Adam takes a look at the advantages of Talent Pipeline Software in Ultra-Competitive Markets
Last week I had two meetings in Frankfurt, one with a digital employer and a strategy consultancy and both have precisely the same challenges – how to get people from the competition to consider jumping ship. They’re both working in fiercely competitive candidate-driven worlds. Both are facing competition from traditional opposition as well as in-house teams and new market entrants as worlds collide. Sound familiar? To create competitive advantage you need to really understand the total addressable market; everyone you might want to interview now or in the future. To do this, it’s important to roll out the red carpet, build relationships with people who aren’t looking for jobs currently and to inspire potential candidates even when you’re not hiring. That way, you will have a warm bench of candidates every time a vacancy arises.
To do this at scale however is a big challenge. Unless you employ an in-house team the size of a large recruitment agency you can’t cover the ground required to constantly nurture everyone you might hire now or in the future.
You can however use talent pipeline software to nurture the total addressable market and generate insights which tell you exactly which people are warm to working for you at all times. In order to achieve this, you need to acknowledge various presuppositions:
- Only 20% of people are in the market for a new job opportunity so to get the optimum shortlist you need to create acknowledgement with and nurture the other 80% so they would want to interview with you even though they are otherwise not in the market
- Hiring managers (not recruiters) are best placed to build relationships with the 80% who are not currently in the market for opportunities since they are useful and relevant outwith periods of recruitment
- For those who aren’t currently in the market, they don’t want to see your EVP messages or job descriptions. They do however want you to share things with them which will help them get ahead in their careers
- For those who are starting to look outside their organisations, they want you to help them present themselves in the best way and will love you to send them the best ways to present their CVs, prepare for an interview and more
We segment the stages of a candidate’s journey as follows:
- ‘Awareness’ = aware of you as a potential employer
- ‘Education’ = taking a look at you as a potential employer
- ‘Consideration’ = sizing you up against a small number of shortlisted employers
- ‘Decision’ = working out whether or not to take the interview with you
Within these 4 combined stages, we estimate a candidate will make 16 touch points with your organisation before you actually speak to them in person. It’s easy for you to mess up during this journey so candidates in these different stages need different content from you to remain inspired. Here’s a sample:
Follow this kind of model and you aren’t pissing people off with job descriptions when they aren’t in the market and at the same time, you’re giving all the best information and real calls-to-action to those who are.
- Make strong use of hiring managers to attract the total addressable market to your talent pool and don’t overtly tell them they’re in ‘a talent pool’ – “JOIN OUR TALENT POOL NOW” just doesn’t work any more; candidates have more options than ever so you need to court them and not the other way round
- Utilise talent pipeline software to understand which people are at the different stages of ‘awareness’, ‘education’, ‘consideration’ and ‘decision’
- Automatically distribute personalised content to candidates which is appropriate to their needs
- Strike while the iron’s hot; put your arms around the people who are warming up to career opportunities before they make contact with anyone else
To discuss talent brand or talent pipelining, contact me email@example.com