Talent Pooling – Why You Should Do It and How to Build One
“The task of recruiting has moved from the reactive filling of requisitions to proactively courting high-quality talent.”
Josh Bersin, Ten Top Actionable Talent Acquisition Trends
With face-to-face events now becoming digital alternatives, how will you quickly turn the output into applicants? You need to enable potential candidates to learn more about you, and build a talent pool.
Talent pools help minimise loss of productivity, which is one of the largest indirect costs of employee turnover. For example, with an existing talent pool, you shorten the time to hire and thus, maximise the offer-to-acceptance ratio.
Why do you need it?
At the moment, early talent hiring numbers may be lower than normal, but numbers of potential applicants discovering your business might be higher. If vacancies do grow later in the year, and the cost of hiring at that time will be considerable.
Consequently, if you begin reaching out in a few months time, you may find that the database of potential candidates will now be feeling disengaged and uninspired. Securing a talent pool now is a great way to establish high quality candidates both faster, and more cost-effectively.
How to build a talent pool
- Create a landing page on your career site that serves as an invitation to join your talent pool. You can then direct any potential candidates you meet through digital events, social media, and work experience to the platform. Give them a clear outcome of what they will get from joining, and instructions for becoming a member of your talent community.
- Make it easy by capturing the minimum information at first, and then ask them to submit more details as they access more information and move further along in the process.
- Keep the event sign ups in one place, so you can consistently build your talent pool.
Maximising your database of candidates
- Segmentation – will enable you to deliver relevant content to different groups.
- Manage expectations – be clear what they get from signing up and how their data will be used.
- Engage and communicate – provide regular communications and bite-sized chunks of content delivered in a variety of formats. Utilise text, video and more, to support different learning styles, and ensure each module facilitates new skills where they are learning.
- Build a community – invite them to more events, forums or chat rooms to engage with your employees and other candidates.
- Update them – provide updates on new roles, news, and additional learning content.
- Measure – use the data to measure engagement as a whole and by groups, and continue to ask for feedback
From leveraging talent pools, we have already seen the below results. What will you see?
- 80% sign up from all potential students.
- Renege rates cut by 30% – 70%.
- 40% more female hires.
- Induction time reduced by a third.