Until fairly recently, efficient talent acquisition rested on a number of in-house or third-party HR specialists, which put startups at a disadvantage. Compared to the HR departments and resources available to big companies, startups have a hard time competing for the crucial talents scaling businesses need.
That is until talent pipeline automation came in.
Hiring talent is one of the biggest concerns of businesses, especially startups. Unlike a talent pool that consists of interviewing available job seekers today, talent pipelines are more forward-looking and can future-proof your company. This is because they let you access a wide array of pre-screened candidates for your future needs. On average, it takes approximately 28 days in the UK to fill positions, while an automated talent pipeline software can cut this time by a quarter.
In this article, we’ll discuss why talent pipeline automation will be a crucial investment for your startup.
Curb that rate
While the national average of turnover rates in UK businesses is around 15%, this is much higher in startups where long hours, fast-paced work, and gruelling deadlines are the norm. For example, a report from Wired found that over 80% of employees in one of the top UK-based fintech startups lasted less than a year. Over half of their employees didn’t even make it more than six months. An effective automated talent pipeline can find the best-suited candidates to reduce the chances of disruption, output delays, and possible failure.
One of the biggest challenges to success is growth marketing. TechCrunch highlights that hiring digital marketers for startups is becoming more complex as they are required to be multi-disciplinary executors. The site suggests that you combat this by “recruiting past founders whose startups have recently failed”. Not only will they be effective growth marketers they will also have experience in developing startups that you can use.
While developing a product or a service is at the core of every business, putting them in front of your potential clients is a crucial crossroads of success and failure. Ayima Kickstart points out how small businesses need to overcome many digital marketing hurdles if they are to successfully generate traffic to their websites and attract the right clients. These hurdles include product-channel fit and engaging content, among others, which requires high levels of industry expertise. An automated talent pipeline helps in this regard as you can target a very specific group of candidates. This will allow startups to have a better chance of finding a future employee, like former founders of startups, with the necessary digital marketing skills.
Securing your data is a major concern for startups and large corporations alike, but the labour market for cybersecurity professionals remains highly competitive. Tripwire reports that less than a third of open cybersecurity positions are being filled. As this skills gap widens, the increased competitive rates—that have grown by at least 7% in the UK – put startups at a disadvantage. An automated talent pipeline will give a startup a head start in finding the cybersecurity experts needed before their competition does.
Core talent and management
With over 70 businesses being formed every hour in the UK, it’s not surprising that a lot of startups go under. But the rate they go bust—60% within three years—is alarming and far higher than other OECD countries. The Telegraph states that good management practice has become the main predictor of startup success. However, finding core talent and good managers requires a strenuous hiring process, not to mention timing. That’s why having an effective automated talent pipeline gives you access to a large pool of ready-to-hire pre-screened talents at any given time. With qualified candidates having more choice and flexibility than ever before it is vital that startups have the means to not only find the best talent but also attract them to their company. In today’s ruthless business world the company with the best employees is more likely to succeed and grow.