If you're thinking about pipelining talent, you're probably also wondering about the benefits of a talent community. While there are many ways a talent pipeline strategy can help your recruiting efforts, a few stand out that you should be aware of when thinking about investing in a talent community and the potential ROI of that investment.
- Time to Fill: Your business can reap massive benefits from decreasing it's time to fill (here's a time to fill calculator, and the math explained on how decreasing time to fill results in an ROI). Talent pipelines reduce this number by allowing your business to cultivate talent pools that know about your employer brand and key employee value propositions. These passive job seekers can be activate much faster than if they were cold sourced, or were recently introduced to the company without more context than a job description.
- Cost per Hire: Cost per hire is another key metric that can be greatly impacted by adding talent communities to your talent acquisition strategy. Many times, the people in your talent pipelines are higher quality than those that would apply into the ATS. This is due to two main factors, 1) they are thinking long term about their careers, which correlates strongly with hard working and thoughtful people 2) they are too busy to go through the hassle of applying for a job, just like the passive candidates you've been hunting down on LinkedIn.
- Candidate Experience: This isn't directly related to HR's key metrics, but is still very important. Talent communities allow candidates to learn more about the company until that point in their careers when they are ready to make a switch. It also allows them to circumvent the arduous apply flows that many ATS's put in front of them.
For a bit more, check out our latest Whiteboard Wednesday video: