In businesses across an array of different sectors, talent is key. However, in today’s business operating climate, attracting top talent is becoming increasingly harder. Rather than spending months trying to recruit for certain roles, there is another approach that businesses can take.
Namely, spending the time to build and later, nurture a talent pool. Essentially a way of recruiting in advance, a talent pool means that a business always has a range of candidate options to call upon at any given time.
Taking the time to build a talent pool can provide both short and long term benefits to everyone in the business from HR and upper management to division managers and their subordinates.
Defining talent pool
A talent pool is essentially a hard copy or cloud based document that details top job candidates. These candidates could be sourced due to previous applications, they may also be referred individuals, back-up candidates or even students with an eye towards the future.
As a talent pool is essentially a long-term strategy, HR departments must approach talent pool management with a proactive mindset. By keeping in regular communication with talent pool candidates, information can be kept current and accurate.
The benefits of curating a talent pool
When it comes to building and managing a talent pool, it may seem like HR is dedicating resources unnecessarily. However, by keeping candidates up to date, there are benefits that can be enjoyed both short term and long term.
One such benefit is the fact that building a talent pool helps reduce costs associated with hiring. Rather than paying to post on job boards or social media, HR can reach out to candidates in the talent pool.
While a talent pool helps to keep costs associated with hiring down, another valuable resource is also saved- time. Instead of creating campaigns and sorting through unsuitable candidates, HR can directly approach a pool of interested individuals with the appropriate skill set.
Long term, having a talent pool means that there is a sense of workplace and even succession planning at play. Put simply, having a talent pool means there is a safety net against things like attrition and skills shortages.
3 steps to building a talent pool
Building a talent pool is a highly beneficial exercise. However, it’s worth noting that building a talent pool doesn’t happen overnight. Instead, this pool of talent must be carefully curated and then managed through means of targeted communication.
Step 1: Begin the search
When it comes to building a talent pool, a great first step is to look for candidates. There are no limits in terms of where to look. For example, previous employees may have stated in their exit interviews that they would be interested in returning for the right opportunity.
Along with previous employees, you can also input current employees into the talent pool. This means that you can promote internally should the right opportunity present itself for a current employee.
Applicants who have previously applied for a role should also occupy room in the talent pool. The same goes for candidates who may have been back-ups to the candidate you previously hired.
Step 2: Utilise HR management software
As HR is responsible for the employee lifecycle from hiring to administering benefits and the like, many HR employees will already be accustomed to HR management software. With this in mind, this software could sort through large recruitment databases for matching profiles.
By using this kind of software, HR can further build a talent pool. Importantly, other HR software can be used to help manage candidates. This helps to diversify the talent pool and also group candidates into the relevant skills and experience categories.
Step 3: Build a community
While it can be easy to input candidates into a talent pool, you can’t just leave them there. Otherwise, they may lose interest in your company, pursue other opportunities or potentially move into new professional fields or countries without your knowledge.
With this in mind, you have to build a community. This is done by keeping communications open. These communications might take the form of social media posts, newsletters or even emails. Essentially, this communication helps keep your brand front of mind and your talent pool current.
Building a worthwhile talent pool
HR have a variety of different functions to complete each day. With such an essential role to the employee side of business operations, maximising efficiencies is key. That’s where talent pools come in.
By taking the time to build and manage a talent pool, a time consuming task such as recruitment can be optimised. By having an up to date database of talent that can be easily contacted, HR streamline the hiring process while also improving hiring outcomes.
In an age where the window of the right job opportunity rarely lies up with the right talent searching for a job, a streamlined process is paramount. Especially when you consider the sheer number of organisations looking for employees in the modern working environment.
