Talent pools are becoming an increasingly popular resource for talent acquisition across a variety of organisations. A talent pool is a database of candidate profiles interested in working for your organisation. They could be limited to a specific area of expertise, or focused on a broad grouping of individuals who are capable of performing a variety of job tasks. There are a number of reasons talent pools are being common place in organisations:
- To reduce the cost of recruitment: Whilst talent pools take time to build, if they are done correctly they greatly reduce the cost of recruitment because they can eliminate the need to advertise. A recent study found that recruitment costs could be reduced by up to 50% when using talent pools.
- To reduce the time to hire: When using talent pools you can reduce time, as the work of screening, selecting and prequalifying candidates is done for you. Talent pools allow you to move quickly to fill the role with the right candidate with minimal impact on other employees and the running of business day-to-day. Research has found that 50% of organisations using talent pools had reduced their time to hire.
- To identify quality candidates for the future: Having a strong talent pool can help you identify potential external candidates before the role needs to be filled. A good talent pool will be one that is continually connecting with talent and updating information, as well as bringing in new diverse talent.
Whether you are looking to speed up the recruitment process, reduce cost or identify skill sets a talent pool could be the answer for your organisation. Employment Office has been building a Sales Executive talent pool over the past few months and has already seen the positive impacts.
“Since we started treating recruitment as a sales process we have been able to funnel talent into one database, our talent pool. As a result we have reduced time and costs whilst nurturing and developing relationships with candidates.” Tudor Marsden-Huggins, Employment Office Managing Director.
Creating a Talent Pool
There are a number of different resources organisations can use to develop talent pools and a number of factors for consideration. The most important are:
- Data collection: It’s important to plan how you are going to collect and manage candidate profiles. Will you use Applicant Tracking System software or manually collect data?
- Use an “Expressions of Interest” form. This is a quick and simple way for both passive and active job seekers to express their interest in working for your organisation.
- Regular advertisements posted throughout the month will keep your presence in the job seeker market and will result in a steady stream of applications.
- Utilise social media: Interact with potential employees through social media channels, such as Facebook, LinkedIn and Twitter.
- Implement Google Adwords campaigns to increase brand awareness.
To get the most from your talent pool it’s important to put a plan in place to keep your candidates warm and well –informed. A structured process for reviewing applications within reasonable time frame should be put in place, which includes how often you will communicate with candidates and whether you will inform unsuccessful candidates. Remember to set clear expectations from the start.
Talent pools are a proactive recruitment initiative that will help your organisation select the best candidates in a shorter time frame. You will develop candidate relationships and have the opportunity to fill positions as they become available instead of scrambling to find the appropriate candidate each time. Although they may take some time to build and develop, over time the benefits will far outweigh any negatives.