5 Reasons To Continue Developing Your Candidate Pipeline
Everywhere we turn we hear about how “The Economy” is causing everyone to
tighten their belts and hold off on making any decisions that may seem too
risky. It has quickly become the catch-all answer for almost every difficult
question that the corporate world is facing.
Q: Why are we letting so many people go?
A: The Economy
Q: Why is there a hiring freeze?
A: The Economy
Q: Why was it 60 degrees in December?
A: The Economy
Of course, not being able to afford to make a purchase is always a good reason
to reduce spending, but there are always those necessities that no matter how
tight our belt gets, we will find some way to get them. For the human body,
food would be such a necessity. And for companies, it is good, hardworking
people who keep the organization moving forward.
When times are slow, the typical company’s knee-jerk reaction is to slow down
on all processes. Expenditures are categorized as either necessary or unnecessary
and then prioritized. Finally, once every process seems contained and controlled,
they wait to see what the rest of the world is going to do.
Now to some degree, prioritizing makes perfect sense. The challenge is to make
sure you set the right priorities. But once you do, the key is not to wait and
see, but to take action.
Where reactive companies only see threats and danger, forward-thinking companies
perceive exciting challenges and opportunities. Rather than sit by and wait for
the walls to fall, they take advantage of the situation in order to gain momentum
so that they can experience a breakthrough. They know that the marketplace is
like a seesaw and that when one side is going down something else is coming up.
Furthermore they understand that The Economy is not a cause, but rather an effect.
If companies keep this in mind, they may very well find themselves in a position to
make significant gains during this time. For hiring managers and recruiters this
could mean finding a stellar candidate who may have otherwise been unavailable.
Below are five powerful reasons why companies that want to come out on top will
continue to develop their candidate pipeline.
Pipeline development is part of their growth strategy. You don’t wait until
it snows to gather firewood, and these companies don’t wait until they need a
hire to start identifying candidates who are equipped to be a part of their
They know that long-term hiring success requires a process. It is a
lot easier to keep a fire going than it is to start one, so these companies
will start an ongoing dialogue with candidates with the intention of making
an offer when the time is right.
A developed candidate pipeline removes major competition from the
equation. When the time to hire arrives, these companies either have
their offer prepared or they are at the top of the candidate’s mind.
This reduces the chances of a salary war.
Having qualified candidates on hand minimize delays in production.
Sometimes unforeseen events can cause the ball to be dropped. A
developed and managed candidate pipeline allows these companies
to rebound quickly and efficiently.
A company that is actively recruiting is considered a strong
company. By continuing to engage prospective candidates, these
companies strengthen their own company
among others in their industry and remain aware of other trends
within their market segment.
I’m sure that these five reasons are not all encompassing. Just think of
them as food for thought the next time you hear “The Economy” being thrown
at you as the catch-all answer for why people are not moving forward.