IMPORTANCE OF HAVING A TALENT POOL IN AN ORGANIZATION

(Martic, 2018)

What is Talent Pooling?

A talent pool is a list of prospective employees who have previously expressed interest in working for your company. When properly managed, it turns into a treasure trove of knowledge for anyone looking to join the company. By giving recruiting teams access to the information that will allow them to proactively reach out to eligible prospects, it avoids the need for them to start from scratch with each new employee. A strong talent pool will have a range of information on each candidate, such as:(Talent Pooling: Benefits and Best Practices｜ Improve the Process, 2001)

• How they are known by the company
• What roles they are ideally looking for in the future
• What their key strengths are
• Where they are currently working  
• How they are perceived in terms of their suitability and fit

The benefits of talent pooling

The key benefit of an effective talent pooling strategy is that it provides rapid access to a number of engaged and appropriately skilled individuals when your organization needs them most.(What is a talent pool?, 2021)

How to build a Talent Pool

1.      Start With Candidate Sourcing 

Candidate sourcing means proactively finding job seekers who meet the minimum requirements.

 Essentially, the candidates you invest time in are at least qualified for the role.

 It’s effective for making sure all skilled workers reach the interview stage and are moving forward in the recruiting process. Plus, you’re appealing to both active and passive job seekers so that you’re not limiting the search for ideal talent. (Martic, 2018)

 Here are a few examples of where you can start:

• ·        Create a compelling job description 
• ·        Advertise on job boards 
• ·        Promote on social media, e.g. LinkedIn
• ·        Use an applicant tracking system (ATS)
• ·        Participate or host (virtual) recruiting events

2. Focus on Recruitment Marketing

Using recruitment marketing, you may build a group of supporters who share your cultural values 

Concentrate on producing material that demonstrates the human aspect of your brand and the office atmosphere. This creates a psychological bond with potential prospects.

 

 Additionally, it supports a diverse and inclusive workplace, which can persuade more individuals to apply.

 You are undoubtedly establishing a solid reputation and creating employer branding. It can raise your chances of luring your ideal talent on the surface and through word of mouth.(Martic, 2018)

3. Stay in Touch with Applicants and Previous Employees

All applicants have a degree of potential.

 That doesn’t just include those in the current pipeline. It includes previous applicants that didn’t get past the candidate assessment or interview stage. More importantly, this also includes former employees.

 If they lack a particular skill, it doesn’t mean they’re not worth investing in.

 Sometimes, there are gaps that can be bridged, which can lead to long-term advantages.

In another case where they’re not the best fit for one job opening, they could be a stronger fit for another similar role. When the time comes where that position becomes vacant, you’re able to fill the need faster since you’ll have a list of contacts to reach out to.

4. Use Candidate Assessments to Bridge the Skills Gap

It's crucial to adopt a data-driven strategy. For instance, while making employment decisions, employing AI and contemporary technologies eliminates subjectivity and unconscious prejudice.

 Not just the candidates on your list are affected by this.

 However, you may also provide quick tests to current workers to see where there are skills gaps in your company. As a consequence, you can determine how adding the proper people with certain skills would enhance the performance and cohesion of the team.

There are more prospects for hiring talent if you have a plan in place for bridging such gaps.

5. Focus on Hiring Graduates

Some students and graduates could be looking for an internship, placement year, or a new job opportunity.

 Even if they don’t have all the experience and attributes of your ideal candidate, it doesn’t necessarily mean they’re not skilled enough for the job.

 In fact, hiring a graduate comes with competitive advantages such as:

• Gain a different perspective
• Lower salary costs
• Strong cultural fit

Since graduates have limited experience in the corporate environment, it also means they don’t have many workplace habits. In other words, you can mold them into your own so that they become the ideal employee you’ve been looking for.(Martic, 2018)

The main benefits of talent pooling are:

Lower recruitment costs Organizations may avoid using agencies and the 20% to 40% fees they charge by filling jobs themselves or with the assistance of a reputable managed service provider.

Reduced time-to-hire  The time it takes to fill your vacancy can be significantly cut short if you have the ability to approach known, qualified candidates without having to use recruitment agencies.

Enhanced reputation According to research, candidates who have a good experience will tell their friends about it, which will help you find more qualified candidates.

Faster onboarding Individuals are pre-vetted, assessed, and prepared to be onboarded because of their prior interaction with your company, whether through employment or an interview.

References

Martic, K. (2018) How to Build an Effective Talent Pool: 5 Easy Ways, Medium. Available at: https://medium.com/hr-blog-resources/talenthow-to-build-an-effective-talent-pool-5-easy-ways-1361c96e2aef (Accessed: November 28, 2022).

What is a talent pool? (2021) Guidant. Available at: https://www.guidantglobal.com/news/what-is-a-talent-pool (Accessed: November 28, 2022).

Talent Pooling: Benefits and Best Practices｜ Improve the Process (2001) Talent Pooling: Benefits and Best Practices｜ Improve the Process. Available at: https://www.xref.com/blog/the-importance-of-talent-pooling (Accessed: November 28, 2022).

Martic, K. (2018) How to Build an Effective Talent Pool: 5 Easy Ways, Medium. Available at: https://medium.com/hr-blog-resources/talenthow-to-build-an-effective-talent-pool-5-easy-ways-1361c96e2aef (Accessed: November 28, 2022).