What is the added value of a talent pool?

What is the added value of a talent pool?

A commonly used technique in recruiting is to create a talent pool of interesting candidates. To apprehend the benefits of having a talent pool and how to set it up, it is important to understand what a talent pool is in the first place.

What is a talent pool?

A talent pool is a collection of profiles of candidates that have expressed an interest in you as an employer. Candidates in your talent pool view your company as a suitable potential employer and possibly see it as the next step of their future career.

A talent pool can consist of candidates who have liked a job opening or an event that you are hosting. They have connected with your company and might have a future interest in it. Referred candidates and people who have applied for a job before but did not make it to the latest rounds can also be part of your talent pool as they are already one step further in familiarizing themselves with your company and its processes.

Why is it important to have a talent pool?

Having a talent pool by itself does not create brand awareness amongst the candidates that are already interested in your brand. Reaching our to your talent pool frequently may do so, however. A good brand is like a very likeable person – even when it is not in the room, people talk about it.

Another reason to create and maintain a talent pool is to have an “inventory” of interesting talent for HR managers and recruiters, which they can explore when they need to fill a certain position. It also creates warmer connections with regards to future job openings.

What are the benefits of having a talent pool?

Apart from creating brand awareness, having a talent pool helps recruiters minimize their time spent on filling in new positions by already having a high-quality talent pool. By optimally using Magnet.me’s sourcing tool, recruiters have an increased chance of a positive conversion.

By having a good quality talent pool, your company can save advertising expenses as recruiters already have a database they can choose from. Cost-per-hire and time-to-hire also decrease. Last but not least, the quality-of-hire increases as you are already ensured of candidates’ interest in your company.

How to successfully build a talent pool?

Now that we have discussed the benefits of having a talent pool, it is important to outline the steps of how to successfully build one.

  1. Make sure your company profile is refined. Some factors can make candidates connect and relate to your company more than others. Such examples are: 
    1. Building a good company page
    2. Posting good quality office pictures and videos
    3. Showcasing the company structure
    4. Having employee testimonials on Magnet.me 
    5. That way you can make sure you have candidates who really value potentially being part of the company.
  2. Define the type of candidates you want in your talent pool. Determining the characteristics and required skill sets of potential candidates will make the selection of profiles easier. You can create different subsections for different teams or departments that vary in required know-how.
  3. Build up your pool by promoting your company. By promoting your company on Magnet.me, you make sure that your company appears at the top of candidate searches, increasing your chances of filling your pool with suitable candidates. In addition, promotion really boosts your brand awareness and thus your chances of attracting high-quality candidates.
  4. Create a flow for reviewing likes and applications. Having a structured process in place makes selecting candidates easier and more precise. Set clear expectations from the start and build a sequence for future communication. For a candidate, being part of a pool is a way to keep in touch and stay up-to-date with new opportunities, but it does not guarantee a role within the company.

Talent pools are a great way of finding high-quality candidates in a reduced time frame and with a low advertising budget. It also allows for building better relationships with potential candidates and increasing brand awareness. Though it requires an initial time investment of constructing and developing a talent pool, the long-term payoff is of much higher value to HR managers and recruiters.