what is a talent pool?
The talent pool refers to the entire population an organisation can draw employees from. It includes both internal and external candidates.
A talent pool may also be referred to as a talent bank, labour pool, or candidate pool. The talent pool is essential because it provides organisations with a larger pool of potential employees to choose from, which can help them to find the best possible candidates for open positions.
When an organisation is looking to fill a position, it will first look at it’s talent pool to see if there are any qualified candidates. The organisation may look to the external candidate market if there are no suitable candidates in the talent pool.
why do organisations need a talent pool?
Organisations that want to practice strategic hiring need a talent pool with a group of potential candidates to tap into when positions open up. A talent pool also allows organisations to keep track of the talent within their industry and know who to approach when they are ready to expand their business.
Additionally, a talent pool can help an organisation identify any gaps in their current workforce and take steps to address them. Ultimately, a talent pool benefits organisations by allowing them to be proactive in their hiring rather than reactive.
what kinds of employees are in a talent pool?
As mentioned earlier, both internal and external employees form the talent pool. It means the talent pool includes not only the current employees of the organisation but also the prospective employees who may be available in the near future.
The internal talent pool contains employees who are currently working in the organisation and have the potential to be promoted to higher positions. Meanwhile, the external talent pool comprises individuals who may be interested in joining the organisation in the future.
The talent pool also includes talent profiles from different sources, such as:
- Employee recommendations
- Potential candidates from social media (LinkedIn) and job fairs
- Referrals from recruitment agencies
- Ex-employees who may be interested in re-joining the organisation also known as “boomerang hires”
It’s important to note that the talent pool is not static. It is constantly changing as employees come and go and new employees are recruited. Therefore, organisations must continuously update their talent pools to ensure they have the right mix of employees.
how to build a talent pool.
For an organisation to build a talent pool, it’s crucial to understand what specific skills and experience are required for its success. Then, the organisation must identify where these individuals can be found.
Once a talent pool has been identified, the organisation must work to attract and retain these individuals. Here are the steps involved in this process:
step 1: cumulate your sourced candidates
Organisations can source candidates from different sources. Some of them are:
- Employee referrals
- Online job boards
- Social media platforms
- Recruitment agencies
If you're hiring from scratch, an employee value proposition will help attract the best talent. Plus, it will ensure higher retention.
Forbes recommends considering remote hires in your talent pool. Otherwise, you may miss out on candidates who bring a wider range of experiences and skills to your organisation.
step 2: conduct a screening process
It is vital to have a screening process to ensure you only consider the best candidates for the job. The screening process should include:
- An initial phone screen
- A face-to-face interview
- A skills test
- Reference checks
step 3: engage internal employees
To engage internal employees, you can organise regular internal talent reviews. Or, you may encourage employees to refer candidates from their social networks.
Don't forget to keep your former employees in your internal recruitment strategy. They may be interested in rejoining the organisation if the right opportunity comes up.
step 4: create a talent pool profile
Once you have screened the candidates, you should create a talent pool profile. It will help you keep track of the individuals in your talent pool and their qualifications.
step 5: keep your talent pool updated
It is essential to keep your talent pool updated with the latest information. You can do this by conducting regular talent reviews. It will help you identify gaps in your talent pool and take action to fill them.
building a talent pool for seamless recruitment.
Finding the right talent for business growth can be tricky. It's especially tough when looking for a specific set of skills. But if you have an existing talent pool, it saves you the time, hassle, and cost of filling a position.
Did you know replacing an employee can cost you the same as 30% to 400% of what you're paying them as a salary? But if you have a talent pool, you can quickly find a replacement that fits your needs without the high costs.
With hireful’s ATS, you no longer have to log into multiple systems to manage your recruitment needs via email inbox. Instead, you can get a personalised version of hireful's applicant tracking system (ATS) to help you manage all your hiring needs from the same place. Schedule a 15-minute intro call to learn how hireful can make it easy to build your talent pool.