In 2020 it became clear that creating talent pipelines was one of the top priorities for talent acquisition leaders. The reason it remains this way is because almost no organisations know how to create sustainable talent pipelines in order to hire ‘in-demand talent’, that is the people who are in higher demand than there is available supply. ‘In-demand talent’ is different organisation by organisation, but what is common is that they are essentially passive and being continually approached with lots of different opportunities, so competition is tough, applications won’t get you where you need to go, so you have to be more proactive in how you interest, engage and convert them into hiring conversations and applications. This is why many companies are now investing in technology that can help them engage with and hire quality talent faster. Pipeline automation enables talent acquisition leaders to improve the overall recruitment process. In this blog, we will be looking at how recruiters can save time and money through talent pipeline automation.
Firstly, what is pipeline automation?
Pipeline automation is the process that enables talent acquisition teams to streamline their candidate communications and management initiatives by automating processes that were previously performed manually. This entails use of modern technologies like advanced tracking, machine learning and predictive analytics and can improve all stages of the recruiting process (candidate attraction, engagement, conversion and on-boarding). Pipeline Automation increases recruiter productivity by 25% on average, accelerates time-to-hire considerably, reduces cost-per-hire and improves the overall talent profile of an organisation.
How can talent pipeline automation save time and money?
Glassdoor UK research shows that an average employer spends about £3000 and 27.5 days to hire a new worker. Pipeline automation enables recruiters to automate repetitive candidate engagement tasks and workflows to cut down on both internal and external recruiting costs as well as shorten the entire recruitment process.
Here are some key areas where employers can save time and money with pipeline automation:
Less People Time
Pipeline automation tells you in real-time which candidates are most interested and who recruiters should focus on. This eliminates the need for cold calling a list of potential candidates to try and determine interest. By investing in the technology to automate all repetitive manual recruitment processes, companies are able to increase recruiter productivity by more than 25%.
Less Application Screening
Screening applications is time-consuming for recruiters as employers rely on them for their judgement. Pipeline automation brings forward the candidates that are most engaged, meaning employers don’t have to rely on applications. This frees recruiters to do what only they can do – undertaking quality conversations with ‘hire-ready’ candidates.
Less Third-Party Costs
It establishes a pipeline of ‘hire-ready’ talent that is engaged with your brand and brings forward the candidates that are the best fit and most engaged for recruiters to follow up with. This means employers can cut a whole host of third-party costs, including job boards and agencies.
DIY Candidate Engagement
Instead of outsourcing things like email templates and candidate engagement campaigns to expensive recruitment marketing firms or internal marketing teams, pipeline automation technology gives teams the ability to build candidate engagement campaigns themselves.
Simplifying Approval and Compliance
Sending candidate engagement campaigns often requires different levels of approvals, as well as compliance with various regulations, such as GDPR. Pipeline automation simplifies and standardises these processes, leading to fewer spreadsheets to track and update, better data accuracy and much less manual work.
Lower Administration Costs
Pipeline automation software allows companies to dramatically reduce administrative takes that waste a recruiter’s time, including re-entering data, updating documents, searching for information, manual reporting, etc.
Less Empty Chair Costs
Unfilled vacancies affect team morale and lead to a loss of productivity, burnout and hurt the bottom line. If prolonged, these “empty desk” costs can cost employers a significant amount of money and so are worth paying attention to.
Download our In-Demand Talent Playbook to learn more about what you can do to attract, nurture and convert in-demand talent through talent pipeline automation.