Finding great talent has been somewhat easier during this COVID-19 pandemic in specific sectors, but it is still very competitive in others.
Forward-thinking HR and recruiting professionals should build a robust candidate pipeline, where they can quickly find the required talent.
To help you do that, in this article, we will be covering:
- What is a recruitment pipeline?
- Using a hiring pipeline to evaluate your recruitment process.
- How to build a recruitment pipeline.
- Benefits of using it.
- How to nurture your hiring pipeline.
So let’s get started!
The recruiting pipeline is your list of vetted candidates who have expressed a strong interest in your company or were runners up for one of your previous jobs or have shown a lot of potential in a phone screening or interview.
Some of the best recruiters are adept at building and maintaining a strong hiring pipeline.
Building a recruiting pipeline requires changing from on-demand hiring to continuous hiring. With this new mindset every time you talk to talent, you are thinking where they will fit in your organization.
You will start asking questions in your mind like:
- Do we have a need for the candidate’s skills and experience now or in the future?
- Does the candidate fit well with the culture of the company?
- What type of roles will be ideal for the candidate?
This is a great way to reach out and build a personal relationship with passive candidates. As mentioned in this article, 73% of candidates are passive job seekers.
Hiring from the recruiting pipeline is fast, efficient, and leads to better hires.
A typical hiring process involves posting and publishing jobs, processing applications, shortlisting prospective candidates, rejecting candidates that are not a good fit. Additionally, it involves communicating with the various actors, building and maintaining your recruitment database leading up to the hire.
Essentially, it is highly time-consuming.
The important hiring metrics like time to fill is determined by how you can quickly reach as many applicants as possible, process the applications, and find the ultimate employee.
A strong candidate pipeline will cut short a lot of your recruitment steps and allow you to leverage the work you have already put in to screen and evaluate the candidate.
Recruiteze offers various features like tagging, filtering, email templates, and bulk emailing to help you build and nurture your hiring pipeline.
Recruiteze screenshot below shows how you can quickly filter your pipeline candidates to hire from the list or stay in touch with them.
Once you see the success of a strong candidate pipeline, you will make it a point to build a strong one.
It may not always be possible to hire someone from your hiring pipeline since your top candidates might also not be looking for change at that particular moment.
But suppose you compare the time to fill metrics between a normal process involving broadcasting jobs, processing and hiring the right candidate, and when hiring from the pipeline, you can notice a significant difference in the time to fill.
If you have a well-designed career page with active jobs listed, and you have taken the time to create a screener questionnaire to capture the required information.
You will soon start getting profiles from great candidates who may not be a good fit for the applied job but can be a great fit for other jobs your company typically hires.
Experienced recruiters will not ignore these applicants but reach out to them, screen and evaluate them, and put them into the hiring pipeline by tagging and adding appropriate notes for future reference.
You can institute a referral program to encourage employees to refer their qualified friends or family. If you offer something reasonable for the referral leading to hiring, you will start receiving referrals.
If the referred candidate does not match an existing requirement, and their skills and experience might be a good fit for other jobs in the future, add them to the hiring pipeline.
Attending career fairs is a great way to meet prospective employees. You can talk to them in an informal setting and understand their capabilities.
If you feel they may fit jobs that you might hire in the future, schedule another time to screen and evaluate them. Follow up screening will allow you to understand their skills and experience, to put them into the appropriate bucket in your hiring pipeline.
You can also host virtual job fairs on scheduled days and times to encourage prospective candidates in an informal setting.
You can have a few of your employees attending the event to talk about the company, work, culture, and benefits. Having employees talking about the company can build a lot of trust and interest with the prospective candidates.
Start adding screened candidates with the potential to the candidate pipeline.
Sponsoring any meetups relevant to your industry and jobs can also help you get in front of top candidates.
It is not very expensive to sponsor these meetups; it can be as simple as ordering pizza for a few people.
You can also start adding runner-ups for jobs that you hired to the candidate pipeline. Since you have already put all the effort to screen, interview, and evaluate them, these are prime candidates.
Spread awareness of your company, business, and prospects by doing a press release for important events like landing a big contract, hiring a top executive, landing an investor, or any research or technical achievements.
Amplify these messages in social media and as many channels as possible. Being in the news will create interest in at least a few prospects who see the company’s potential.
A strong candidate pipeline can significantly reduce your time to hire top employees. Since you will have vetted the candidates during the nurturing phase, it will considerably reduce the routing screening steps before hiring.
The average hiring cost is around $3000 per new hire. Hiring someone from the pipeline can significantly reduce the hiring costs.
The time you have spent nurturing the candidate can help you make a better hiring decision since you do not sift through hundreds of resumes and quickly decide on someone. Hiring from the pipeline can result in securing top talent.
You can also determine if the pipeline candidate fits the company’s culture through the conversations, you will have while nurturing the talent. An employee who matches the company culture has a good chance that they will stay with the company longer. Every hire you make should be a long term hire.
Hiring properly vetted candidates for skills, experience, and culture fit can lead to long-term employee retention.
As mentioned in this article, retention is always better than hiring new employees. Retention is possible only if the employees are happy, which will result in significant time, cost, and training requirements.
Your organization will have a distinct advantage if it’s able to hire top talent very quickly. It can help you to fill critical roles quite fast.