Companies investing in talent pipelines to reduce cost and time
PTI Oct 28, 2012, 12.45PM IST
MUMBAI: With increasing competition among organisations and expansion of existing Establishments, companies are building ‘talent pipelines’ that help them to fulfil their Immediate hiring needs, according to experts.
“An organisation needs to maintain a steady stream of people to turn to for future hiring needs. This is called talent pipeline. Firms invest time and money to find potential recruits, encourage them to join and engage with them, re- engage them and hire them if they are good fits when there is a good opportunity,” CareerBuilder India Managing Director Premlesh Machama told PTI here.
This enables companies to prevent committing mistakes while hiring to fulfil immediate need. Also, referral programmes are being used by many companies to build an effective talent pipeline, Machama pointed out.
Most of the IT services and related companies nurture talent pipeline for entry to mid management levels, he said.
Echoing the view, Sunil Goel, Director of GlobalHunt, an executive search Company, said recruitment has always been a costly affair and having an engaged talented pool of candidates can save a company a lot of time and money in time of immediate and unforeseen need.
“Companies focus on building talent pipeline to excel in the competition for top talent, which is getting intense day by day. Ready pools of qualified and willing candidates are the determinant of a company’s future success.”
Having a ready pool of talent minimizes the hiring time, ensures performance From day one and also better retention rates and less attrition, Goel added.
The trend began in new age business and sectors like IT, ITES, banking, pharma and services companies, he said.
New sectors like aerospace, retail and e-commerce are also venturing into Keeping a talent pipeline, Goel pointed out.
Companies, Goel said usually keep about 10-20 per cent applications of the total Strength under talent pipeline. This rate is bound to grow as it also helps a firm to expand their business. Talent pipeline is likely to grow by 10-15 percent every Year, he added.