Organizations worldwide are realizing the value of talent pooling and its profound ability to positively impact the overarching recruitment strategy. Earlier this year, our expert Tom shared 5 tips for those looking to get started with talent pooling. Today, he extends his insights to talent leaders who already have a talent pooling strategy in place that want to optimize for success.
A talent pool should focus on key roles and sectors that are difficult to fill and essential to your daily operations. Avoid turning it into a dumping ground for resumes. Instead, have a clear idea of when, where, and how many candidates you need, to prevent pooling individuals for jobs that may never materialize. This will benefit your recruitment team and deliver a better candidate experience.
Maintain high standards when filling your talent pool. Clearly define inclusion and exclusion criteria to ensure you gather the best candidates and take a consistent approach to tagging and categorizing candidates by job family and skill sets. Including too many candidate profiles will render the collected talent data useless. Monitor the effectiveness of your talent pool by evaluating key performance indicators (KPIs) regularly. Measure metrics such as candidate placement rate, cost-per-hire, and time-to-fill to assess its value.
Your Employee Value Proposition (EVP) can differentiate your organization from competitors in the talent market. Clearly communicate with talent why your business is the top choice in your industry and how joining your talent pool might benefit them. It is crucial to be authentic when presenting your EVP. This approach helps new hires form accurate expectations and prevents the risk of losing them due to a disconnect between promises and reality.
Talent pooling requires a collaborative effort from your entire team. While sourcing specialists with industry expertise can build rapport with candidates, it takes collective participation to tap into extensive networks and discover untapped talent. Since talent pooling and predictive talent pooling are still underutilized, rally support from the wider business by highlighting the cost-savings and efficiency benefits talent pooling can provide. Ensure the talent pool is easily accessible for hiring teams to utilize.
Remember, talent pooling is not merely about collecting CVs and filing them away. It should be a mutually beneficial relationship. Candidates need to see the value it brings them and understand its limitations (e.g., no guaranteed employment). Provide value to your talent pool members by sharing industry news, keeping them informed about hiring updates, and helping them familiarize themselves with your business.