Replacing employees is expensive. The 2017 retention report says that it costs about $15,000 to replace an employee making $45,000.
To save on high costs, energy and resources, your team needs a talent pipeline.
A talent pipeline is a group of professionals who are ready to fill future positions that your company will need. It requires the act of switching from passive recruitment to active recruitment. Meaning, instead of waiting until an employee gives their two weeks, you are consistently in the recruitment process.
Talent pipelines are important to have in place to fill hard-to-replace positions like upper management or jobs, like sales, that have high turnover rates.
You can start by steadily planning the future structure of the company and building a network of professional relationships. Be strategic and follow these 5 talent pipeline recommendations.