Why a recruitment pipeline is essential in recruiting the best people
Your business is doing well, sales are through the roof, the problem is, growth has turned into an issue as your company can’t keep up. You need more people, and quickly. However, in an increasingly competitive market, good people are hard to come by.
Instinctively, the outcome is to hire the first person you find, but hiring someone who lacks skills, drive, or that doesn’t fit with your culture, will set you back. Most companies have no idea of the impact a single bad hire has on their business – data shows that the average cost of a bad hire is up to five times that persons’ annual salary.
It is second nature to think “Someone is better than no one, and even if they are no good, we can just replace them.”
The average cost of a bad hire is up to five times that persons’ annual salary
Throughout this process, you have also misspent valuable resources and time to coach and manage someone who has had at best, no impact on your business, when you could have spent this time coaching and developing a more junior person your team instead. At worst, the bad hire could have more serious impacts on your business, on your culture, within your teams, impacting on your best people, compromising them and their work – and potentially disengaging more people within your business.
Consider the fact that the average job interview lasts around 40 minutes. Also consider that CV accuracy is rarely anywhere near 100%. So, in a short conversation and with a piece of potentially compromised information, you are making a decision that could cost your company thousands.
If you want to grow successfully, you really have to proactively build a robust recruiting strategy. One that is focussed on proactively building a talent pipeline, rather than reacting to vacancies where the need to recruit quickly is more important than the quality of the recruit. Companies have no excuse for failing to invest in their hiring. It is the single most determinate factor of their ultimate business success (or lack thereof). This means investing in a hiring processes, interview training, and having strong collaboration between everyone involved in the hiring process. It means doing your homework outside of the interview process.
Today, the internet allows us to learn so much about a person before you even meet them. You need to invest in tools and resources to make sure you are finding, engaging, and ultimately hiring the people you really want working for you, not just waiting around for whoever happens to fall into your lap. By locking in the right talent early, you can create a rock solid foundation for future success. If you want to grow a strong company, you’ve got to hire amazing people.
By locking in the right talent early, you can create a rock solid foundation for future success
DUO builds talent pipelines for our clients, or teaches our clients how to do this within their own businesses. Reach out to us on firstname.lastname@example.org if you would like to hear more about how you can change your recruiting from reactive to proactive, and access the best talent.