5 Benefits of Building a Talent Pipeline by Julie Rupenski, Founder & CEO, MedBest Recruiting
The senior living industry remains a fiercely competitive environment. Attracting and retaining top talent is so crucial that many organizations are recognizing the need to stay ahead of the curve by adopting proactive talent acquisition strategies such as a talent pipeline.
What Exactly is a Talent Pipeline?
A talent pipeline is a database of potential and often passive candidates who you have previously engaged with and who are qualified to fill future roles that might open within your company. It's a very proactive strategy when you consistently add candidates to your pipeline even when you're not actively hiring.
5 Benefits of Building a Talent Pipeline:
-Reduces Time to Hire. According to a report released this month by the Josh Bersin Company and AMS, a workforce solutions firm, the amount of time it takes to hire a new employee reached an all-time high of 44 days in 2023. If you have a pool of qualified candidates already, you could fill a position quicker. Taking 44 days to hire is risky. You could lose your top candidates to a competitor.
-Reduces Cost per Hire. A talent pipeline can result in a cost savings. Traditional recruiting approaches are often pricey when you consider the fees for advertising and prolonged vacancies plus time devoted to multiple interviews.
-Improves Quality of Hire. Building a talent pipeline allows organizations to thoroughly assess candidates over an extended period of time. This way, when a position becomes vacant, you're not short on time and limited to the candidates who happen to be looking for a job at that particular moment. You can choose from those candidates in your talent pipeline who have already shown interest in joining your organization.
-Increases Competitive Advantages. A strong talent pipeline can provide you with a significant competitive advantage. By staying ahead of the curve, you can select from a pool of highly qualified candidates and thereby, have the right people in place to drive growth and innovation. Plus, your organization can respond more quickly to changes, and outperform your competition.
-Increases Diversity. When you build a talent pipeline, you can attract a more diverse group of candidates. It allows you to target your recruiting efforts to those who may be underrepresented in your industry. Maintaining a diverse and inclusive talent acquisition process helps strengthen your employer brand, raise your firm's reputation, and increase both innovation and employee retention.
It's clear that a talent pipeline is highly beneficial to your hiring efforts. But how can you fill your pipeline with great candidates?
Here are a few suggestions:
-Consider internal employees for future promotions
-Website career portal
-Past candidates who were a good fit but didn't get the job
Building a talent pipeline prevents you from starting from scratch whenever you need to fill a position. With a pipeline of qualified candidates, your hiring team can quickly identify who might be a perfect fit for the position.
MedBest is an award-winning national Executive Search Firm exclusive to the Senior Living Industry. For more than two decades, we have connected senior living organizations with exceptional senior living executive talent for both permanent and interim roles. MedBest was named as one of American's top companies by Inc.5000 plus we are a Tampa Fast 50 Company!