What Is Talent Pipeline in Recruitment?

Many concepts and methods aid in the search for the best fit for a role. One of the best practices in talent acquisition is the Talent Pipeline. But what exactly is a talent pipeline?

A talent pipeline is highly valuable in firms with a high demand for similar roles, such as developers, designers, data scientists, analysts, etc.

It can help you identify top performers who may be interested in future opportunities at your company. By nurturing these relationships, you can create a pool of highly qualified candidates to tap into when needed.

In this blog, we will discuss the Talent pipeline and learn how to create an effective one

What is Talent Pipeline?

The talent pipeline is the pool (database) of candidates who are qualified and ready to fill the position. This candidate pool is pre-screened for various jobs and might be useful when you need applicants with the same set of skills in a similar vertical.

For Example, You need to hire one Machine Learning developer and have shortlisted multiple candidates based on their ideal experience and expertise.

Unselected applicants can be added to the talent pipeline. If you need another Machine Learning engineer in the future, you can contact individuals straight from the talent pipeline without going through the pre-screening of their profiles/resumes.

Why Talent Pipeline is a must-have (Benefits of Talent Pipeline)

The conventional talent acquisition method has not stood the test of time in this digital era, where companies demand the right expertise with relevant experience, but the supply of top-notch developers is insufficient. It pushes the need for a talent pipeline to another level.

Here are some important benefits of having a talent pipeline.

Accelerating the hiring process

A talent pipeline is an effective method to reduce the time and effort required to hire new employees. With a talent pipeline in place, you can move quickly when a position opens up since you've already identified and assessed potential candidates. It significantly cuts down the recruitment time.

A talent pipeline also saves company resources by avoiding the high cost of recruiting since you're not starting from scratch every time a position opens up.

Increase in quality hires

The talent pipeline allows you to identify and evaluate top talent early on, increasing your chances of making excellent hires when you have open positions. A solid talent pipeline also enables you to be more selective in your recruiting, allowing you to focus on finding the perfect match for your organization rather than just employing someone with similar experience.

It can help you improve the overall performance of your team.

Increased acceptance of offers

Having a talent pipeline can also enhance offer acceptance rates since prospects will be already familiar with your organization and are more likely to accept an offer if they have already gone through the recruiting process.

By communicating with potential candidates in the talent pipeline early and regularly, you can build relationships that will make them more likely to accept a job offer when one comes their way.

Cost savings

A talent pipeline also saves company resources by avoiding the high cost of recruiting since you're not starting from scratch every time a position opens up. You can save recruiting and advertising costs by maintaining a talent pipeline of potential applicants.

Improved internal mobility

A talent pipeline can assist you in identifying potential internal candidates. It is useful if you need to fill a position fast or want to promote from within. Using a talent pipeline to find internal candidates can also aid in the development of a healthy and productive working culture.

Enhanced succession planning

A talent pipeline can help you identify and develop your company's next generation of leaders. It can help you ensure that your business is prepared for the future and that you have a pool of qualified candidates to choose from when leadership positions become available.

Strong employer brand

When you have a talent pipeline, you are more likely to employ top professionals, which increases your reputation as an employer. When looking for new personnel, high-potential individuals are more inclined to contact you on their own. Having a talent pipeline helps with viable applicants in the talent pool and boosts your employer's brand.

Creating an efficient talent pipeline

Creating an effective talent pipeline takes a great deal of patience and alteration. The purpose of a talent pipeline is not only to create a data bank of candidates but also to ensure that all candidates are a good fit for particular roles. So, the talent pipeline needs to be maintained according to the company's fundamental values. Your sourcing approach is critical in building a high-quality pipeline. So, collaborate with your recruiting team to create a solid sourcing strategy to attract the right talent.

The following are critical parameters for the talent pipeline:

Create the structure

Before you can create an effective talent pipeline, you need to identify the needs of your organization. Think about the skills, qualifications, and experience that are necessary for your organization to be successful and structure it accordingly.

Divide positions based on their departments, abilities, experience, and requirements. This database can assist you in filling up the columns with applicant information based on their departments, expertise, and background. It allows you to track potential candidates throughout the recruitment and selection process. This should include steps such as interviews, background checks, references, and assessments.

For example, if the department is in charge of software development, you can create tables for tech stack, experience, industry background, and other information, such as a portfolio.

Fill the talent pipeline

Whenever you have an opening for a position, select candidates based on your criteria from job boards and other channels; whichever candidate succeeds from the stage of technical interviews is worthy of being kept in the talent pipeline.

Top applicants for the post should be on the priority list of the talent pipeline. These priority lists can assist you in the future if you have a similar urgent demand; you will not have to go through the entire procedure. However, while doing it, be conscious of the candidate's expected remuneration (adjusted according to the time).

Attending job fairs and recruitment events is another strategy to replenish the talent pipeline. It will allow you to connect with potential candidates and learn about their strengths and skill-set.

It is also critical to have an effective referral program in place. It will assist you in reaching out to hidden talent and developing a solid talent pipeline.

Finally, you can use internet sites such as LinkedIn to evaluate potential candidates' information for a certain role.

Creating a strong candidate pool utilizing all available resources is the key to filling the talent pipeline.

Maintain the talent pipeline

The most crucial aspect is to remain in touch with candidates even if they are not selected. You should reach out to them and let them know that they are still in your talent pipeline, and you will contact them when a requirement matches their skills and experience.

You can do this by providing them with useful newsletters and whitepapers. Some companies even offer perks to the candidates in their talent pipeline as they have regular requirements.

You should also perform talent mapping activities regularly to find possible candidates and maintain the talent pipeline.

You can employ recruitment automation solutions to improve your talent pipeline and make sourcing, tracking, and managing applicants easier. Keep track of their professional advancement and communicate with them via various channels.

Outsourcing talent pipeline

Today early-stage start-ups to Giant MNCs, resources are being allocated to business solutions and towards growth only.

The effort and time spent on maintaining the talent pipeline have become liquidity, but platforms like Turing, are providing talent cloud solutions where companies don't have to go through the hustle of creating and maintaining the talent pipeline.

Turing cuts down the time spent shortlisting the candidatures, technical interviews, and background checks. The global talent pool helps onboarding experienced, vetted developers eager to grow in your industry by utilizing the latest best practices in the tech space.

It is done by providing a global talent pool of top remote software developers for 100+ technologies and 50+ industries

The platform hosts the top 1% of developers from 150 countries ready to hire for 100+ skill sets.

Conclusion

A talent pipeline is an essential component of every firm. It not only assists you in keeping a strong talent pool and keeps potential applicants informed about your organization. When there is urgency, it saves time and reduces the risk of a bad hire.

In these times, where tech plays a crucial role in the progress of a business, a bad hire can make it difficult to stay ahead of your competitors. So, make sure to hire world-class tech talent for your organization.

If you're seeking to employ developer teams for your business, join Turing's free 14-day developer trial and experience the fast and efficient onboarding of new team members in this remote first-era.