A well-planned, proactive and efficient hiring process and sound business strategies can increase your company’s productivity and multiply your profits. And such a fast and effective recruiting process is possible if you have an adequately staffed talent pool.
Right now, we will consider in more detail and carefully what such a personnel reserve is, what the advantages of its presence for the company are, how to correctly make it up and manage talent pool resources.
A talent pool is a set of potential candidates created and maintained by recruiters and organized as a candidate database and usually kept up to date with a candidate tracking system and recruiters’ information received as a result of every current project.
Such a database allows HR departments to be able to quickly and painlessly fill any gap in the staffing of the company and enhance the quality of the job seekers suitable for the position.
What are the benefits of having a good pool of candidates?
There are some good reasons why a company should have a quality database of candidates in its arsenal:
It is a reliable source of potential qualified employees.
The candidate database contains actual information about candidates with up-to-date profiles and specific skill sets who are sufficiently experienced and easily accessible. This factor can significantly shorten the hiring process and allow the company to focus on more crucial processes.
It saves time and human effort.
The typical search and selection of candidates involve many painstaking and time-consuming processes. And a well-established and regularly updated talent pool can help the company save time and effort by reducing the overall number of hiring stages and always having the right candidates on hand, which supplies the company with a tremendous long-term hiring strategy.
It provides access to passive candidates.
Besides active job seekers, the database contains a number of passive candidates with the required skills and qualifications. These candidates were not going to change jobs when they came to the recruiters’ attention, but the favorable work conditions offered may make these candidates change their plans.
It helps to reduce recruitment costs.
A typical hiring process usually involves a substantial expense for creating and posting ads, conducting interviews, using unique recruitment platforms and tools, and so on. In addition, such a database will let the company avoid such processes and thus reduce the overall cost of hiring.
Having a database can help the company shorten the number of candidate rejections, since recruiters in this case deal with already potentially suitable applicants for the open vacancy. Besides, by adding candidates to the company’s talent pool, the company’s representatives inform them that they may later apply for a different position instead of the one they applied for. This strategy also reinforces the positive image of the company.
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Some valuable tips for building an adequate talent pool
The OnHires positive experience lets us offer you some easy-to-follow tips that will assist you in building an adequate talent pool:
Create a landing page to attract external candidates.
Plan a strategy that will allow you to attract new talent into your recruiting funnels, pique their interest and provide them with the opportunity to learn more about the company and apply themselves.
Add to your database the candidates you have already sourced.
By adding to your database those job seekers with whom you have already communicated and for whom, at the time of communication, you did not have a suitable vacancy. Such a strategy will allow you to have high-level, potentially eligible candidates on hand.
Add internal candidates to your database.
Your current employees can be the perfect fit for the job opening. And you will save your recruiters’ time and effort and shorten the hiring process because you or the head of the department where your candidate works already know them very well.
Add ex-employees to your pool.
Keep sight of former employees of your company. Far not all of them leave work due to incompetence. Many leave work for family reasons or because of relocation, being highly-qualified workers. But their circumstances may change again, and then they can accept your new job offer.
Add referrals to your candidate database.
The current employees of your company are well aware of the working conditions, the company’s requirements for the employees, and the company’s culture. So, they can recommend candidates who may ideally match your vacancy.
Append to your talent pool university graduates and master’s degree applicants.
Among university graduates, there are many promising candidates. Such candidates can gain work experience working for your company, while their potential, desire to work, and a new look at business processes can bring many bonuses to your company.
Pay attention to the power of social media.
You can attract great candidates from social media to your talent pool. Social networks will supply you with a lot of information about them, allowing you to assess how promising it is to work with these specialists.
Thus, having an effective candidate database is reasonable and cost-effective for your company. Your talent pool will not require sufficient funds or human resources. You will only need to update it regularly and follow the tips above to get it right. Such a strategically important decision will help you increase your income, save money, and even improve your company’s reputation.