How much pain does a company feel when one of your top performers resigns and you don't have anyone to succession plan or fill their role? How disruptive is it to embark on a growth strategy but have no talent to fill key roles as your success creates them?
We see companies in pain all the time and it is largely due to a poor or under-invested talent strategy. I read last week that the average stay of an employee is currently 2.6 years and so long gone are the days of jobs for life or long stays. And so, we need to plan for all eventualities from the resignations of your top performers through to ensure you strategically plan the talent you need to deliver your growth objectives.
Talent pipelining is certainly a powerful activity that we use to build succession or employee growth plans for our clients. As part of their 3 to 5 year strategy planning, we sit down with them to understand what talent they need when and where. Armed with this information we are able to develop an on-going pipeline of qualified talent that we nuture until a relevant opportunity arises. Don't misunderstand me, we can't guarantee to always have the right candidate engaged and ready to join our client at exactly the right time. But, we won't be relying on just one candidate either!
In short, clients who move away from "panic buying" candidates, in order to quickly fill roles where someone has resigned, and invest in creating a talent pipeline, significantly reduce the risk on their business and increase the opportunity to achieve its business's objectives.
If you were buying a new house, I am sure you would want to look at a few different options over a period of time and not just buy the one that is available?
Here is another article we wrote about talent pipelining https://www.collingwoodsearch.co.uk/our-insights/recruiting-retaining-talent/what-is-talent-pipelining-and-why-it-is-a-better-option-versus-standard-recruitment/
Creating a talent pipeline is a long game requiring significant planning, with anticipation, preparation and prioritisation all key principles underpinning the process. It is of course inevitable that a company will need to replace a highly valued employee at some point, and this should be anticipated, with disruption kept to a minimum. “We often see companies in a ‘panic buying’ situation, which can end in the wrong hire or having to spend excessive amounts on interim or contract solutions,” says Susie Turpin, a director at Wilbury Stratton. “A strong and accurate talent pipeline allows companies to make the right hire in a short space of time and, most importantly, with a focus on diversity and future skills requirements.”