Is There a Disconnect in Your Talent Pipeline?

disconnectMany organizations are reporting a serious disconnect between the hiring and selection process, and long-term talent management. Top talent is today’s competitive differentiator that makes the difference between an organization that is thriving and one that is stagnant or declining.
To succeed, companies in all industries, particularly knowledge-based enterprises, have a number of key positions that require fully engaged top talent with the capacity to achieve measurable results. It takes a team of fully engaged top talent to produce innovative solutions to their client’s problems and to accelerate progress to sustainable growth.

You must have the right people with the right skills in the right position at the right time. To ensure the necessary job-talent fit, your organization must build critical talent pipelines.

Here are the five essential factors to consider for an effective Talent Pipeline Strategy.

1. Establish the talent requirements of all key positions.
2. Build talent pools by assessing internal and external candidates.
2. Determine the gaps between available talent and what is needed.
3. Implement a variety of acquiring the talent to fill those gaps
4. Continuously monitor and refine your pipeline strategies.
5. Evaluate other factors that may affect the creation of your talent pools including volatility of the economy in a specific market segments and scarcity of specific skill sets—frequently referred to as the skills gap.

Benefits of an Effective Talent Pipeline Strategy

A study by the U.S. Chamber of Commerce found the benefits from using effective talent pipeline management practices included a reduction in skills gaps and a better-prepared workforce for employers, improved partnerships and job placement outcomes for education and workforce partners, and higher returns on education and workforce investments for all stakeholders.

The Chamber of Commerce study concluded that it is time for business leaders to implement a workforce strategy for our time, not one designed to address the skills gaps and talent needs of the past. Today, the business environment is constantly changing and there is a lack of flexibility and responsiveness from education and workforce systems in producing top talent. It is essential to implement a new demand-driven strategy that can address the need for talent.

Action Step

Be certain your talent pipeline is thoroughly connected and make the necessary repairs to your hiring process.

Click on the following link for a copy of the Special Executive Summary Report, Top Three Reasons Hiring Processes Are Broken and What To Do About It.

Click here to download the special report.

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