Looking for best practices - using pipelines vs candidate folders for recruitment

Summary

How and why does your organization use Pipelines and/or Candidate Folders?

Content

Our organization is working on strengthening our recruitment efforts in areas that are newly hard-to-recruit.  We are considering implementing Pipelines and/or Candidate Folders.

I'm looking for some feedback from other organizations who use these two features.  How does your organization use them?  What activities do you use each for, and why?  Do you have any recommendations?

Many thanks for any advice you can provide!

Allyson