If you’ve been trying to hire top talent in the current market place or in fact for any length of time, you may have already come to an unmistakable conclusion.
That conclusion is this: top candidates are in a position of power.
The reason for this is quite simple. Top candidates have options. In some cases, they have a lot of options. And when you have a lot of options, you hold a lot of the power. Let me put it another way.
Let’s say you have an open position that you want to fill and you have gone down the “post and pray” option of using and internet job board to “find” the top people. The problem with this is that generally the top people are not looking at job boards and you may not find them on LinkedIn anymore either. They are smart and savvy and they don’t frequent these places anymore, they used to but that was 5 years ago.
They all have their own networks of people and they have people come to them with employment opportunities rather than the other way around. Where you will find them hanging out is in “Talent Pipelines” – you are probably thinking what on earth is a Talent Pipeline. Quite simply put it is a community of talent that has been grouped together that you or your company HR have been building relationships with over time.
They will know who you are, what you do and more importantly why they should work for you and your company values. So when the time comes to get your next team member all you do is go to the Pipeline, turn on the tap and bingo out they flow!
Imagine that scenario where you have the talent there all of the time compared to the previously mentioned post & pray” that I mentioned, which situation appeals most to you?
Are these talent pipelines hard to build – you bet they are and yes they do take time however if you consider the alternative I know where I would be investing my valuable time and energies. Rest assured the shortage or lack of talent is only going to get tougher, consider these results from a recent survey:
Fifty percent (50%) of employees plan to stay at their current company for only two years or less.
The top four reasons employees are leaving companies include, 1. lack of advancement opportunities, 2. lack of salary growth, 3. negative work-life balance, and 4. poor corporate culture. (do these exist in your work culture?)
Forty-eight percent (48%) of respondents indicated that they do not believe younger employees are encouraged to pursue leadership positions at their current companies.
Forty-two percent (42%) of respondents feel that the executive leadership of their employer does not contribute to a positive company culture.
Seventy-six percent (76%) of Millennial respondents indicated that professional development opportunities are one of the most important elements of company culture.
Right off the bat, when 50% of employees plan to stay at their current company for two years or less, that tells you all you need to know. There are options aplenty for candidates in today’s marketplace, especially for the best candidates. And where there are more options and more flexibility, there is more power. Face it: top candidates are in a position of power.
The only question is this: what are you going to do about it? The answer is very very simple, you have 3 options. You either build your own pipeline, you engage with someone who has one already in place or you stick to the tried and true “post and pray” – oh and by the way how has that been going for you lately?
For such a long time now, “talent acquisition” has been the buzzword in the employment marketplace. Companies “acquired” talent. This is not the case anymore, you need to be able to engage with the talent that is out there. When you have an ongoing steady pipeline available to you that you allows you to engage then you will always be “recruiting” – it will be different to how you do it now that’s all.
For over 5 years now, some of the very best recruiters around the world have been telling us in the recruitment industry that building a Talent Pipeline is how companies will grow and move forward in the future, the “post and pray” mentality with internet job boards is long gone as the top candidates, yes the top candidates are just not there anymore and haven’t been there for some time now.
Consider this, if top candidates are in a position of power because of the options that are available to them, then it only makes sense that companies must attract them. And not only that, but companies must also attract them with what is important to them.
That of course is a topic for another article, if this article has struck a chord with you then feel free to reach out and find out how you can build your own pipeline or perhaps get involved in someone else’s pipeline.