People are crucial to the success of your business. Many companies follow a reactive recruitment strategy wherein they wait for an employee to resign before hiring a new one to fill the vacant position. On average, it takes 23.8 days to hire a qualified candidate, while the average cost per hire is $4,129. In today’s competitive market, following a proactive recruitment approach is a wise decision to reduce time and cost to hire while supporting the growth of your business. To ensure you find the right talent for any role at the right time, Perito – the top recruitment consultancy – suggests that the best practice is to build talent pipelines. In this blog, we will tell you sourcing strategies to build a strong pipeline of talented candidates which will save you time during the recruitment process.
However, before building your talent pipeline, you must:
- Assess the internal talent pools available
- Determine your available and needed talents
- Define the talent skills you are sourcing
- Partner with the top recruitment consultancy to discuss your needs
- Follow and refine the below mentioned pipeline strategies
Sourcing Strategy 1 – Employee Referrals
A study has found that employee referrals help HR professionals to get the highest-quality candidates compared to other sources. 88% employers rate employee referrals as the best way to hire quality candidates and 82% state that referrals generate the best return on investment.
Start an Employee Referral Program (ERP) to increase your talent pool and expand your existing network. If your company is already running an ERP program, then expand the referrer pool to your entire organization in order to increase the volume of quality leads.
Candidates that are hired through referrals are more likely to perform better, engage better, and work harder. When existing employees refer their friend or known person to your organization, this indicates that they are happy with the environment and are less likely to resign in the near future. So employee referrals are going to help you in two ways.
Sourcing Strategy 2 – LinkedIn
Internal recruiters often keep a list of candidates they have previously contacted for future needs. But research shows that only 20% of them maintain contact with the passive candidates. In such scenario, talented candidates can go out of your reach soon. But when you use LinkedIn for talent pipeline building, you can quickly identify and build connections with tons of candidates for the skills you are looking for.
LinkedIn is a professional network where you can know and learn about professionals in your industry. Pipelining using LinkedIn will not only save your efforts and money, but also reduces the time to quality hires. With 500 millon total users and 250 million monthly active users, LinkedIn opens up lots of possibilities when it comes to identifying the perfect candidates.
Not just LinkedIn, but 39% of employers are using other social media platforms too for recruiting candidates. Social media channels like LinkedIn, Twitter, Facebook, etc. can be used for employer branding in order to engage with active candidates and passive talents.
Sourcing Strategy 3: Job Portals
Job portals remain the most popular medium for job seekers to find their dream job. For employers, it is the perfect place to find candidates. Job boards provide advanced search capabilities for talent screening.
Today, candidates use more than 16 research tools during their job hunt and job board is the first place for them, followed by LinkedIn. Top job boards in India are Naukri, Monster, Indeed, TimesJob, CareerJet, Glassdoor, FresherWorld, Placement India. Do make sure your recruiters are using these portals for searching candidates who have the skills that you are looking for. Follow these tips when using job boards:
- Review your keywords carefully
- Research the trends to attract candidates to job posts
- Explore niche job boards for better sourcing of candidates
Sourcing Strategy 4: Top Recruitment Consultancy
Recruitment consultancy firms already have a big head start. They have a network of engaged, active, and passive talents. They have expertise and experience to persuade candidates to join your organization. How partnering with the top recruitment consultancy will help you build the best talent pipeline?
- A recruitment agency boasts a large talent pool filled with candidates having a variety of skills. Your recruiters can take advantage of their extensive candidates list to save recruitment time and cost.
- Candidates register for recruitment agencies with good reputation. Partnering with the top recruitment consultancy can help you take advantage of their brand name and ask them to help you build your reputation.
- Recruitment agencies use a number of tools and latest technologies and software. You can utilize these tools without investing in them if you partner with a recruitment firm.
Sourcing Strategy 5: Network Events and Communities
There are online communities where you can easily find qualified candidates. For instance, GitHub is a great place to find talented developers. Dribble is a platform to find designers. AngelList is great for finding tech talents. Diversify your sourcing channels to build talent pipeline.
Host your own events like seminars, webinars, product events, and conferences to meet potential candidates. These events will enhance your employer brand and attract talented people in your industry.
Finding candidates in advance is a great way to create a sustainable recruitment model for your business. Use job boards, partner with the top recruitment consultancy, promote on social media, host your own events, and ask for referrals to source and engage talented candidates whom you can hire when the need arises, saving time and costs.
Looking for a recruitment partner? Perito can help you find and qualify talents, source candidate pipeline, interview and screen them and more. We are here to streamline your hiring process and reduce the burden. Contact us today to discuss your recruitment needs.