What Is a Hiring Pipeline: 3 Problems Building One Could Help You Identify
Today hiring has become quite challenging as recruiters are finding it difficult to search for qualified candidates. Hiring Managers usually face interview fatigue along with lengthened time to hire, which negatively affects the recruitment process.
LinkedIn's Global Recruiting Trends report indicates that 78% of recruiters believe their hiring decisions are more informed when they have a well-defined hiring pipeline.
So what exactly is the hiring pipeline? And how to use it effectively for the best results? In this blog post, we will explore what a hiring pipeline is and address three common problems that a well-optimized pipeline can help you identify and overcome.
What is a hiring pipeline? Using your recruitment pipeline effectively
Your hiring pipeline guides you through every step of the hiring process; it ensures that no talent is wasted and that each vacancy is filled with the right candidate.
Organizations with a diverse hiring pipeline outperform their competitors by 35%, according to McKinsey & Company research.
Some of the problems a hiring pipeline can help you with include reducing time-to-hire and eliminating bias. Let us have a look at them in detail.
3 problems a hiring pipeline could help you identify
1. Lengthy time-to-hire
Time-to-hire is the time taken between posting a vacancy and filling the position. By reducing the time-to-hire, recruiters can streamline the entire hiring process and remove bottlenecks.
A report by Workable found that 55% of companies struggle to find top talent due to a lengthy time-to-hire process. This is quite an issue for most organizations as the hiring process is hampered by lengthy time-to-hire.
For instance, a position that stays open for a long duration can affect business goals and decrease the productivity of the team members. On the other hand, if the position is filled quickly can increase the revenue of the company.
2. Lack of qualified candidates
As a result of technological advancements, the World Economic Forum predicts that over half of all employees will have to reskill or upskill by 2025, increasing the difficulty of finding qualified employees.
Another common issue faced by recruiters is attracting the right candidate. Today finding skilled candidates has become quite challenging as the competition has grown. Outsourcing interviews can also help you get more qualified candidates quickly and effectively.
Recruiters can use a hiring pipeline that can help identify gaps in the candidate pool. With this, you can target newer recruitment strategies that can effectively help during the hiring process.
3. Poor candidate experience
Talent Board has reported that 41% of unsuccessful candidates share their dissatisfaction on online review platforms like Glassdoor and Indeed.
Also, candidates dropping out of the hiring process can negatively impact your recruitment efforts. By monitoring the drop-off rates at each stage of your pipeline, you can improve the hiring process.
Regularly getting feedback from the candidates can help you understand the gaps and build a better employer brand. This can further help build trust among potential candidates and improve the time-to-hire.
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