Building and nurturing relationships can lead to better decisions.
In September, I broached the subject of the current imbalance between the biopharmaceutical jobs available and the talent qualified to fill them. Because of this gap, many companies scramble to hire employees. But are they the right employees? This month, I’ll take a look at why building a talent pool is important and how it can help streamline efforts to match top talent to roles, even in a competitive market like today.
A talent pool is a way to target ideal candidates early on, build relationships with them, and then approach them when a relevant position becomes available. This is not about having to start a search from scratch every time an employee leaves the job. At the heart of this concept is the idea of forging and fostering a professional relationship. We can think of it in terms of networking, but between companies and candidates rather than person to person. The goal is to create bonds that have future potential.
For example, instead of HR reacting to its marketing manager’s sudden departure by posting the job and collecting a widespread pool of resumes, a proactive company would have already identified some of the best candidates. It’s about looking at “who would we like to have” rather than “who can we get now?” “
According to Talent Operating System Beamery, in its 2019 State of Talent Engagement report, 84% of recruiters are proactively sourcing and 80% said the quality of hire has increased as a result of to a pipeline. It is clear that the acquisition of talent plays a more strategic role than a reactive one.
“Today more than ever, employers face immense competition to hire qualified candidates with specialized talents and skills,” said Carl Segerstrom, senior vice president and chief talent officer at Merck. “Identifying and connecting with passive talent is essential to create a pipeline to close talent gaps when they arise. Employers who are waiting to develop a strong pipeline for future needs may struggle to fill critical talent gaps in a timely manner.
Merck proactively uses sourcing resources to find and connect with talent and build its candidate database for future opportunities. He also implemented a relationship marketing tool with candidates to help the company track and connect with talent, including rapid outreach when openings arise.
“As we digitally update passive applicants in selected areas with news and progress, and through our social media channels, we find continuous and live outreach and relationship building to be our best methods for maintain an engaged pipeline, ”says Segerstrom.
If you want to start building a talent pool, Beamery offers these tips:
Identify your targets. What makes people successful in your business? Use historical data, surveys, analytics, and some intuition to create a vision for your ideal candidate. Examine the definition of characteristics, skills and traits, and consider demographics, background, experience, goals, objections, and preferred networks (social media, conferences, etc.).
Fill your pipeline. This ongoing task can be made easier by using three tactics: re-hire silver medalists, create campaigns to raise awareness and attract talent, and use direct sourcing. Finalists for previous positions can make great options for new positions; Plus, they’ve already been verified, which saves you time. Creating opportunities, such as dating, gives potential candidates and companies a valuable platform to share information about themselves. Conveying the fabric of the company during a 30-minute interview is difficult to accomplish; it may be more effective to demonstrate and reiterate the culture and values of the company over time. Finally, slow sourcing allows companies to personalize messages and provide targeted information to prospects.
Engage your pipeline. Once you’ve built relationships, you need to nurture them. Stay in touch with prospects, but be careful not to overwhelm them with messages. Segment your interaction based on the stage of the relationship you are in. For example, new liaisons need to receive information that introduces them to the company and creates awareness, perhaps through social media. Once they are interested, the messaging can become more about the mission and initiatives of the company via newsletters and webinars. Finally, directing close contacts to specific job descriptions and personalized landing pages can help them with their decision making.
According to Beamery, creating a talent pool is like spearfishing or fishing with a large net. By identifying and pursuing the specific candidates who you think can have the greatest impact, you stand a better chance of success.
Elaine quilici is a Editor-in-chief for Pharm Exec. She can be reached at [email protected]