Building talent pools to support future recruitment
Discover how to streamline your recruitment efforts and foster lasting candidate relationships by leveraging talent pools.
With employer’s competing for a finite amount of talent with the skills they need, having access to a steady stream of potential candidates can translate to a significant competitive advantage.
That’s because it can spare both recruiters and employers a frantic rush to source and identify potential employees whenever a new role opens up. Instead, they can quickly delve into an existing pool of talent and onboard qualified candidates.
In this article, we’ll take a closer look at why talent pools are key to hiring success and how you can build one that supports you long-term recruitment aims.
What is a talent pool?
Think of your talent pool as an expanding source of potential employees, accessible when you need it most. Keeping your talent pool well-maintained will aid you in proactively identifying candidates, preventing a last-minute scramble to find talent when the pressure is on to make a quick hire.
A talent pool should include candidates with the potential to meet your immediate and long-term needs. This can be a mix of:
- People previously interested in joining your organisation
- Jobseekers with specific expertise
- Passive candidates
- Former employees
A well-curated talent pool should reflect the changing needs of your organisation and the changing landscape of the job market. It’s not just about quantity, but quality – making sure your pool is made up of qualified candidates who align with your company’s values, culture, and long-term objectives.
Talent pools vs talent pipelines
Talent pools can sometimes be confused with talent pipelines, and it’s worth taking time to understand the distinction between the two terms.
A talent pool includes passive candidates or those not chosen for a specific role. Talent pipelines, on the other hand, are made up of qualified candidates ready for consideration for a particular job.
An effective talent pipeline will dip into existing talent pools while also drawing in external candidates from proactive recruitment methods.
The benefits of talent pools
A well-maintained and effective talent pool can optimise your recruitment process and the overall quality of your workforce.
Let’s look at four of the core benefits you can obtain by leveraging talent pools.
Proactive hiring
Talent pools help you remain on the front foot with your recruitment efforts.
With a well-curated pool of potential candidates at your fingertips, you can anticipate and prepare for your recruitment needs ahead of time.
Instead of reacting to sudden vacancies or urgent hiring demands, you can strategically identify and nurture individuals to support growth within your organisation.
Reduce recruitment costs
A talent pool lets you actively find and connect with job candidates, saving money on writing job adverts or proactive recruitment methods.
This is because by utilising a talent pool, you can quickly identify qualified candidates who have already expressed an interest in your organisation. As a result, you can hire faster and more cost-effectively.
Create more diverse talent pipelines
Workforce diversity can be a catalyst for innovation and creativity.
Talent pools allow recruiters to focus on diversity and cultivate a more inclusive array of candidates, an approach that nurtures more varied talent pipelines and supports wider DEI goals.
Even though underrepresented candidates may still be overlooked, a diverse talent pool can prevent recruiters from continually returning to the same resources and getting the same types of candidates.
Increase efficiency
A pool of pre-screened candidates helps to streamline the hiring process.
With a group of potential candidates easily accessible, you can:
- Quickly fill job openings with candidates who are a good fit
- Plug skills gaps
- Minimise disruption
- Implement comprehensive workforce planning
Having pre-established relationships with candidates can also improve the interview process, making it easier to find the best fit for each role.
How to build a talent pool
Building and maintaining a talent pool can translate into a competitive advantage for your recruitment efforts, but how do you get started?
Let’s dive into how to create a talent pool that enhances your hiring strategy.
1. Establish your criteria
Start by defining clear criteria that matches your unique hiring needs.
This requires identifying the skills, experience, and qualifications you want in candidates so you can focus on finding the right people.
Using this approach can help to ensure you attract the right candidates for your organisation.
2. Re-engage unsuccessful candidates
It’s important not to forget another pool of passive candidates: those who previously applied for a role in your organisation but were unsuccessful.
Reaching out to these individuals to gauge their interests and experiences may lead to a successful hire, as their skills and experience are likely to evolve.
Maintaining a positive relationship with these candidates can also help in building a talent pipeline for future positions.
3. Engage with students
With 48% of students and recent graduates reporting a lack of useful career advice at school, forging connections with local universities and colleges can help build brand awareness and talent pipelines for entry-level roles.
This can include:
- Participating in career fairs
- Working with professors
- Sponsoring student organisations
4. Reach talent from underrepresented backgrounds
As we’ve already highlighted, a diverse workforce can help enhance creativity and innovation.
However, our research found that 62% of Black women and 43% of South Asian women feel they have faced discrimination during the application process based on their ethnicity.
To make your talent pools more inclusive and benefit from the diverse range of perspectives your organisation needs to facilitate creativity, you can:
- Partner with diversity-focused organisations
- Attend diversity job fairs
- Implement unbiased hiring practices
- Consider solutions like Equality Boost for reaching untapped talent
5. Offer internships, work experience and mentoring
Offering internships, work experience opportunities and mentoring programmes can all be excellent ways to identify talent.
These initiatives allow jobseekers to get hands-on experience and sample your company culture, making them potentially ideal candidates for full-time roles.
Remember, when devising these types of schemes, it’s important to ensure fair access and equal opportunity to ensure they are as inclusive as possible. As a result, your organisation could look to:
- Build work experience or internship programmes that cover travel expenses as a minimum.
- Create a formal application process for these programmes to avoid the influence of nepotism.
- Prepapre to lend the necessary equipment needed for an individual to perform within these programmes.
6. Don’t forget previous employees
Former employees who left on good terms can be valuable additions to your talent pool.
Reaching out to them can lead to them becoming boomerang employees – former workers who have obtained additional skills and experiences.
Remember, this requires maintaining a good relationship with workers who have handed in their notice. You can do this by:
- Conducting an effective exit interview process
- Ensuring a smooth offboarding for employees
- Providing employee reference letters
7. Include internal talent
Don’t overlook your current employees when building talent pools.
Internal candidates might want to advance their careers within your organisation, and can be a cost-effective and efficient way to fill open roles, as they already have a solid understanding of organisational processes, structures, and culture.
Creating opportunities for these workers to develop their skills and implementing succession planning can prepare them to step into senior roles and increase both loyalty and employee satisfaction.
8. Encourage employee referrals
Encourage your employees to refer high-quality candidates through an employee recruitment referral scheme.
Employee referrals can be a particularly effective way of expanding your talent pool, as your current workforce understands your company culture and values, making a potential fit more likely.
You can encourage members of staff to refer people within their network by offering incentives, for example, cash rewards for when a new employee passes their probation.
9. Host talent acquisition events
Talent acquisition events, like career open houses or industry-specific workshops, let you showcase your company culture and meet potential candidates face-to-face.
These types of in-person interactions can leave a lasting impression on jobseekers, helping them better understand your company culture.
10. Create a strong employer brand
Investing in building strong relationships with potential candidates over time can represent a significant return on investment (ROI).
One way to do this is by engaging with candidates using social media. For example, you can reinforce your employee value proposition (EVP) by sharing content that highlights your organisations:
- Achievements
- Culture
- Employee experience
Top tips for managing your talent pool
Once you’ve successfully built your talent pool, it’s vital to ensure it remains effective to support your long-term recruitment objectives. This can be achieved by:
- Keep your database updated: Talent management requires regularly updating your talent pool database with the latest candidate information, including contact details, skills, and experience ensures that you maintain an accurate and up-to-date pool of candidates. You can use an applicant tracking system to help you with this.
- Regularly engage with your talent pool: Open communication helps keep candidates interested and aware of potential career paths, so whenever possible actively engage with candidates in your talent pool to inform them of new opportunities within your company.
- Offer networking opportunities: Facilitating networking for candidates to interact with current employees helps create a sense of community, making candidates more likely to consider future roles in your organisation.
- Provide value to candidates: Providing a positive candidate experience can often have a major impact on the success of a talent pool. This can be achieved with effective communication, comprehensive support and detailed feedback wherever possible.
Building lasting relationships with candidates
In the competitive job market we see today, cultivating long-term relationships with candidates is an essential part of a successful recruitment strategy. By maintaining an updated talent pool, you not only ensure access to a diverse range of skill sets but also foster a sense of connection and trust with potential hires.
This proactive approach can significantly reduce your time to hire, allowing you to swiftly source qualified individuals who align with your organisational culture. Moreover, showcasing your commitment to their development and well-being enhances your employer brand, making your organisation a more desirable place to work.