Get the best person for each job and be ready to replace people who leave your company. Learn how to recruit, hire, and build a strong talent pipeline in this video.
- Like many other business and HR leaders, you want to cut down the time and money you spend on hiring. You want the best people for every job, and you don't want to panic each time a key person leaves. That means it's critical to recruit and hire the right people. And it's just as important to have people lined up in advance for future needs. Having a pool of people you identify in advance of your needs is called having a talent pipeline. A talent pipeline includes employees as well as potential hires from outside the company.
Here are three steps you'll use to recruit, hire, and build a strong talent pipeline. First, you'll build a workplace plan, which is a plan that outlines what kind of talent you need to have now and for the future. This plan is a document that outlines how many people you'll need and what types of roles you'll need by team in each quarter or each year. During the business goal-setting process, you'll identify which roles are critical to your success and which new roles may emerge.
In your workforce plan you'll write down how many people are needed in each team, what types of roles you'll need, and what the skills and experience this new talent should have. It's also important to know how quickly these needs will arise. Once you have a clear view of the number and types of roles needed, build your recruiting strategy and plan team by team. Work with business leaders to validate the plan and update it as business needs change.
Focus your strategies to attract, find, and hire people who are a match for your needs. Make sure you have detailed job descriptions from the business. Tap into your best sources and build relationships with candidates for present and future needs. Identify conferences, industry associations, and social networks that match the profile of the roles you need now and you'll need in the future. Work with hiring managers and employees for relationship building.
Then build a strong talent pipeline. The most common way is to identify people outside of the company you can keep on your radar for future needs. However, it's much less expensive to promote or move existing employees into new roles. Promoting from within is an effective and often more successful way to build your talent pipeline. Studies have shown that companies who fill 25% or more of their management positions with outside hires have double the turnover than those who hire from within.
Fewer than 50% of companies look at internal employees as part of the talent pipeline. That's a miss. Don't forget the benefits of targeting some of your recruiting efforts within your company. Recruiting effectively and building a talent pipeline that has both external candidates and internal employees positions you to have the right people at the right time to make your business successful.
- Building a successful talent management strategy
- Identifying talent needs and assessing existing talent
- Recruiting and hiring the right people
- Developing employees to meet talent needs
- Implementing a succession planning process
- Focusing on engagement and retention
- Increasing talent visibility
- Creating a strong HR and business partnership
- Designing a high-performance culture