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The behaviours and expectations of candidates are constantly changing and with a wealth of job vacancies available at the click of a button, more often than not candidates will apply for multiple roles at the same time. And for each application, whether they're successful or not, they want to move quickly and have very little time for slow and archaic recruitment processes.
So, imagine how much your organisation would stand out from the crowd if you proactively approach a candidate, rather than waiting for them to find your opportunities?
The truth of the matter is, if you’re on the back foot and always relying on reactive hiring, you’re likely to be losing out on the best talent. Creating a talent pool of people you know could be a great fit for your business and are happy to hear from you about suitable vacancies, makes those initial conversations much easier to come by. It also means you'll always be able to connect with the right candidates, without having to go through long and gruelling recruitment journeys.
In this blog, will dive into talent pooling, what it is, some of its benefits and best practice approaches.
A talent pool is a database of potential candidates who have previously shown an interest in joining your organisation. When managed well, it becomes a goldmine of information for anyone recruiting into the business. It prevents hiring teams from having to start from scratch with every new hire, by providing access to the details that will enable them to proactively reach out to suitable candidates. A good talent pool will include a variety of details about each individual, including:
Talent pooling is critical to hiring quality, diverse talent, faster. You can add suitable talent to your database and engage with them even if a role isn’t currently available. So, when a role does come up, you’ve got great candidates to call on instantly.
Here are five key reasons why you should be adding talent pooling to your hiring strategy:
It’s important to emphasise the value of ‘live’ talent pools. Because they are ‘live’, candidates’ profiles are up-to-date with skills, availability, and experience. Not only does this improve productivity, but it also reduces the need for manual admin, allowing you to focus on other aspects of your role.
Talent pooling improves the candidate experience by removing the need for rejection. Adding candidates to a talent pool, rather than rejecting them on the basis of a specific job opportunity, ensures they are aware you're not saying "you're not right for our business" but rather, "you're not the best fit for this role, at this time." Similarly, 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.
Talent pooling encourages diversity across the workforce with the proven ability to attract anyone regardless of gender, race, and other diversity groups. It disrupts the traditional method of applying for a specific role with specific criteria, and allows for a larger proportion of diverse candidates to be considered.
With a well-managed talent pool, you will hit the ground running with every new hire. Forget having to rely solely on the traditional approach of working your way through applications to identify suitable candidates and, instead, find the right talent in your talent pool and approach them directly. Talent pooling candidates will allow you to not only reduce the number of applicants rejected but also reduce the time to hire with fewer applicants to review and engage with.
Proactive hiring reduces the cost per hire by giving you direct access to a community of willing and interested candidates, instead of having to put money behind ads and other recruitment marketing tactics, and waiting for applicants to come to you. By starting the recruitment process you know has the skills and experience you are looking, you are also less likely to fall victim to the costs of a bad hire.
Passive candidates are often see as the unicorn hire - they are good at what they do, happy and successful in their current role, but open to new opportunities. A compliant talent pool will only ever consist of those who have provided consent to be contacted about roles with your company, meaning they might not be actively on the hunt at the time you reach out to them but they will be familiar with you and could be open to a new opportunity.
Building a talent pool is one thing, maintaining it to ensure you are aware of the people in it, have an accurate understanding of the roles they're interested in and can be confident in the value they would offer, is another.
Here are a few tips for maintaining your talent pool:
Being able to hire with confidence and speed is important in any market but it becomes critical when the power of choice is very much in candidates' hands. Talent pools enable hiring teams to proactively get in front of engaged candidates and, as hiring remotely continues to be a challenge facing many recruitment teams, anything that supports exposure to great talent is invaluable. In order to make talent pooling a success, organisations must continually follow three simple steps: