The importance of building a talent pipeline
According to the latest Ministry of Manpower report published in June, the labour scene remains tight; a situation which is still unchanged since its last report in January. With more than 65,000 job vacancies available, it shows that employers are still having a hard time recruiting talents. This is one of the reasons why employers should start building a talent pipeline.
So, what exactly is a talent pipeline? It is defined as a pool of candidates who are qualified to assume open positions that have been newly created or vacated because of retirement or promotion. A talent pipeline helps to establish long-term professional relationships between an organisation and passive jobseekers; a vital element of recruiters seeking to reach out to a wide pool of passive jobseekers even before they have considered making a career switch.
Here’s how a talent pipeline streamlines the recruiting process and how recruiters can make use of their pipeline to fill job positions efficiently.
Maximise Recruitment efforts
This is the most obvious benefit of having a talent pipeline – since recruiters already have a rich pool of potential candidates to choose from, they effectively shorten the time it takes to source for a candidate to fill an open position. They can thus focus their time on building strategies to attract, engage and retain top talent.
Minimise Work Disruption
When a job position is vacated, a disruption occurs in a business’ workflow. The disruption is even more damaging when the resignation happened unexpectedly. Recruiters can effectively reduce the severity of such disruptions by tapping onto their talent pipeline to fill their clients’ empty job positions quickly.
Keep Top Talent Within Reach
Recruitment agencies need to keep track of top talents across industries and build and nurture relationships with them. This ensures that, when a client embarks on staffing activities, recruiters would have a ready list of best candidates to fill an empty position.
Measuring for Fit
It is hard to be certain that the ‘best talent’ will commit to a company for long if he/she does not fit into the company culture. This is the reason why companies are careful about picking their next employee – they ensure that a potential candidate has values and a personality that matches them. Since recruiters take effort to nurture relationships with those within their talent pipeline, they are better able to assess the suitability of a job candidate given their familiarity with his/her character and personality.
A great advantage of forming relationships with passive jobseekers is that your talent pipeline turns into a trusted source of referrals. Candidates who have grown comfortable with their recruitment agency will connect the link between their friends and the agency, allowing agencies to expand their pool of talent!
Knowledge of the local workforce
Knowledge is power and when wielded properly, can ensure success. By reaching out and assessing the potential candidates, recruiters can gain insights into industry updates, how key positions evolve over the years, and the relevant skills needed for staff in certain positions to succeed.
Engagement is key
Talent pools are a group of exclusively selected individuals who may already be in established positions. Having said that, recruitment agencies need to understand that constant bombardment of career information might put them off viewing your agency as a source of career advice. Recruiters should initiate quarterly communications campaigns to ensure that these candidates have just the right amount of information to aid in their career planning.
Relationships based on trust
As mentioned earlier, having a talent pipeline means building relationships with potential candidates both internal and external. However, recruiters can also go one step further by acting as advisors to individuals who are passionate about their craft, but don’t have the time to look for opportunities. They can go the extra mile by offering honest career advice and plotting their next career move. By building this level of trust, candidates will turn to these recruiters when they are ready to make the next move.
Build the company brand
As building a talent pipeline involves proactively reaching out to candidates, building trust and relationships, the agency will be seen as a credible career partner by individuals and efficient recruiter by organisations. When the agency’s brand gains recognition, potential candidates will open up to recruitment professionals and entrust their careers in their hands, allowing recruiters to expand their talent pools even wider.
We hope that through this sharing, recruitment agencies can learn more about how talent pipelining is a required and efficient practice in helping to attract, select, engage and place talented individuals into an organisation under their care.