Over the last few years, companies have grown increasingly aware of the turnover rate of their employees. Many people are seeing the impact of moving from one job to the next and have utilized this tactic to gain the positions and salary they want, rather than doing their time at one company. This has caused many companies to rethink their benefits and the way they work to try to retain employees for a more extended period of time. Unfortunately, one of the biggest issues companies face is waiting until an employee walks out the door to start filling a position.
This particular reason is what brings us to the concept of a talent pipeline. Companies can benefit significantly from the creation of a talent pipeline to keep their employment needs satisfied. This way, they have a pool of candidates ready to review and recruit for open positions. First, you must make sure to do research and figure out current and future hiring needs. Your future growth is going to determine recruitment down the road and help gain the best talent pipeline. Reviewing turnover rate is one way to gauge how many positions you will need to fill during the year and in the future.
Building up your brand is another key component of creating a talent pipeline. When your brand is clearly defined, you will be able to attract the specific employees you want working for your company rather than wasting time on someone who isn’t a good fit. Branding will help to ensure top candidates and lessen turnover rate by employing candidates whose values align with the company.
Being prepared for your best employees to resign is a large part of creating a talent pipeline. It is helpful to train and offer development to current employees to take over essential roles within the company to cut down on recruitment and loss of personnel. This will also be a high selling point with potential candidates, knowing your company has development and advancement opportunities.
Staying in contact with your potential candidate pool in your recruitment efforts will assist in keeping the hiring process shorter and more precise. Understand that will a clear plan and company values, you may not receive an unlimited amount of applicants, but you will find the best ones to fit your company’s goals and environment.