The benefits of talent pooling

The benefits of talent pooling

Finally, clients are starting to hire or saying when they are looking or expecting to hire (May, June, September) so ‘Talent Pooling is back in vogue. What a weird year this has been (2023) so far.

Although talent pooling has existed for a while, companies are starting to use it to its full advantage. Talent pooling has many benefits for both companies and recruiters and can aid both in finding the correct talent for the job faster.

Let’s look at why search firms should use talent pooling and the benefits they might obtained from doing so.

What is talent pooling?

In short, a talent pool is a mini database of candidates for a specific role. There can be many different kinds of talent pools, but overall, a talent pool acts as a concentrate of candidates going for the same jobs or similar, with a specific skillset and experience. A few examples of a talent pool can be top candidates for a specific job, or it can be a database of candidates who have applied, already worked, or have been recruited for similar jobs in the past. Website tech target describes a talent pool as ‘a database of potential job candidates that have the potential to meet an organisations immediate and long-term needs’ (Thibodeau, 2022). This implies that the individuals within the talent pool apply to the workings, procedures and code of ethics of the particular company they are in contact with; they are a pool of people who are of best fit, people who are able and capable.

How to build a talent pool

There are many ways companies and recruiters can work together to build their talent pool. As always, building a talent pool usually starts from looking internally within the company. Here are some ways one can build their talent pool:

·????????What goals and aspirations does the company want to achieve? What is the company missing? What are the long-term goals of a company? These are all questions HR or recruiters should ask themselves before creating a talent pool. ‘The goal here is to identify the competencies needed to make those strategies happen’ (Lauby, 2018). This way, the talent pool created will be customised and aligned with where the company sees themselves in the future. Hopefully the individuals within the talent pool, and the person who ends up being employed by the company, will have obtained the skills the company is looking for to further their business and achieve organisational success.

·????????Can the employees you have be of any help? Look within management teams and identify what skills and strength they possess. Creating an internal talent pool may suffice, or one may end up finding gaps that need to be filled. ‘Organisations can accomplish this step using a variety of techniques, including performance reviews, assessments, multi-rater feedback, and interviews’ (Lauby, 2018). We also use ‘Job Surveys’ and match these with candidate behavioural assessments to ensure the behaviours match what the client is looking for. This leads to an even more precise database of external candidates created who have the skills, experience and behaviour the company is missing.

·????????Manage the talent pool, whether internal or external. Externally, regular check-ins with candidates from recruiters about their status on positions and new opportunities is an essential step to undertake. This keeps your talent pool warm and builds a long-term relationship with candidates. Internally, creating training days where individuals within the talent pool can improve on their skills can be a great way for organisations to improve from within.

·????????Create an easy to join talent pool. Even if a candidate is passive but wants to stay up to date with new job opportunities that may be of excitement to them, creating a page where they can easily join and receive notifications of new openings is beneficial at maintaining one’s talent pool (Harver, 2022).

·????????New-to-the-market candidates (graduates and students): A good technique for recruiters and companies to use to tap into future top talent is getting university students and graduates to join their talent pool. ‘While students usually aren’t looking for a full-time gig yet, they often do want to work part-time. Either for the money or to start exploring what they’d like to do when they hit the job market or both’ (Harver, 2022). This is a great way for companies to access the next generation of top talent to keep their organisation relevant and competitive.

The benefits of having a talent pool

We have already touched on some great benefits of companies creating a talent pool. However, some other ways it can be of great aid is:

·????????Reduces hiring time: Talent pools act as a database filled with candidates with the abilities needed for a job- a talent pool is a pipeline for a company (Evalground, 2022). Recruiters would have already built a relationship with the individuals within the talent pool, therefore, when the right job becomes available for the right candidate, there is no excess time required to build a relationship with the candidate. They are put forward for the job and hired quicker than a researcher being given a spec and having to find the right person and develop a relationship from scratch with that individual.

·????????Better concentrate of candidates: ‘When you divide your candidates into different groups based on certain talent pool segmentation criteria, you can target your candidates more precisely’ (Zojceska, 2018). This leads on from the first point. Because a recruiter has already obtained a pool of qualified candidates, there is a better pick to choose from and therefore a faster hiring process.

·????????Lowers costs: Whether this be the cost of time a recruiter spends on finding their candidates or whether that is the cost on how much a company spends on a recruitment agency. A talent pool can be a quicker, cost-effective way at finding the right person for the job. ‘Proactive hiring reduces the cost of hire by giving you direct access to a Talent Cloud and Talent Pool of willing and interested candidates, instead of having to wait for applicants to respond to a job application’ (LiveHire, 2022).

·????????Talent pooling is beneficial in diversifying and creating an inclusive organisation: A talent pool attracts ‘anyone regardless of gender, race, and other diversity groups. Because Talent Pooling disrupts the traditional method of applying for a specific role with a specific criteria, it encourages a larger proportion of diverse candidates to apply, eliminating the fear of not matching all the job requirements’ (LiveHire, 2022). This implies that many different types of individuals feel able and are willing to interact with a talent pool. This is great in implementing a range of different diversities into a business and can be progressive for companies in understanding and including different cultures and attitudes into their workplace procedures. In fact, hiring a diverse workforce can keep businesses relevant, competitive, and liked by their consumers.

·????????An improved candidate experience: With talent pools, candidates face the fear of rejection less regularly. They know that what they don’t receive is based on the fact the job is not of best fit for them, compared to them being rejected from a role because they are not of best fit for the company. Furthermore, ‘contacting a candidate after promising to keep their details on file can be hugely motivating and have a positive impact on their perception of your brand as an employer’ (Ref, 2021). This implies that the candidate being contacted after having their details put into the pool can be reassuring, creating a positive relationship between the candidate and the recruiter. It implies the recruiter knows what they are doing and are aware of the candidate and what best fits them as an individual.

To conclude

In conclusion, there are many benefits having a talent pool can give to a company or recruiter. Today, companies are looking for specifically skilled hires, and candidates are tired of a long, drawn-out interview process. Obtaining a talent pool can aid both ends of the relationship in getting what they want out of a job hire.

Talent pools are effective at grabbing the attention of passive candidates, and even individuals who are not even on the job market yet such as students. Furthermore, by recruiters using a talent pool, it opens up their job search to a range of diverse people who may be beneficial at creating a new, fresh perspective for an organisation and its management.

It provides the time to put the rigor in to ensure that you get a ‘short list’ of candidates with the right skills, experience and behaviours that match what the client is looking for. If you can’t slip a piece of paper between the candidates, then we have delivered a ‘short list’ of hireable candidates who are all capable of doing the job.

References:

Evalground. (2022) Benefits of Building A Talent Pool. Available at: https://evalground.com/blog/benefits-of-building-a-talent-pool/

Harver. (2022) 9 Ways to Build And Manage Your Talent Pool. Available at: https://harver.com/blog/talent-pool/

Lauby, S. (2018) 4 Steps for Developing a Talent Pool. Available at: https://www.shrm.org/resourcesandtools/hr-topics/talent-acquisition/pages/4-steps-for-developing-a-talent-pool.aspx

LiveHire. (2022) The Importance of Talent Pooling. Available at: https://www.livehire.com/us/blog/importance-talent-pooling/

Ref. (2021) The Importance of Talent Pooling. Available at: https://www.xref.com/blog/the-importance-of-talent-pooling

Thibodeau, P. (2022) Talent pool. Available at: https://www.techtarget.com/searchhrsoftware/definition/talent-pool

Zojceska, A. (2018) Top 10 Benefits of Proper Talent Pool Segmentation. Available at: https://www.talentlyft.com/en/blog/article/227/top-10-benefits-of-proper-talent-pool-segmentation