What Is a Talent Pool in Talent Management?
A talent pool is what recruiters call the database of current and potential candidates. The pool might consist of either current applicants, sourced candidates, or referrals from partners. In short, your talent pool can consist of a vast array of candidates in several stages of the pre-hiring process.
Talent pools make it easier for recruiters to organize and utilize their candidate data to fill positions faster. Without one, you’re starting from square one every time you launch a recruitment drive. It can lead to enormous hours of lost productivity, labor, time, and expenditures.
So how do you avoid this scenario? Below, we discuss talent pools and how to build one effectively.
What Is a Talent Pool?
A talent pool is a network of job candidates that recruiters and companies store to have an abundance of options when trying to fill a role. These candidates can come from online applications, job events, referral partners, or candidates that have applied for similar positions.
Recruiters can access their talent pool and reach out to candidates if they have a role that fits their credentials. Most use third-party software to organize their talent pools, but some small-scale recruiters might store their candidate data in an excel spreadsheet.
Why Build Talent Pools?
Talent pools have gradually become more popular among recruiters. Indeed, many of them start their search by looking in their database when trying to fill a job opening. However, what’s the purpose of building a talent pool in the first place?
For starters, talent pools give you a more structured approach to recruiting. You can have all the essential data of your shortlisted candidates all in one place, allowing for easier access to their contact info and skills.
Also, an active talent pool keeps top-tier candidates interested and engaged with your company. While they might not have been the right fit for a previous role, sending out other listings and opportunities will help you eventually secure their talent. As a result, you can expect a better experience for you, your clients, and all the candidates you’re engaging.
How Do You Build an Effective Talent Pool?
There are numerous ways you can approach building an adequate talent pool. It typically boils down to either inbound or outbound recruiting tactics. Some strategies include:
- Active Communications: One excellent way to start building your pool is to keep in touch with all the candidates—even if you passed on them for a previous opening. You can automate maintaining open communication channels via emailing software, SMS bots, and other tools. Keep your candidates engaging with your business.
- Sourcing Candidates: Sourcing candidates is perhaps the most common outbound recruiting strategy. If you want to create a list of high-quality candidates, you’ll need reliable sourcing tools to help grow your contacts list. Sourcing involves plugging in specific keywords to find people that align with the role you’re trying to fill. Many recruiters source their candidates from LinkedIn, CareerBuilder, and Indeed.
- Inbound Marketing: Like any other business, marketing is essential if you want an endless list of applicants to contact. By creating valuable content and running relevant ads, you can have a pipeline of high-quality job seekers reaching out to you directly for opportunities. After an initial screening of their skills and character traits, you can choose to add them to your pool.
- Referrals: Roughly 46% of referred candidates stay at their job for over four years. In other words, referrals are invaluable in the world of employment. You should always be asking your network for referrals when trying to fill job openings.
What Are the Benefits of Talent Pooling?
Pooling candidates has numerous benefits and can make you a more successful recruiter. Here are some of the added benefits of creating an effective pool of candidates:
An Active Database of High-Quality Job Seekers
Having an active database of job seekers will make it much easier to fill openings. For example, suppose your company or client is looking for a new marketing manager. If your pool has 30 people with experience that matches, the chances of one of them being a good fit for your client are high.
A successful recruit means your clients will be happy and use your services again. Plus, you’ll also have satisfied candidates with numerous opportunities.
Better Experience for Candidates
Nobody likes getting rejected, especially for a job they hoped to get. Luckily, building a talent pool can give your candidates more optimism during their job hunt.
While they might not have gotten a particular opportunity, you can keep them in your database and continually feed them new openings.
Doing so will boost the candidate’s familiarity with and trust in you, which is vital for a recruiter.
Reduced Hiring Times
The hiring process typically takes several weeks. A lengthy hiring process can be exhausting for both you and your clients.
Having a database of candidates will significantly reduce hiring times, saving your clients money and you from frustration. By pooling your talent, you can circumvent some of the traditional methods of sourcing applicants and save precious time for everyone involved.
Reduced Hiring Costs
Pooling talent gives you access to a roster of many interested and qualified candidates. As a result, you don’t need to spend as much money on marketing to attract applicants. While building a well-seasoned list might take some time, your efforts will eventually pay off.
Building your list also gives you insights into who the right people are for certain companies. You won’t need to worry about wasting money on choosing the wrong people for the job.
Imagine being able to confidently present your clients with a vast list of qualified candidates. Now you can achieve that by building a talent pool. It will make your clients and candidates happier, allowing you to scale up as a recruiter.
Are you looking for more ways to make the recruitment process easier? Contact ScoutLogic today. We offer numerous resources for recruiters, hiring managers, and human resources professionals.
Download this free guide to go into the searching process prepared. This guide includes actionable steps to:
- Gather your requirements
- Determine vendors
- Check references
- Determine success metrics