How to Build a Talent Pool | 9 Practical Steps
35% of executives anticipated a talent shortage as the top challenge. In today’s booming capitalist markets, companies cannot bear the scarcity of the talent pool simply because they are filled. Dynamical changes in markets and company operations have changed recruitment procedures. There are thousands of organizations looking for a skilled workforce. At the same time, millions of hidden job seekers are striving hard to reach their potential jobs.
Finding these untapped workers and building their database is the real essence of the talent pool. Talent pool management can seem intimidating, but with the right strategies, your talent pools will be in free-flowing pipelines.
Let’s delve deep into building it;
What is a Talent Pool?
Talent pool means staying in touch with a variety of skilful people your company has invested in finding through its recruitment policies. Concerning talent pooling, HR managers should comprehend corporate goals and activities considering the growth in the future. Potential candidates for talent pools are the skilled workforce that can satisfy future company needs. Effective HR management never loses a high potential force but trains them to the company’s advantage.
The Benefits of Talent Pooling
For the company, talent pools act as a safety net. These save the company from intimidating situations. It’s the prime part of the company that management looks for in times of need. It also saves HR management time and cost to reinstigate recruitment policies. Thus, protecting and improving the HR management cost and rate per hire. Instead of working on tedious hiring, training, and accessing tasks, talent pooling enhances strategic workforce planning by providing promising employees at your gateway.
Why is TalentPool Important?
Talent pooling is crucial as it assures access to Live skilled labour reducing the headache of HR managers. With a ‘Live talent pool,’ the company has an adequate workforce with the right skills to help the corporation in its hour of need. Around 78% of job applicants analyze how much a company values its people based on their experiences. A similar survey shows that 80 to 90% of candidates plan their future with a company based on recruitment experiences. Talent pool aids the company in saying that we don’t need you hiring right now, but you’re on our list, and we will contact you when you seem fit for the position. This can be massively motivating, and statistics say that 80% of job applicants would not reapply to the company if they didn’t get their application status on the first attempt.
How do Talent Pools Benefit the Company?
Today’s changing markets and emerging new ones like India and China, with the impending retirement of baby boomers, make strategic workforce planning more complex than ever. Still, companies find it challenging to manage recruitment, and a survey indicates that 40% of executives struggle to find a skilled workforce for strategic management roles. The companies retain potential talent through effective pooling that includes reviewing the organizational goals and strategies, filling the skill gap, and monitoring progress. Moreover, it allows companies to experience growth opportunities by putting the right talent in accurate positions and enhances the work output without adding up additional training costs.
How to Build and Maintain a Talent Pool?
Losing your talent pool means losing your business. But we’ll not let that happen because here are the nine ways you can use to build and maintain a talent pool;
1. Save your Potential when you are Sourcing
Sourcing is the most popular process of enhancing talent pools in the company. Whenever your company is in the sourcing process, work with people that can extend your competitive advantage. Save the time and energy of the company by selecting the right recruiting partner. A right pick for hunting talent pool would lead you to even find passive talent that may fit with your company in the future. Thus the most sought-after tip is, instead of dumping people into internet black holes who don’t seem fit for the current role, try to add them to the talent pool and engage with them when a suitable position opens up.
2. Beam into your Internal Talent
Often we ignore our dear ones. Your own organization has diverse talents, and it must be the first place to look into. You already know them, and they already know you. Here HR talent pool management can use AI tools like EmployeeConnect to downsize and upgrade employees’ potential based on their performance. So you have a diligent workforce ready at your back.
3. Crafting Landing Page
What if talented people want to join your company but don’t have access to it? Many gifted employees may come to your website with dreams in their eyes. Engage with such candidates through the right information. Organizations with excellent HR talent pool management build specific career pages on their websites to convey information and opportunities to potential candidates. Companies such as Airbnb, Tesla, and Mercedes have built great landing pages to enhance talent pools and build a talent community.
4. Don’t Underestimate Referrals
In the US, 69% of offline recruitment was from employee referrals. HR improves cost and time per hire through referrals. Referral effectiveness is real; your employees know the right skills that the company needs. Referrals mix up with company culture rapidly, making them strong candidates in talent pools.
5. The Power of Social Media
A survey indicates that 48% of hiring managers see social media as a source of quality hires. In this age of infotech, social media makes or breaks the company. Companies can use digital media to convey messages to the desired audience. Candidate experiences and employee and customer satisfaction can build the company or destroy it. Talent pool management may initiate hiring campaigns along with marketing campaigns.
6. Engage with the Future as well
Talent pooling is all about building a future workforce. And graduates and undergraduates are a great way to spot future talent. Engage with them for your company’s benefit. A survey shows that 20% of employees working with manufacturing and production companies are freelancers. It’s always great to engage with talented internees and add them to the talent pool.
7. Era of Infotech
You probably have worried about doing all these and managers’ expenditures. The software can handle every phase of finding, engaging, recruiting, managing, training, and developing employees.
8. Don’t Forget your Former Employees
Human brains are fickle-minded, and the data of a talented workforce is the company’s asset. So filter out the employees that left you and push them into your talent pools for engaging them in the future.
9. It’s not about Building but Nurturing
The thing that worked for you in the past doesn’t mean they will work for you in the present. So talent pools need upgrading because people keep on changing and renewing their lives. Take assistance from AI-based tools like EmployeeConnect to trace and track changes over time.
The Tools to build Talent Pools
AI adoption for companies has become crucial, particularly regarding HR management. HR tools help to build an efficient and productive workplace. The global market for AI software is expected to increase up to $126 billion. Tools like EmployeeConnect take all the responsibility from recruitment and onboarding to performance recognition and success. So managers forget about splitting headaches because EmployeeConnect is here to build talent pools.
In the world of HR software, EmployeeConnect continues to be one of the leading industry providers of innovative solutions. We helps Australia business owners and people managers be more efficient, cost-effective and compliant by taking the hassle out of HR and payroll admin. If you spend more than an hour every day on HR administration (like on/off-boarding, performance review, or employee timesheets), then EmployeeConnect is here for you.