5 Benefits of Building a Talent Pipeline

The senior living / long term care industry remains a fiercely competitive environment. Attracting and retaining top talent is so crucial that many organizations are recognizing the need to stay ahead of the curve by adopting proactive talent acquisition strategies such as a talent pipeline.

What Exactly is a Talent Pipeline?

A talent pipeline is a database of potential and often passive candidates who you have previously engaged with and who are qualified to fill future roles that might open within your company. It’s a very proactive strategy when you consistently add candidates to your pipeline even when you’re not actively hiring.

5 Benefits of Building a Talent Pipeline:

-Reduces Time to Hire. According to a report released this month by the Josh Bersin Company and AMS, a workforce solutions firm, the amount of time it takes to hire a new employee reached an all-time high of 44 days in 2023. If you have a pool of qualified candidates already, you could fill a position quicker. Taking 44 days to hire is risky. In that amount of time, you could lose your top candidates to a competitor.

-Reduces Cost per Hire. A talent pipeline can result in a cost savings since you’re not starting from scratch. It can help you to save money by avoiding traditional recruiting approaches. Talent acquisition can be pricey when you consider the fees for advertising and prolonged vacancies plus time devoted to multiple interviews.

-Improves Quality of Hire. Building a talent pipeline allows organizations to thoroughly assess candidates over an extended period of time. This way, when a position becomes vacant, you’re not short on time and limited to the candidates who happen to be looking for a job at that particular moment. You can choose from those candidates in your talent pipeline who have already shown interest in joining your organization.

-Increases Competitive Advantages. A strong talent pipeline can provide you with a significant competitive advantage. By staying ahead of the curve, you can select from a pool of highly qualified candidates and thereby, have the right people in place to drive growth and innovation. Plus, your organization can respond more quickly to changes, and outperform your competition.

-Increases Diversity. When you build a talent pipeline, you can attract a more diverse group of candidates. It allows you to target your recruiting efforts to those who may be underrepresented in your industry. Maintaining a diverse and inclusive talent acquisition process helps strengthen your employer brand, raise your firm’s reputation, and increase both innovation and employee retention.

It’s clear that a talent pipeline is highly beneficial to your hiring efforts. But how can you fill your pipeline with great candidates? As senior living / long term care executive recruiters, we recommend the following: 

-Consider internal employees for future promotions

-Website career portal

-Employee referrals

-Colleague referrals

-Job fairs

-Conferences

-Past candidates who were a good fit but didn’t get the job

-Networking events

-Social media

-Internships

-Former employees

-Recruiting firms

Building a talent pipeline prevents you from starting from scratch whenever you need to fill a position.  With a pipeline of qualified candidates, your hiring team can quickly identify who might be a perfect fit for the position.

ABOUT JULIE RUPENSKI

Julie Rupenski is the Founder & CEO of MedBest Recruiting. Since opening its doors in 2001, Julie has grown MedBest into an award winning, multimillion-dollar national firm, garnering impressive awards including INC 5000 2021 and Tampa Bay Fast 50 2021!  This year, Julie was named as one of the “Top 100 Women Leaders in Tampa 2022″ by Women We Admire.

MedBest has gained national recognition due to Julie’s industry expertise and high level of success. Julie has an in-depth knowledge of the senior living industry.  She previously worked in operations for both senior housing and senior living prior to founding MedBest. Today, Julie and her industry-savvy team of recruiters, make it their mission to place exceptional industry executives in senior living positions where they have the greatest impact.

Julie’s industry articles and interviews have been published in Provider Magazine, Argentum Quarterly, LeadingAge Magazine, McKnight’s Senior Living, Florida Senior Living Association, Florida Health Care Association, Florida Assisted Living Association, LeadingAge Florida, LeadingAge Indiana, LeadingAge Oregon, Virginia Assisted Living Association and the Pennsylvania Health Care Association.

Julie earned her degree in Gerontology at the University of South Florida, Tampa, Florida and continues to cultivate her career through senior living conferences, forums, trade shows, and expos.

ABOUT MEDBEST
MedBest is an award-winning national Executive Search Firm exclusive to the Senior Living Industry. For more than two decades, we have connected senior living organizations with exceptional senior living executive talent for both permanent and interim roles. MedBest was named as one of American’s top companies by Inc.5000 plus we are a Tampa Fast 50 Company!