4 Benefits of a Continuous Candidate Pipeline
According to compensationforce.com, an average turnover rate for all industries is 15.7%. Depending on your industry, this could either be higher or lower. Most companies must hire a baseline of candidates each year to keep their company the same size.
Below are our 4 benefits of a continuous candidate pipeline:
1) Shorter hiring period.
According to Thewallstreetjournal.com it takes 27.3 days to fill a job opening. This is the highest in 15 years and almost double the amount of time it took in 2009 to fill a job position. Candidates in your pipeline have already gone through several rounds of screening/interviewing which drastically shortens the time to hire. Hiring candidates with the right skill set can be fairly straight forward, but hiring candidates that are a precise match to your company culture can take a long time.
2) Saves time and money.
Shorter hiring period means less recruiting and job advertising costs. Shorter hiring times also put less stress on departments with vacant positions and can reduce overall turnover.
3) Acquire top talent.
Finding top candidates is challenging in the current job market. Interviewing constantly will allow you to look all year for top talent, rather than part of the year. The market reputation of your company will be one of growth, if you continue to interview. Current employees often worry about their chances for advancement when a company stagnates and does not hire. You are able to tap in to referral networks of candidates interviewing.
4) Helps to plan for the future.
If your company is adding departments or new positions, a candidate pipeline can help you prepare for this. Many companies go through a process of top grading, where they continually upgrade their lower performing employees with more highly qualified employees.