I know a lady who is incredibly gifted when it comes to people and talent - Sarah Duggan. She once told me
"Sarah, don't have a talent pool. Think about talent as you would a valuable resource like revenue. Without revenue you have no business. Think about building talent pipeline - not pool".
It's always stuck with me and subsequently I'm building Tribal around that very philosophy - building an extended tribe of contractors (pipeline) who then may or may not move into the core tribe (employees).
But where do you find talent?
Well, the logical place would be to advertise a job on career sites. Maybe offer an employee incentive scheme internally. Perhaps even hire a headhunting agency.
I'm no recruitment expert but when I read articles like the one below, it makes me think that employee advocacy could have a huge impact.
Research shows that employee referred candidates:
47% of referred employees stay in your company for at least 3 years compared to job boards (14%)
Come in 55% faster than those sourced through career sites
Are cheaper to hire - up to 75% cost reductions can be generated via inbound recruitment strategies
Are quicker to process - a referred candidate takes about 29 days to complete compared to job posts (39 days) and career portals (55 days)
On the surface, this looks to be the most sensible choice. Why would you not drive all your recruitment this way?
The issue is reach. Currently only 6.9% of all applications come via employees - in most cases, this is not enough to fill the talent pipeline.
What do you need? Reach and scale.
When the collective average of your employee social media channels are 10x the size of your brand social media followers, you need not look much further than to your employee advocacy program as a source of scale.
46% referred candidates stay in your company for at least 3 years – but just 6.9% resumes come via referrals. Employee referrals are a time-honored hiring route – imagine the co-founders of a tech startup, looking to hire their third employee. Or a large organization with high retention rates, where recruitment has plateaued at senior levels. Does it make sense to wade through tens of career sites and hundreds of resumes, to choose that one, ideal employee? Referrals are a great way to fill positions with user-specific requirements, while also cutting down on costs and timelines. Employees hired via referrals come in 55% faster than those sourced through career sites and this could make a world of difference for competitive firms, tight schedules, and demanding product development pipelines .