Your hiring manager comes to you and inform you that one of his key talent had just resigned and will be serving a month of notice. And not surprisingly, you need to find the replacement asap, ideally before the incumbent exit. Panic starts to set in, with many thoughts racing through your mind...
... Can you find a replacement talent within 30 days?
... Why did the current incumbent resign?
... Can we approach agencies to help?
... What kind of talents are available out in the market?
... Where do you start sourcing?
A recent report in 2015 by management advisory company CEB, of 900 recruiters and 6000 hiring managers globally, found that the average time it took to fill a position in 2015 is 68 days. So very likely, you will need more than 1 month to find that key replacement.
With this in mind, more and more companies are switching their focus to talent pipelining as a more proactive approach to build up their talent bank. This long term approach to sourcing, when carried out consistently, will go some way to elevate your future recruitment needs.
So, here are 3 simple steps to help you A.C.E. your talent pipeline.
1) Analyze and Anticipate
Start by assessing and analyzing the future needs of your business to ensure your talent pipeline does not lag behind your future needs. Design your plans and build up a pool talent for tomorrow's needs. Speak to your managers to identify the positions that are critical to achieving their business goals. This will help you get started on the scope of your talent management initiative.
What kind of talent would excite them? Do they know anyone in their network that you can connect with? Where to source for these talents? Partner with your managers closely to guide you on your talent pipeline. Adopt a "sniper" approach towards the specific talents that the company wants.
2) Connect and Cultivate
Reaching out to those candidates who are relevant and good is a lot easier with many social media and online platforms available today. Target to spend at least 60 minutes a week on sourcing for passive candidates. Imagine on a weekly basis, you connect and speak with 2 potential candidates, that will help generate 104 names in your talent bank in a year!
Another approach to connect is cultivating an employer brand that helps potential candidates "self-select" your company as a target employer. Your employer brand should describes your company core values and what kind of employment experience you offer. Bear in mind, your brand should not be for everyone but attracts those who relate to it.
One good example is Lego. To hire a professional LEGO Builder, the company turned to a competitive format to hire one! Contestants were given a theme and a limited amount of time to showcase their creativity and talent to develop the best LEGO model possible in front of a live audience. And the winner will be offered the job.
Lastly, do not forget your internal candidates. This can tie in well with their performance review and help support talent mobility within the organization.
3) Engage and Educate
Part of building up a successful talent bank, you must understand your company’s long term plans, current pool of talents within the organization and the potential talent gaps. It is also important that you understand the competitive labor market, understand who the key players are, and follow the trends in your market. Having this strong market knowledge, will enable you to engage in more fruitful conversations with your hiring managers, helping them make smart hiring decisions.
Moreover, individuals that are top performers and those passionate about their work are often not active job seekers. As a recruiter, reaching out and engaging these candidates now enables you to build relationships and have an open conversation with them. This also gives the candidates a better view into your company that allows them to make a sound decision when considering their next career move.
Talent pipelining and building up your talent bank can be the most rewarding and satisfying recruiting approach you can embark upon. Start today and begin "depositing" into your talent bank.
And the next time when you are in need to find a replacement or urgent hire, it is pleasure and not panic that fills you.