Ask any business leader and they would agree that hiring the right talent is the most critical task for the organization. If you have the right set of people, then you can navigate through any water, whereas with the wrong set, even a small leak can sink a large ship. There is no dearth of resumes coming across, however, there is a clear shortage of skilled people and the war for talent continues. To find the right people, you need to build a talent pipeline, and to build that you need the best global executive search services as your partners.
Building a talent pipeline does not mean accumulating resumes – it means that you go beyond the sourcing candidates and understand the entire landscape thoroughly – something our expert executive search consultant will help you with. It is a strategy to nurture talent, keep engaging with them and build long-term relationships. In short, you save time and resources when you have a structured talent pipeline.
If you are still not convinced, let us take a look at the top reasons why your organization should build a talent pipeline –
Manage attrition rates
Rushed acceptance of job offers results in dissatisfaction and hence attritions. However, that is not the case for candidates in your talent pipeline. Here you have a prior relationship with candidates, and they are fully aware of your organization, the role that they are stepping into, and the culture they are going into. With a complete understanding of the role and the organizations, individuals find higher job satisfaction resulting in higher retention rates.
Save time and resources
Research indicates that roles in tech fields like engineering take an average of 49 days while non-tech fields like finance and marketing take 46 and 40 days to recruit a new hire. With a talent pipeline, you save time and resources for your organization. You can use the saved time and resources to enhance your recruitment strategy and enrich the talent pipeline. Having a talent pool means you are already two steps ahead and no doubt it reduces time and effort in hiring new talents.
Quality over quantity
To hire the best people, you need to stop spamming and cold-calling candidates in the market. In the pipeline model, it is a relationship based and the relation is nurtured over time. This means that the people you hire will give you access to their network and refer their trusted friends. This means you have employees with amazing skills, who can be trusted and will align easily with your organization and its processes.
The net result is that you create a better experience for the candidates. This has a positive impact on your brand image and will go a long way in establishing your credibility in the market. Having a talent pipeline is like a two-way channel, a win-win situation for both. However, you need to put in the effort, have patience, and partner with the best global executive search services firm to build an efficient talent pipeline.
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