A strong talent management system can help you expedite the hiring process, cut the time to hire and ensure that your onboarding processes are up to speed.
However, your talent management system is only as good as the talent it manages. This is where a healthy talent pipeline comes into play.
What a Talent Pipeline Is
Though some believe that a talent pipeline is simply the group of candidates that are available for an open position, the truth is that a real talent pipeline is much more. Bersin by Deloitte explains that a talent pipeline “refers to an organization’s ongoing need to have a pool of talent that is readily available to fill positions at all levels of management (as well as other key positions) as the company grows. At each level, different competencies, knowledge, and experiences are required, and (to keep the pipeline filled) the organization must have programs designed to develop appropriate skills sets.”
A talent pipeline is a dynamic, ever-growing pool of candidates whose skills and competencies are desirable to your company. A pipeline necessitates continual grooming and cultivating of top talent from both inside and outside your organization.
Thus, a healthy talent pipeline ensures that you have strong relationships with candidates who can either fill a current organizational need or a future one. How, then, can you assess the health of your talent pipeline, and how can you ensure that your pipeline thrives? Here are a few tips to help you assess the health of your talent pipeline and address any deficiencies you find.
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Tip One: Assess Talent Needs and Skills Required
The first thing you must do to accurately determine the current health of your talent pipeline is to assess the true talent needs of your organization. This is done through a careful analysis of critical roles within your company and the skill sets that each of those roles requires. In this way, you can readily see where gaps exist in your current pipeline. Armed with this knowledge, you can better discern where to focus your recruiting efforts most effectively.
Tip Two: Track internal and external talent sources.
Savvy hiring managers know that a healthy talent pipeline includes cultivation of candidates both outside and inside the organization.
So, if your talent management strategy does not include both external outreach to potential candidates and strategies to nurture internal talent as well, the health of your talent pipeline will be poor.
Tip Three: Prioritize proactive talent management.
The American Management Association advises: “Recognize talent management as a core business process with impact on overall business and financial success for the enterprise. Actively engage leadership throughout the organization on an ongoing basis to assure that a nimble, functioning, and robust process is in place. Make leaders accountable for talent management, just as they are for the financial and operational success of the organization. To drive talent management into the culture of your business, integrate it with critical processes like selection, performance management, rewards, and compensation.”
Think about your company culture. Is it geared toward active talent management? If so, it is likely that your talent pipeline will be a strong, healthy, vital part of your business.
The Bottom Line
A healthy talent pipeline is one of the most important assets your company can have. To keep your pipeline in prime shape, you must continuously build up your relationships with candidates. Assess what your true talent needs are, look both externally and internally for viable candidates, and prioritize your talent management strategies.
You can build a better talent pipeline by using the appropriate talent management system. Thrive TRM gives you a global view of your entire talent pipeline and allows collaboration between you and all others involved in the hiring process. Thrive TRM is a talent management solution that you have to see to believe. Do just that today by contacting us to schedule a demo!