Optimize Your Talent Pipeline with Supply Chain Strategies
Similarities between supply chains and talent pipelines that could help you run your business better.
By: Sandra Sears
August 18th, 2023
Most businesses can’t run without talent. But too often, I see businesses being reactive when it comes to talent acquisition and management. I recently read an HBR article that suggested treating your talent pipeline in a similar way to supply chain management. The article pointed out: “With supply chains, you get what you plan for.” A well-planned supply chain can lead to reduced costs, improved customer satisfaction, enhanced competitiveness, and increased profitability for businesses.
Consider, then, how the positive aspects of supply chain management can be applied to the process of hiring and maintaining talent.
EFFICIENCY & TIMELINESS:
Just as supply chains aim to deliver products or materials to the right place at the right time, a well-managed talent pipeline ensures you have a steady flow of qualified candidates ready to fill job vacancies when needed. This reduces the time and effort required to find suitable candidates, and helps you quickly respond to changing workforce demands.
MITIGATING TALENT SHORTAGES:
Similar to the way supply chains plan for fluctuations in demand and supply, a talent pipeline can help your organization address potential talent shortages. By cultivating relationships with potential candidates in advance, you’re better prepared to fill critical roles when they become available.
REDUCING HIRING COSTS:
By maintaining a well-nurtured talent pipeline, you can significantly lower hiring costs, as the need for rushed hiring and expensive job postings diminishes.
Just as supply chains focus on maintaining the quality of materials or products, a talent pipeline gives you the luxury of being selective, not desperate, under pressure.
STRATEGIC WORKFORCE PLANNING:
Treating your talent pipeline like a supply chain involves strategic planning for future workforce needs. This allows you to anticipate skill gaps, plan for succession, and align talent acquisition with your organization’s long-term goals.
Sounds great, right? But maybe your business isn’t in the position to maintain a robust, quality talent pipeline. Or maybe your human resources team doesn’t have the resources to do so. That’s where a third-party staffing partner can be your best ally. At Staffworks, we’re in the business of building talent pipelines, to give you flexibility in hiring and the pool of high-quality candidates to fill those roles when you need them. Book a call with me to chat.