4 Reasons Why You Need a Talent Pipeline
Talent pipelines are an essential element to any company’s strategic plan, yet most don’t have one in place. This proactive hiring strategy will keep your company productive, efficient and nimble. Simply put – you can’t afford not to build one. Here are four reasons why.
#1: Avoid desperate hiring decisions
I’ve seen first hand what happens when companies haven’t identified talent that can move into critical positions that suddenly open. When the vice president of operations at a friend’s company was in a serious car accident, there was no one with the skills, experience, or availability to step in. No one had been identified, inside or outside the company, to fill any integral management positions. The person who was assigned to fill in was faced with the work of two people. He juggled too many responsibilities, employees didn’t know who to report to, and crisis mode took over.
Accidents happen. Critical people are called into active duty. A talent pipeline will prepare you for these unforeseen circumstances and help you avoid desperate hiring decisions.
#2: Plan for success
Say you’re CEO of a company you founded. You love your job and the people you work with, but you plan to retire in five years. You put a lot of energy into finding new clients, selling your product and growing your company. Have you put the same energy into finding someone, inside or outside the company, who fits your company culture and can take over when you leave?
Think like Apple. When Steve Jobs isn’t around they have someone identified that can step in and hit the ground running--someone with the same vision and drive. A talent pipeline helps you plan for the future success of your company.
#3: Build HR Efficiencies
Oil and gas companies are beginning to expand as our industry recovers from the economic downturn. Have you considered what positions you’ll need to fill in the next six months, year, or even five years? Without a map of your personnel needs, and a talent pipeline in place, you end up in a reactive hiring mode. Perhaps you’ve kept a database of resumes on hand, but what do you know about these people? Are they the right fit for your company? Have you taken the time to build a relationship with promising talent?
A talent pipeline builds HR efficiencies and readies you for growth—when you need it.
#4: Stay competitive
These days, experienced talent is hard to find. Our industry has significant gaps in personnel, especially in Engineering. Trying to find talent in the 8 to 15 year range of experience is tough—and everyone is looking for that talent.
You stay competitive by hiring the right people. Building a talent pipeline is critical to this goal.
Ready to begin building your talent pipeline? Next week we’ll explore five ways to do just that. In the meantime, drop me a line. I’d love to hear your talent pipeline success (or horror) stories.
- Molly Haefele
Talent pipelines are an essential element to any company’s strategic plan, yet most don’t have one in place. This proactive hiring strategy will keep your company productive, efficient and nimble. Simply put – you can’t afford not to build one. Here are four reasons why.
#1: Avoid desperate hiring decisions
I’ve seen first hand what happens when companies haven’t identified talent that can move into critical positions that suddenly open. When the vice president of operations at a friend’s company was in a serious car accident, there was no one with the skills, experience, or availability to step in. No one had been identified, inside or outside the company, to fill any integral management positions. The person who was assigned to fill in was faced with the work of two people. He juggled too many responsibilities, employees didn’t know who to report to, and crisis mode took over.
Accidents happen. Critical people are called into active duty. A talent pipeline will prepare you for these unforeseen circumstances and help you avoid desperate hiring decisions.
#2: Plan for success
Say you’re CEO of a company you founded. You love your job and the people you work with, but you plan to retire in five years. You put a lot of energy into finding new clients, selling your product and growing your company. Have you put the same energy into finding someone, inside or outside the company, who fits your company culture and can take over when you leave?
Think like Apple. When Steve Jobs isn’t around they have someone identified that can step in and hit the ground running--someone with the same vision and drive. A talent pipeline helps you plan for the future success of your company.
#3: Build HR Efficiencies
Oil and gas companies are beginning to expand as our industry recovers from the economic downturn. Have you considered what positions you’ll need to fill in the next six months, year, or even five years? Without a map of your personnel needs, and a talent pipeline in place, you end up in a reactive hiring mode. Perhaps you’ve kept a database of resumes on hand, but what do you know about these people? Are they the right fit for your company? Have you taken the time to build a relationship with promising talent?
A talent pipeline builds HR efficiencies and readies you for growth—when you need it.
#4: Stay competitive
These days, experienced talent is hard to find. Our industry has significant gaps in personnel, especially in Engineering. Trying to find talent in the 8 to 15 year range of experience is tough—and everyone is looking for that talent.
You stay competitive by hiring the right people. Building a talent pipeline is critical to this goal.
Ready to begin building your talent pipeline? Next week we’ll explore five ways to do just that. In the meantime, drop me a line. I’d love to hear your talent pipeline success (or horror) stories.
- Molly Haefele