What is a Talent Pool?
It is a database that consists of profiles of candidates who are interested in working for your company. The database can be as specific as you like. You can group candidates in their particular area of expertise or even when they will be achieving certain degrees, etc. You can use many purposes for talent pools, and it is becoming increasingly popular among companies. Having a talent pool means that your company has a group of potential job candidates to choose from. There are definitely some benefits to having a vast Talent Pool. Here are some of them:
Reduce the Cost of Recruitment
“Instead of spending money to advertise a job vacancy, you can look for a potential job candidate directly from the talent pool that your company has.”
Having a vast talent pool will increase the amount of money you save for your recruitment process. Instead of spending money to advertise a job vacancy, you can look for a potential job candidate directly from the talent pool that your company has. By reducing the cost spent on recruitment, you have more budgets to spend on other aspects.
Reduce the Time Spent on Hiring
With a constant talent pool supply, your company is somewhat always recruiting, not just waiting for new applications. There will always be prior cross-checked before selecting potential job candidates to be a part of a talent pool. Thus, you only have the potential ones in your talent pool – not all candidates.
This proactive recruitment initiative will help your company to select the best candidates in a shorter period. You have already done processes such as screening and prequalifying the candidates. Talent pools allow you to cover job vacancies very quickly to prevent disruption to day-to-day business as well.
The Human Resource department also has more time to spend on other HR tasks.
Identify the Quality Candidates for the Future and Grow Your Wide Talent Pool
Companies can identify potential candidates by having a vast talent pool before there is even a job vacancy. Identifying the quality candidates is a strategic step that companies do to ensure that they have a constant supply of talents. This way, they can fill critical jobs quickly with high quality and exciting prospects.
Companies can identify potential candidates when they have a broad talent community before there is even a job vacancy. Talent pools can be further grouped out according to the company’s needs so that the company benefits from the group of talents.
By having a good list and a wide variety of talents, the management will be able to study and understand the availability of present skills.
The list of candidates will also help the company collect valuable data, such as the salaries of other companies, etc.
When candidates are part of a talent pool, the company will be able to spend time with them and develop a good relationship with the candidates. If these candidates have a good experience, they will be more inclined to work for your company.
Before you know it, you are already engaging the talents and making them want to work for you. Although time is needed to build the relationships, you know that these candidates will be interested in working for you when you offer them a position.
Employees are not going to stay at companies forever anymore. Vast talent pools are playing a much more significant role in hiring practices than ever before. Employees are not going to stay at companies forever anymore.
The people you want to hire – the cream of the crop – are no longer looking or applying. So, what are you going to do? You should invest in having a vast talent pool that gives you an edge when compared to competitors. Over time, the pros will far outweigh the cons.
We enable you to grow your talent pipeline while recruiting top talents. Have a call with one of our Experts and see how we can help you.