, while anticipating future growth or changes that might impact your hiring needs, and ask yourself the following:
- What are your short- and long-term business goals? These include:
- Understanding the company’s short- and long-term goals
- Acquiring the necessary skills to align with these goals
- Identifying the specific skills needed based on the company’s direction
- What skills do you currently have? You can do this by:
- Performing a skills gap analysis to plan your pipelining strategy
- Getting buy-in for all the stakeholders involved
- Determining the missing skills at the team and individual levels
- What skills will you need in the future? These include:
- Hiring for your current skills gaps and for your future work
- Tracking your industry trends and collecting feedback from functional heads
- Consulting with your L&D team on reskilling or upskilling initiatives
It is also wise for your HR teams to adopt a “what if?” mentality and engage in talent mapping to anticipate potential outcomes that may impact their hiring strategy.
Step 2: Create a framework for your talent profile
Implementing a structured approach to talent acquisition helps you to align your pipelining efforts with your company’s objectives. At the same time, it also streamlines the hiring process to consistently attract high-quality candidates.
Your framework should:
- Outline the qualifications, skills, and characteristics of your ideal candidates
- Serve as a guide for sourcing and evaluating potential candidates
- Be flexible enough to accommodate changing business needs
- Structured and aligned with your company objectives
- Meet current and future staffing needs
Imagine the possibilities of having a talent pipeline process that is both robust and flexible, capable of meeting both your current and future talent needs. This is precisely what a well-designed talent pipeline framework should achieve.
Step 3: Source candidates proactively
Building a high-performing team requires recruiting high-quality candidates who share your vision and values. That is why sourcing and attracting these candidates is crucial in creating a talent pipeline strategy. Various sourcing methods include:
- Social media: Search LinkedIn and other social platforms for specific keywords related to your hiring needs.
- Employee referrals: Develop a referral program where your employees can refer you to candidates and receive a reward if their referral results in a hire.
- Networking events: In-person interaction allows you to engage with job candidates and establish stronger connections with passive candidates.
- Recruiting databases: If you do not have a candidate database to pull from, consider partnering with a data provider who can provide access to a large quantity of talent.
The key is knowing where to look. For example, if you want to connect with product developers, you will have better luck on platforms like GitHub or Stack Overflow. While for sales and marketing talent, online job boards like Monster and LinkedIn will be a better fit.
Step 4: Nurture relationships and maintain communication
Once you have identified potential candidates, focus on building and nurturing relationships with them. Nurturing candidates requires a delicate balance on your part. You want to keep them interested, not irritate them. Instead of overwhelming them with job listings:
- Send them relevant, engaging content related to their interests or the conversations you had with them.
- Ask them questions about their own goals, experiences, and plans for the future.
Establishing trust and building a solid relationship early on can help make an impact when they start looking for a new role or accept an offer at your company.
Step 5: Provide development opportunities
Investing in your employee’s growth and development is key to creating a powerhouse talent pipeline as it provides opportunities for learning and development.
According to research, 70% of employees said that job-related training and development influenced their decision to stay at their job.
Various forms of training and development include:
- On-the-job learning
- Mentorship programs
- Coaching
- Workshops
Statistics also show that talent development programs yield several key benefits, such as:
87% of Millennials say that professional development and career growth are significant to them.
As you can see, talent development is critical to employee engagement and retention. By fostering a culture of continuous learning, you can cultivate a team of motivated individuals who are committed to growing and advancing within your company.
Step 6: Evaluate and measure the success of your talent pipeline
Are you concerned about whether your talent pipeline is working as it should? Evaluating and measuring the success of your candidate pipeline is vital to identify the areas for improvement while optimising your recruitment efforts.
Here are two ways of looking at it:
Your retention rates:
- Are your newly hired employees staying with your company longer?
- Is the performance of your employees meeting or exceeding expectations?
- These could be positive indicators that your talent pipeline is working well.
The impact of your candidate pipeline on your business goals:
- Are you able to fill key positions more quickly?
- Have you seen an improvement in employee engagement or productivity?
- Evaluating these metrics can help you to understand the ROI of your talent pipeline strategy.
7 Benefits of a Strong Talent Pipeline
To set yourself up for success, prioritise your candidate pipeline. Whether you are currently hiring or not, it is crucial to engage and nurture top candidates. Here are seven benefits of a talent pipeline:
| Benefit | Description |
| Reduced time-to-hire | According to research, the average time-to-hire for most positions is 41 days. In most cases, the organisation suffers greatly when HR teams are unable to fill open positions quickly. Your time-to-hire is significantly shortened when you have a strong talent pipeline. In fact, your position to hire quality talent improves when you nurture relationships with your qualified prospects. |
| Cost savings | According to a 2022 report by SHRM, the average cost-to-hire in the U.S. is approximately $4,700. When considering a job with a $60,000 salary, the cost of filling that role alone could exceed $180,000. Enter the talent pipeline – a solution that provides a pool of qualified candidates, thus saving on advertising costs, and eliminating the need for initial interviews. |
| Improved hiring decisions | Studies show that about 54% of HR leaders say their biggest challenge with talent acquisition is sourcing and attracting top talent. A strong candidate pipeline addresses this by including sought-after candidates and fostering valuable relationships. With the power to curate the pipeline, you can ensure high-quality options for your orgnisation. |
| Improved quality of hires | A talent pipeline enables you to keep a pool of qualified applicants for open roles at your company. This shortens the recruitment process and prevents you from making poor hiring choices and bearing the high expense of a poor selection. |
| Succession planning | Lack of planning can hurt a company when an employee resigns or retires. Succession planning saves your resources by giving you a clear guide for who will step up and fill your most vital roles. A well-executed succession plan enhances employee engagement, retention, and organisational goals. In doing so, you can align your workforce with long-term objectives and foster employee interest in career progression. |
| Improve retention rates | Candidates are more likely to stay at a company if they are part of an active talent pipeline. It provides opportunities for them to connect with your brand and others about shared interests. Think of it as nurturing relationships and setting the foundation for highly engaged employees. |
| Better candidate experience | Nurturing candidate relationships ensure your brand remains memorable to the people you want to attract. This approach is also far more candidate-friendly and will make way for a better candidate experience. |
Key Takeaways
Now that you understand the importance of having a well-crafted talent pipeline framework, and developing a strong talent pipeline strategy, are you ready to start building yours? Here are some key takeaways from our talent pipeline guide:
- Talent pipeline development involves creating a continuous stream of qualified candidates for present and future job openings.
- Building a robust talent pipeline requires defining candidate profiles, emphasising employer branding, proactive sourcing, nurturing passive candidates, and succession planning.
Want to know what are the top tools you need to develop a strong talent pipeline strategy? Stay tuned for our next blog on how to incorporate talent assessment solutions into your talent pipeline development so you can put your company at the forefront of the recruitment landscape.
Frequently Asked Questions (FAQ)
What is talent pipeline management (TPM)?
Talent pipeline management is a systematic approach to identifying, nurturing, and managing a pool of talented individuals for current or future roles within an organisation. It involves strategies and processes to proactively attract, engage, and develop potential candidates to meet the organisation’s talent needs.
What is pipeline management in recruiting?
Pipeline management in recruiting involves effectively managing and engaging potential candidates to maintain a pool of qualified individuals for future openings. It includes relationship building, candidate engagement, and timely communication about opportunities, ensuring a steady supply of qualified candidates, reducing time-to-hire, and improving hiring quality.
What is talent pipeline development framework?
A talent pipeline development framework is a structured approach that includes talent planning, sourcing, candidate engagement, and talent development to build and nurture a pool of potential candidates. It includes talent planning and forecasting, sourcing and attraction strategies, candidate engagement and relationship building, and talent development and retention initiatives.
How can I measure the effectiveness of my talent pipeline?
The effectiveness of a talent pipeline can be measured through metrics like time-to-fill, quality of hires, offer acceptance rates, retention rates, and candidate satisfaction. Feedback from stakeholders provides additional insights. Regular assessment of these metrics helps optimize the talent pipeline and make data-driven decisions for improvement.
What are some best practices for talent pipeline development?
Some best practices for talent pipeline development include proactive sourcing and attraction strategies, building relationships with potential candidates, creating a positive candidate experience, leveraging technology for candidate engagement and automation, aligning talent development programs with pipeline needs, and continuously assessing and refining the pipeline based on feedback and data.
How can technology support talent pipeline development?
By integrating advanced talent assessment solutions into the process, companies can optimise their pipeline development strategies using applicant tracking systems (ATS), customer relationship management (CRM) adapted for candidate relationship management, data analytics tools, and online platforms, supports talent pipeline development by managing candidate data, automating processes, enabling personalised communication, providing insights into pipeline metrics, and aiding in sourcing and attracting candidates.
How can organisations ensure the sustainability of their talent pipeline?
To ensure talent pipeline sustainability, organisations should invest in talent development, implement succession planning, foster a supportive work culture, and adapt the pipeline to changing needs. This includes ongoing training, identifying high-potential individuals, creating an inclusive environment, and aligning with business goals.