The importance of having a Talent Pool

Have you reviewed your Talent Pool recently?

Talent pools are a popular resource for talent acquisition across an increasing number of organisations. A talent pool is a database of candidates who are interested in working for your company, who you are confident could effectively replace any of your current employees when they leave.

Here are 3 reasons why should take time to build an in-house talent pool:

1) Reduce your recruitment costs
Having an in-house pool of talent can reduce the need to advertise. Recent studies have estimated that recruitment costs can be reduced by 50% using talent pools.

2) Hire quicker
You will save valuable time as the screening and prequalifying of candidates has already been done. Having a great pool of talent allows you to quickly fill a role and minimise the impact on productivity in your department. Research has shown that time-to-hire has been reduced in 50% of organisations that use talent pools.

3) Target candidates for the future
With a talent pool you can identify potential candidates for a role in your organisation before it needs to be filled.

How to build your own talent pool.
Here are some of the best places to start looking for the people who will shape the future of your organisation…

Previous applicants
Remember those candidates who made it to your last round of final interviews but just ‘missed out’ to another individual? As well as thanking them for their time and interest in your organisation keep their details on file. The fact that they have already been pre-screened and pre-assessed for a role in your company makes them a fantastic potential employee for future roles.

CV databases
Online CV databases are a rich source of both active and passive candidates for current or future positions in your organisation. Many recruitment solution providers offer proactive CV searches for clients across all the major UK job boards.

Work experience schemes
If you don’t have the resources to run graduate schemes which require substantial investment in training and development, another option is to have work experience placements. This enables you to give students their first taste of a working environment, and prove their capabilities as a potential employee, contributing to your company in the future.

Online Networking
Social media platforms such as LinkedIn make it easy to keep in touch with the people in your talent pool and to update their details easily.

Networking
Industry conferences are an opportunity to meet people who could work for you. This doesn’t mean that you approach with a full recruitment pitch! Just a conversation about them, their expertise, what they are up to and what they are interested in is a good start.

A few points to consider…

It’s best to tell people that you are keeping their details on file.
There are so many complex elements to the Data Protection Act but the golden rule is that if you are retaining the contact details of someone you're thinking of getting in touch with in the future, you should get their permission to do so. A rejection letter to an unsuccessful candidate can include a polite request that you keep their details on file if other positions become available.

Don’t forget, it’s a pool not a reservoir
You should only look to include the top talent; those people who will really make a difference to your business. How long they stay in your pool depends on you. There are no rules saying that an individual should be removed from your list if you haven't hired them within 12 months.

Do you need help building an in-house talent pool?
By using our services, CVWOW will forward CV’s that suit your vacancy requirements, these CV’s then form the basis of a talent pool specifically for your needs. You can access this talent pool at any time, enabling you to search your own candidates when a new vacancy arises before approaching any external resources.

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