Factors Impacting the Flow of Your Talent Pipeline
Feed Data-Driven Information Into Your Talent Pipeline
A small- to mid-size business rarely has a dedicated person for managing the talent pipeline. Instead, someone responsible for hiring is usually juggling a variety of responsibilities, with just a small fraction of time set aside for identifying ideal candidates for your company. That’s just one of the challenges that come with talent management. Take a look at some of the reasons why your company might be struggling to fill positions with the right talent:
The unemployment rate is low. Overall, this sounds like a good problem for the economy, but it can make hiring the right person a problem. A limited pool of candidates means that you’ve got to work faster to identify the ideal person for your organization and get them hired quickly.
This is just one area where a data-driven approach can help you find the right candidate. Most hiring companies have a tendency to look for young people, or you may have another bias, so cast a wider net when looking for your next hire. Then use a behavioral analysis to help you identify the traits and tendencies that are a good match for your company.
A long hiring process prevents you from getting the best candidates. If you have multiple team members involved in your interview process, or if screening candidates and their references takes up a lot of time, you may be too slow to grab the attention of the best people looking for a job.
The answer, of course, is to always be looking, rather than taking a reactionary stance in which you only look for candidates when there’s a position to fill. If you identify what you think will be a star employee, they’ll easily cover their salary in value if you go ahead and hire them without a position ready.
You lack a strategy. Whether it’s sales or operations, every other part of your company is run on data and strategic planning. While you may not have a dedicated person for keeping your pipeline full, you should still pull together a team that has insight into using data to drive results and apply these concepts to your human resources department.
Start by using a behavioral analysis to identify the traits that your star performers bring to the job in each particular role. Then use these data points to help you objectively evaluate candidates for your company, which will improve retention rates and employee engagement by making the right hiring decisions in the first place.
A small- to mid-size business often requires its employees to wear multiple hats, but that doesn’t mean you can’t wear your talent pipeline strategist hat with confidence. Make an appointment with PI Consulting Group to learn more about how to take the guesswork out of talent management. We look forward to hearing about your company.