The need for having a talent pipeline is important to avoid any disruption in business. But what are the keys to having a great talent pipeline?
- Over the years, business leaders are concerned more about recruitment and retention. Building an effective talent pipeline isn’t a cakewalk. The first and foremost step to take is to decide the present and future requirements of your company. Business leaders should determine which skill set is critical for the team in order to have a solid foundation of the talent strategy. The primary stage is the most vital one to connect all the dots of a formidable strategy. The next step would be to create a detailed chart of an ideal workforce considering all the important factors such as the recent market trends and industry regulations. Additionally, give special focus on roles which are hard to fill. This is important and will increase the chances of filling such roles by reducing the cost of hiring.
- After you get to know which roles are most critical to fill then you can possibly see how to align your strategy to solve the problem. Additionally, taking help of demographic analysis would reveal the applicant traits which are ideal for long-term employment. The high-turnover roles are a priority which is why you should be data-driven while making any decision. Take the help of succession planning and several scenario modeling to choose where you can put recruiting efforts and resources.
- The purpose of an ideal talent pipeline strategy should be having longer employee-tenure as the job market is changing massively. Did you know that three years is now known as a long time to work for any organization? The recent reports of the global talent management indicate that millennials are more likely to switch organizations than any other generations. Any company that is investing in the development of the employees is likely to keep them more engaged and loyal. This could be anything like training, wellness program, education, incentives, and learning. For millennials, the focus should be on flexibility and work-life balance as these two key components are the most important factors for them. Make your talent pipeline strategy more employee-centric. This is especially important for employer branding as it is useful for attracting the right people. A successful employer branding is all about telling a story which is relevant and authentic.
- To have a successful talent pipeline strategy at the place, you must evaluate it once a year. The dynamic technologies and globalization are creating shifting paradigms for businesses now. This makes it important to have a strategy which is adaptable. Conduct yearly evaluation of the recruitment and retention plan to make sure the organization meeting the goals which are important for reducing the turnover rate, succession planning, and employee engagement.
It is important to treat your pipeline as a community, Stay organized to keep the team on the same page. You must consider keeping a track of candidates who responded, or are interested. LinkedIn recruiters can create a special folder for the pipeline and use particular criteria for each role. Leveraging employee network is another way as they’re likely to stay longer. Focus on creating a relationship to know the person’s individual and professional goal. To make your global talent management system future-proof you must make it truly agile. Additionally, a constant pipeline of potential candidates must be nurtured to make the right match at right time. Devote an ongoing dedication along with a pragmatic approach to spot talent constantly anywhere and anytime. Become the best talent spotter to bring the top talent. Make it a point to consider your other members to involve them in the talent-spotting process.