The talent game has changed. Job boards have been spammed with candidates that are not a good fit for job openings and the flood of opportunities makes it difficult for candidates to reach you. It’s the opposite of sales. Rather than relying on organic traffic to bring inbound candidates, you need to be focusing on going outbound to proactively target and find the best candidates.
We’ve put together a quick guide to explain the changes and how we can be proactive to the changes.
What is a talent pipeline?
If you’ve ever been in sales, you may be quite familiar with the definition, but if you haven’t it’s a simple process that makes a massive difference. A pipeline is a visual representation of prospects and where they are in the “purchasing” process. In sales, it’s the product and in recruitment, it’s the company. Pipelines also provide an overview of a forecast and how close the rep is to making “quota,” as well as how close a team as a whole is to reaching quota. In other words, it keeps track of relationships and estimating the hire or close rates based off of what the data predicts.
A new term that a lot of recruiters are now using is “relationship management.” The new method of recruiting at its best. Instead of reacting to new positions, great recruiters are able to keep relationships over an extended period of time to be able to fill positions as they come.
Developing a talent pipeline is the effective approach to increasing efforts to predict and proactively hire the best (a process we’re really eager to solve and share with everyone here at TopPick). Rather than opening up positions and posting on job boards, find a list of top prospects and go after who you want on your team.
How do you build a talent pipeline?
There are two main parts. Building a talent pool and selecting the best candidates to focus on. Having a talent pool is critical in hiring practices.
First step is to source candidates:
Build and find all the candidates that you think woul be a good fit now or in the future for a potential opening. Once that’s in place, it’s key for the hiring team to build a relationship for the new members.
Second step is to store the information in one place:
This is where a CRM is critical (yeah, biased I know), but it’s true. Over long periods of times, it’s difficult to remember the conversations, calls and emails that you’ve sent to prospective candidates. So, in order to make sure you remember who you talked to and build great teams, you need to focus on storing all that information in one spot. Many use excel spreadsheets, but CRM is the new modern approach in talent.
Two main areas of sourcing, the applicant sourcing or prospect sourcing. To source applicants you can simply type a boolean into your CRM or your ATS. For prospect sourcing, you can use boolean tools, sourcing tools and build a strong list of candidates to go after.
What are the benefits of a talent pipeline?
- Better candidates
- Hiring insights
- Shorter lead times
There are many more benefits to building talent pipelines, but this is just the start to the benefits that you can receive.