Everything you need to know about Talent Pool Management and its 5 benefits.
What is a Talent Pool?
A talent pool is a database of candidate profiles interested in working for your organization. It can be a mix of people who either applied before and weren’t the right fit at the time, people with specific expertise, through referral. Also, people with a more generalist profile, passive candidates, and former employees.
Need for an internal talent pool
An efficient reliable internal pool will help the recruiter to understand the required skill sets across departments in order to improve recruitment processes
Why your organization should build and maintain its own talent pool?
Creating an effective talent pool ensures that you have a repository of candidate resumes at hand that you can go through in case of an urgent opening in your company. It also helps to first check internally before reaching to staffing agencies.
Sourcing in today’s world is changing rapidly. There are many plugins, extensions, referral programs available from where you can source your candidates. You can also widen up the search to internal candidates, graduates to be as they are the ones who are aggressively looking for an opportunity. During the process, if you find any interesting candidate who seems like a good fit add them to the talent pool. This helps recruiter achieve their recruiting targets faster in the future.
Now that you have added your talent you need to continuously engage them with current happenings in your industry, new technologies developed according to the interest of the candidate,and inviting them to events you are arranging.
These are candidates who couldn’t make through your current position but can be beneficial in the future. Keeping track of such candidates and segmenting them based on their talents is beneficial.
There are high chances that these candidates are like a needle somewhere in your ATS(haystack). As you have invested a fair amount of time in these candidates to attract them to your brand you might as well utilize that to the fullest. Keep them interested in different content for example how they can work on your(their) skill set, some important interview tricks, feedback given to them in their interviews. Also, the reason why they weren’t hired will help you to find a relevant slot for these candidates.
Landing Page on your company site
Having an attractive yet simpler landing page attracts candidates to show interest in your company. It works as an invitation to your talent pool. Make sure you keep it easy and simple. Here is how Trivago does it, by letting candidates sign in with any professional account.
Keep looking in your talent pool whenever there’s a job opening. A regular check in the talent pool by skills will help you understand what kind of talent you have got and get to the right candidate to fill the right position.
Studies on diversity in the workplace have discovered that for every 1% increase in gender diversity, company revenue increases by 3%, having high levels of ethnic diversity increases revenue by a whopping 15%.
To achieve this diversity in the workplace company should organize more events, collaborate with websites, assess their background so that they could hire appropriate candidates which will increase the productivity and raise the revenue for the company.
Creating and nurturing talent pools of candidates that fit your requirements is the best way to make sure that your team is on track to hit diversity targets, and check that you’re getting sufficient ROI from your investments in diversity talent attraction.
Benefits Of talent pool
Here are some of the benefits of Talent pool:
Better candidate targeting
Talent pool segmenting is a tool to enhance candidate targeting. You can divide your candidates based on their skills, education, etc so that you can target only those candidates according to your opening.
For example, your company wants an intern for your digital marketing profile you will search only for candidates who have just graduated, someone with an experience of less than 3 years, someone who studies marketing in your talent pool. Hence you can optimize your search according to your requirements
Reduces cost on recruitment
As you already have your talent pool you tend to spend less on the marketing of your company’s job vacancies. You can select your potential candidate from your talent pool hence saving the marketing cost and the other overheads of the company.
Long term recruiting strategy
Isn’t having a succession plan or a further recruiting plan is what every company aims at? Of course, but in reality, your dream scenario tends to differ because of internal and external factors. Well, this is one of the main benefits of the talent pool as it gives you the idea of positions and profiles you got covered and ones you need to work on.
Reduces time on hiring
As the talent pool is already at your disposal you don’t have to look for a needle in a haystack. Processes like sourcing, screening, segmenting, and pre-qualifying of candidates are already done you just have to filter them and voila your prospective candidates are here.
Thus talent pools work as a reserve of interesting talent you can turn to when your company needs to fill a certain position using your time, money, and resources efficiently.
With Aviahire ATS you get features like weekly or daily reports, interview status, HR analytics which helps you keep a well-organized talent pool for candidates over time. So you can come back and target missed candidates in the future. Request a demo today
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