Most businesses are in the midst of a workforce redesign to empower newer, more nimble business models. The HR team must anticipate and keep pace with ongoing business innovations while driving leading-edge talent solutions to meet changing workforce needs and challenges.
Predictive talent pooling provides a hiring approach that blends strategic sourcing, talent pooling and predictive data tools to hire better people in less time and at less expense while meeting many of the newly designed workforce demands.
How can you set yourself up for success?
1. Be realistic. A talent pool will rarely cover all roles in an organization. Keep it to key roles and sectors that are hard-to-ﬁll and crucial to the organization’s daily operations. Don’t spread your resources too thin.
2. Know what you need. Have a reasonable idea of when you will need the talent, where you will need them and how many you will need—otherwise you risk wasting time talent pooling candidates in areas where jobs will never materialize.
3. Aim high. Set the bar high and ensure your recruiters ﬁll the talent pool with the best. Don’t ﬁll it with poor quality or irrelevant candidates. This can cause the data you garner to become unusable and ultimately jeopardize the whole program. Be clear on entry criteria and also exit criteria.
4. Shore up your EVP. Your Employee Value Proposition is your currency in the war for talent. Be clear on why your organization is the best workplace in your industry and how to articulate that. This will help you retain and motivate current employees as well.
5. Be authentic. The information that you present to your audience has to be authentic or you risk people joining your organization and being immediately disillusioned by the gap between what was promised and the reality. Being authentic ensures your new hires have the right level of expectation when joining your organization.
6. Monitor its effectiveness. Is the talent pool justifying the resources that are going into it? Have a list of clear KPIs and report on them monthly, quarterly and annually. What is the placement rate of candidates in your talent pool? Is your cost-per-hire and time-to-ﬁll decreasing?
7. Talk the talk. Sourcing specialists with deep experience in their representative industries are usually more effective at building rapport with the candidates in those industries, although there are exceptions and strong generalists do exist. Remember Sourcers are the ﬁrst interaction the candidate has with your company, which is crucial in establishing the relationship.
8. Line up your ducks. Few organizations use talent pooling and even fewer use predictive talent pooling. Explain the business-wide cost savings and efﬁciency dividends to the hiring manager and make sure he or she embraces the change. If approaching candidates on social media, make sure the marketing team is on board, and that your team follows the ﬁrm’s social media policy.
9. Manage candidate expectations. Be careful with your wording when accepting candidates into the pool. Avoid stating or suggesting that it will lead to guaranteed employment.
10. Don’t drop off the radar. Putting candidates into a talent pool and never contacting them again leaves a negative impression. And don’t forget former silver medalist candidates. They might be perfect for those open roles!
Want more information on predictive talent pooling? Contact Hudson RPO