What are Talent Pools?
A talent pool is typically defined as a database consisting of profiles of candidates who are actively interested in your organisation. If companies have to fill a vacancy, they can draw on the talent pool and look for a means of profile-matching appropriate applicants and job opportunities.
Talent pools are usually created when:
- There is a surplus of candidates that meet the requirements of the role.
- Candidates apply for a role where although they may not be suitable for that role, they would be an ideal candidate for another.
- Candidates apply for a role where they are slightly out of the area or have a mismatched salary requirement.
The Benefits of Talent Pools
The benefits of talent pools are so vast and far outweigh the disadvantages:
- Cost per hire. If there is a readily available pool of candidates for certain types of roles, this can be consulted as opposed to advertising externally saving on recruitment spend.
- Time per hire. The fact that you can access the pool so easily allows for time to be saved on screening CVs and managing a whole recruitment process.
- Candidates experience a more positive application process. If they are not suitable for one role, but could be for another, there is a better chance of them obtaining a role if their details are retained.
- Brand confidence. Candidates are also left with a more positive outlook of the company and brand by association.
Consider transferable skills. This is probably one of the most crucial aspects of talent pooling because if people within the business are not open to this, the available pool becomes far more restricted.
To get the most out of a talent pool, it is essential that Hiring Managers are open to widening the scope of skills and talents they are looking for. Highlighting what is essential and not so, will aid in the development of a relevant pool of candidates.
Of course, there are laws that have to be considered when retaining candidates’ details. Data protection is a crucial and therefore standard practise is to have candidates opt in to the talent pool every 6 months to ensure compliance with the Act. This also allows companies to keep a “real time” record of those that are genuinely interested in joining them.
To ensure businesses engage candidates they need to communicate with the pool on a regular basis. This can be done in a variety of ways, such as sending out company newsletters/news articles and communicating current vacancies which also encourages candidates to be more proactive.
Talent pools can be extremely beneficial if used correctly. What is evident is that there needs to be an element of buy in from people within the business who will place more of an emphasis on transferable skills, which can be achieved by highlighting successes to the business.
Time also needs to be spent nurturing and managing the talent by communicating with them on a regular basis which will also allow for companies to keep a real time community of candidates.
If the above can be achieved then there is no reason why companies should not reap the rewards of an efficient way of sourcing talent.
What are your thoughts on talent pools, recruiters?