Fall is in officially in full effect (even for those of us in the South). The days are getting shorter, the nights longer, and the weather colder. But for us in the recruiting world, we have more than one kind of freeze to worry about - the holiday hiring freeze.
The holiday hiring freeze (the time between Thanksgiving and New Year's Day), effects most companies for many different reasons - reconciling budgets, lack of time to properly onboard and train new employees, holiday vacations, end-of-year deadlines, etc. Whatever the reason may be, the decrease in the number of job reqs should not stop us from seeking, identifying and vetting out potential talent.
Building an inventory of qualified candidates, or a talent pipeline, provides many business benefits as well as will make your job easier in January when everything picks back up:
1. It shortens the time-to-fill for future positions
Creating a talent pipeline for specific positions, locations, etc. allows you to be two steps ahead in the recruiting process. It will save time when it comes to needing to actively source and identify the ideal candidate profile for a req. With more time to fully vet candidates, you will already know the talent and what is important to them when making a career move.
2. You will identify higher quality target candidates (and more of them)
In a typical recruiting situation, there is pressure to fill a job very quickly, so sourcing and interviewing is usually so rushed that you miss top prospects. With no time restraints, you have the time for extended sourcing, to really research and get to know each candidate. You will be able to fill your talent pipeline with a high volume of quality prospects. When it comes time to hire, you won't settle for a less than ideal candidate.
3. You'll hire top talent that you couldn't with standard recruiting
As you probably know, it is much more difficult to reach that desirable passive candidate when you have a strict deadline. These are candidates that could have never been hired with a traditional recruiting process. Take this extra time to really build a relationship with them. This way, you will already have an established, trusting relationship with them when it comes time to hire.
4. Increase retention rates among new hires
Since the typical recruiting process is so rushed, both candidates and employers tend to regret their decision. According to CEB global, hiring managers admitted that over 20% of their hires shouldn't have been hired in the first place, and even more alarming, nearly 30% of candidates regret taking the new position within the first year. With extensive talent pipelining, there will be no surprises after they start due to the knowledge both parties build over time, therefore you can actively minimize churn.
5. Significantly decrease stress
As we all know (probably too well) the rush to hire often turns into panic sourcing and the pressure to find and accurately vet candidates in time is sometimes simply too much to handle. We always say, source smarter, not harder. Why do "just-in-time-sourcing" when you could have pools of fully researched candidates ready at your fingertips when that new req comes through?
Building a sustainable talent pipeline is the proactive alternative to the standard "fill-an-immediate-opening" approach. With many positive business impacts, it also will make for a happier, more productive recruiter. Isn't that everyone's New Year resolution?
Want to keep your eye on top talent? Get started with ENGAGE.