Everything You Need to Know About Talent Pool

The Talent Pool is a database that contains a bunch of candidate information in order to fill the future open jobs. Want to know more about talent pool, what is talent pool and how to build a talent pool? Then stay connected.

What is Talent Pool?

As a recruitment firm, talent pools hold great importance as it is a platform where you find the top job candidates. Talent pools are a very effective place to interact with the candidates and have smooth communication with them at different stages of recruitment.   A talent pool makes your work easier, efficient, and a lot cheaper as well as it lets you secure high- quality candidates in no time. Here is everything you need to know about talent pools:

A job seeker need not be actively looking for a job, but they could also be people who would want a job change in the near future or students who would be starting their careers soon and might apply for a job in your organization. By joining a talent pool, they can find out about future positions as opposed to googling your organization consistently.

From HR's point of view, the very first perk is that you can save time and money. Through talent pools, you have a warm pipeline of fascinating talent that you can connect through email nurture campaigns. You can also use a survey form to understand their skills and interests after they join the recruitment team. This makes it easy to use their skills to filter out candidates for a specific vacant position.

An efficient talent pool makes the recruitment process easier and more inbound rather than depending on external job boards. This is a great strategy as the person belonging to the community will have a better understanding of things than someone outside the community. This helps them to fit well with the company culture and the workplace with a better attitude, and more engagement post-hire.

Why to Build a Talent Pool?

Presently, everyone is well aware of the high-quality talent pool. And generally talk about building a superior talent pool. But does anyone know why? 

Building a high-quality talent pool is crucial because of many reasons and several reasons are less time to hire candidates, hire the most qualified candidates, diminish the cost per hire, and so on.

Outcomes are noteworthy in this data-driven recruitment approach.

For instance, you have a new job opening and if you have a good quality talent pool then you can select the most suitable candidates from there and can contact them. Isn't it a great idea?

Hence, to conduct a quick hiring process, many recruiters and hiring manger focus on building a talent pool from a scratch.

Let's discuss the points in detail.

Reason #1: Always qualified applicants at hand

If you build a talent pool correctly, then finding and hiring the right talent with the help of a talent pool is the most suitable way.

Think, you have an opening for the position that requires some kind of expertise and skills, and the number of the openings is only one but if you are managing and handling your talent pool in an appropriate manner then surely who will have a list of candidates you are suitable for this job.

According to the survey, 67 per cent of established companies and 56 per cent of small and medium companies find it difficult to fill the role.

Reason #2: Passive candidates with contact detail

As we all know, passive candidates are complicated cookies to crack. Passive candidates are the people who are happily working for other companies and are not actively looking for a change. But the revolution in the field of tech makes it easier for recruiters to reach passive candidates such as social media platforms.

Think a while some of the passive candidates are not obtainable in the market but still you have their contact details. Thus, you can easily approach them about the new career opportunity.

Reason #3: Long term recruiting strategy 

According to Robert Walters, 55 per cent of recruiters faced difficulty in meeting the client's deadline due to the shortage of talent.

Consequently, in this fast-growing recruiting industry, recruiting people to need a long term hiring plan. And building a talent pool is one of the best long term recruiting strategies.

How Talent Pools are Built?

Talent pools can be built in two ways: Inbound or Outbound recruitment strategies. One of the most widely recognized techniques used to assemble high-quality candidate's databases is by using recruiting tools which is an outbound method for building talent pools. Tools like these help to find the right profiles based on specific keywords that denote the requirements of the job. If these keywords match with the profile of the applicant, they are the right person for the job.

Outbound:- Referrals are another incredible method for building talent pools. Applicants that come through referrals are usually the ones that stay longest in the firm. Referred candidates also fit well with the company culture as they know what they are getting into prior to joining the company from the experience of one of your current employees.

Inbound:- For Inbound Recruiting, recruitment marketing is used to make the competitors willingly join your talent pool. This can be done by creating a blog that has interesting content that attracts visitors and which might lead to your competitor ending up in your talent pool.

Final Thoughts on Talent Pool

Finding the right candidate during the hiring process is beneficial but gathering the information of rejected candidates is also fruitful in the future. These talents might be the wrong person for the current job opening but will be suitable for future vacancies.

Therefore, rather than implementing the strategy of out of contact, allow that rejected candidate to join your talent pool.

Don't only put them into the talent pool list and then forget, no… try to send them some personalized message and keep them interested in your organization.

But don't forget to create different sections of different people such as college students and former employees.