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Why Talent Pool Management is Important and 5 Ways to Get Started

Every organization has its own unique way of hiring new talent and with competition rising, many have started to look for ways to optimize and expedite their talent acquisition processes. One way to recruit more efficiently is by building and cultivating a talent pool that gives you consistent access to top talent.

A talent pool is a database made up of candidates who have shown interest in your company. These candidates may have been considered for positions within your organization in the past. Others may have been interested in the position but never actually applied. These pools are filled by using an Applicant Tracking System (ATS) as part of your onboarding process. Using an ATS allows you to save all submitted resumes, candidate journeys, and interview notes in one location.

Similarly, talent pools can also include internal talent. Which means that candidates that are currently employed at your organization could be considered for any future job openings. By using a performance management system, you can track your employees’ skills and progress and if their talents match the job description, they could potentially be a good match for a new position.

Using a talent pool is a good way to enhance your recruiting strategy. The more candidates you have in your pipeline, the easier it is to fill new positions. Talent pools also help with the following:

Reduce your Time to hire

Time to hire is the length of time it takes to hire a new employee from the moment you post a job listing, to the point in which you bring them onboard. This is a key metric for Human Resource departments.  You end up saving time, thereby reducing your time to hire, when you do not need to source all the candidates from scratch.

Reduce your Cost to hire

Apart from being time-consuming, the recruiting and hiring process can be costly. Any point in the candidate where costs can be saved can be helpful to your organization. According to Glassdoor, the average U.S. employer spends $4,000 to hire a new employee.

How to build a talent pool 

  • Assess your current process and build a strategy.

Before you start building up your talent pool, you need to assess your current strategic goals to figure out what is missing. Using performance reviews, assessments, and feedback from interviews can help you identify what you may be missing to reach specific talent.

 

  • Use your ATS to your advantage.

An ATS will track every applicant that applied for an open position at your organization. The information stored will create a database that can be reviewed at a future date. These candidates have already started to form some sort of relationship with you and your organization and can be warm leads for your new position. They may not have been the right fit for a previous role but could be the perfect fit for future roles. This is where having a solid recruiting strategy can come in handy for maintaining the database in your ATS. Appropriate follow-up with candidates is crucial in keeping a good relationship with them even if they were not hired the first time around.

  • Collaborate with employees for referrals.

Referrals from employees are also a great way to fill your talent pools. Employee Referral Programs encourage employees to recommend open positions to qualified candidates within their personal networks. Additionally, working with employees on the hiring process adds to the overall collaborative environment of your organization which can positively contribute to your company’s culture.

  • Review current staff for possible hires.

Using performance reviews and other employee metrics to track skills and talents can be a good source for potential candidates that already exist within the company. Encouraging employee growth and mobility within the company encourages employees to stay long-term and reduces turnover rates.

  • Get out there and stay relevant.

Career and job fairs are a good way to stay relevant and scout new talent. Remote events have become more common with the start of the pandemic and allow you to continue your recruiting efforts even in a remote setting.

Each organization’s approach to hiring and maintaining a talent pool will look different. The process will need to be unique to your company and make sense for the goals and environment you aim to achieve.

Need expert support with your workforce management?

Contact Payroll Systems to see how you can leverage our easily scalable solutions. We pair human skills and empathy with the latest technology to take on our clients’ HR and payroll processes.

We offer paperless new employee onboarding, paperless benefit enrollment, timekeeping systems with companion mobile app, physical clocks, and customized job costing and labor distribution reporting.

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This article provides general information and shouldn’t be construed as legal or HR advice. Since employment laws may change over time and can vary by location and industry, please consult a lawyer or HR expert for advice specific to your business. You can also contact Payroll Systems to inquire about our HR support services.