Why Building a Talent Pool is Worth the Investment and How to Get Started
A talent pool is the term used to describe a database of potential candidates who are qualified and interested in joining your organization – through direct application, referral, or sourcing. Talent pool databases contain information about each prospect, that can be segmented in many ways: location, function, “silver medalists” (qualified candidates that have already interviewed) or any other segment relevant to your business.
Talent pools are important for any organization looking to develop a more proactive recruitment process. There are many benefits to investing the time in developing your talent pool – from unexpected departures, to strategic workforce planning, diversity, branding, and time to hire and cost efficiencies. By taking the time to plan, business leaders can construct applicant databases that better align with their organization values and employment needs.
Considerations When Developing a Talent Pool
Workforce Planning: developing a clear understanding of talent shortfalls and pockets of high-attrition is key. You need to do a gap analysis and align your organization strategy with your talent strategy.
Enabling Technology: candidate platforms and data collection tools are needed to ensure the effectiveness of the process. As will making a habit of regularly reviewing your talent pool, so you know who you have available when a position opens up.
Communications Strategy: carefully planned communications is a big differentiator. Simply sending job postings to your talent pool as openings arise, won’t be enough. Employee stories, CSR initiatives, company innovation stories etc. should all form part of your communications strategy – you want to remain fresh and front of mind with these individuals.
Internal Talent: don’t forget about the pool directly in front of you – your own team! You know they fit with your organization and what they contribute. This may involve upskilling or training certain individuals – which should naturally form part of your wider talent/HR strategy, but as openings arise your team should be kept in the loop, failure to engage with this group on the talent planning front will lead to disengagement and attrition.
How to Build Your Talent Pool
Sourcing: refers to the process of finding, researching, generating, and networking with applicants. You need to get PRO-active. Common external sourcing channels include developing partnerships with Universities that have programs in areas relevant to the positions you need filled, utilizing platforms such as LinkedIn, Indeed and other sourcing platforms, actively campaigning to attract candidates through social media platforms, networking (virtually at present), and developing a program that encourages employee referrals.
Internal talent pool sourcing should be a strategic priority, identifying existing employees who show promise for advancement and those who are on track to acquiring additional skills or qualifications through articling, apprenticeship, or self study relevant to their position.
Branding and Marketing: An important component of constructing a proper talent pool is marketing to potential candidates. In my view employee experience starts before the individual ever enters the organization - set yourself apart from the generic candidate experience.. An effective recruitment marketing strategy and strong employee brand will allow you to not only attract and nurture ideal candidates, but encourage them to join your talent pool and eventually your team.
Re-engaging unsuccessful candidates/hires: it can often be the case that top tier candidates do not get an offer due to quotas, budget, or they may have declined a job offer from you in the past. It's wise to keep these individuals in your pool – you never know where their circumstances might change. These individuals are already familiar with the organization and you’ve already deemed them to be a potential fit – save yourself time and effort by reengaging and staying on their radar.
Boomerangs: I use the term boomerang to describe an individual that has left your organization for another opportunity, to travel or due to personal circumstances, that through genuine touch points, a little bit of effort and frankly good timing rejoins your team. There’s nothing more satisfying than welcoming back a team member you were genuinely sad to see leave. From experience, I can tell you with a little bit of work this is very achievable - keep in touch with those superstars.
Talents pools take some work, but they’re certainly worth the investment. Not only will they lower your time and cost to hire, they increase candidate quality and help build your employer brand.
