As a staggering 70% of companies struggle to secure top-tier talent, the battle for recruitment supremacy intensifies in today's headhunting market.
Then how can you steal the Top 1% of Talent before other headhunters crack a deal with them?
Talent Pools!
Keep reading for a revolutionary solution that not only addresses the issue but propels your organization into a league of its own!
This is a 101 guide on Talent Pools - the only article you need to get started!
This article is mainly divided into three distinct sections:
i) Building a company’s talent pool, where strategic foundations are laid;
ii) Maintaining the talent pool, a crucial aspect often overlooked; and
iii) Leveraging Your Talent Pool, the game-changing strategy for sustained success in the cutthroat recruitment market.
Let’s dive into the future of talent acquisition!
What is a talent pool?
A talent pool is a database of ideal candidate profiles interested in working for your organization.
A talent pool may consist of both internal employees (candidates who may shift in their roles) and external candidates. So, in addition to a company’s employees who have specialized skill sets, pools also include profiles from a variety of different sources.
These typically include:
- Second-choice applicants
- Potential candidates from career fairs and social media
- Employee recommendations
- Qualified former employees
Why Talent Pools, you ask?
Let’s say your company is hiring a Chief of Staff, and the search has come down to two, equally-qualified candidates.
And, in addition to that, let’s say that your hiring committee met five other candidates down the road. While they weren’t the perfect fit for whatever reason, some of them were truly compelling and could even fit into different parts of your company.
Back to the task at hand, though: You’ve now selected your ideal candidate and hired them!
Now, what will you do with the rest of the resumes you collected? Delete them from the system?
Doesn’t letting go of all of that talent seem like a real waste?
Additionally, by strategically building and maintaining a talent pool, your company can enjoy significant cost savings and a more efficient and agile hiring process.
This approach aligns with long-term business goals by fostering a proactive and sustainable approach to talent acquisition.
Types of Talent Pools in India:
The UN Department of Economic and Social Affairs stated that India is the leading contributor to talent, with around 17.5 million Indians settled in various parts of the world. The major types of talent pools in India are:
- IT and Software Development 20%
- Engineering 15%
- Finance and Accounting 10%
- Healthcare 12%
- Sales and Marketing 8%
- Human Resources 5%
- Customer Service and Support 7%
- Education and Training 4%
- Research and Development 6%
- Telecommunications 3%
- Media and Entertainment 6%
- E-commerce and Digital 4%
However, in each of these sectors, the Top 2% of Talent is not looking for a job actively.
And it’s nearly impossible to attract these candidates immediately when the position becomes open. Employ puts you in front of these Top 2% talent, build relationships with them over time, and attract applications from your trusted top talent when you are ready to hire.
Building a company's talent pool for long-term hiring benefits:
1. Planning: Defining the Blueprint
a. Define Job Requirements:
- Identify the specific work experience, skills, and traits essential for the available jobs.
- What expertise is non-negotiable, and which skills are preferable?
- Consider factors such as workplace flexibility and salary ranges.
b. Cultivate Cultural Fit:
- Assess the values, attitudes, and behaviors that align with your company's ethos.
- Focus on diversity to build cultural synergy.
2. Sourcing: Executing the Blueprint
a. External Sourcing Strategies:
- Identify target universities, industry events, and professional networks that align with your company's needs.
- Implement an Internship program to assess possible future hires
- Actively encourage your current employees to refer qualified candidates.
b. Engage Passive Candidates:
- Engage with specialized talent-as-a-service platforms, like Sparklehood, to access a pool of candidates with niche skills.
- Increase the number of applications you receive by allowing people to apply online easily.
- Opt for hiring tests instead of traditional applications or resumes.
💡 For Example:
c. Streamlined Application Processes:
- Adopt streamlined processes like ATS
- For executive roles, consider outsourcing talent pool formation to executive search firms to attract top-tier talent, like EMPLOY By Sparklehood!
3. Assessing: Ensuring Pool Health
Implement Key Metrics:
- Develop key metrics:
i) time-to-fill positions (ideally within 30-60 days)
ii) candidate engagement rate (ideally above 70%)
iii) the diversity of your talent pool. (40% of diverse representation at all levels of the organization)
- Conduct monthly inspections to gauge the effectiveness of your talent acquisition strategies.
- Maintain and update records of your findings.
- Use the data from these assessments to identify areas of strength and weaknesses.
Maintaining the Company’s Talent Pool:
Nurture the company’s talent pool by following these strategies-
1. Regular Communications:
- Providing general information about the company
💡 Talent Pool Update:
- Wish them well on birthdays and other significant occasions
- Targeted job offers
- Invitations to trade fairs or events
2. Showcasing Company Progress:
- Biannual updates about your company's progress
- Share newsletters with employee success stories, company events, and unique aspects of your workplace.
- Provide authentic insights into your company culture, values, and work environment.
- Keep an up-to-date and informative careers page on your company website.
3. Conveying Enthusiasm
- Express genuine appreciation for the passive candidates
- Craft personalized emails acknowledging their value and the unique skills they bring to the pool
- Convey the opportunities your company offers.
💡 An Example:
Leverage your Talent Pool Effectively:
Here are some steps to effectively leverage a talent pool:
Step 1. Segment Your Talent Pool:
- Segment your talent pool based on specific skills, experience levels, and job roles.
- Send them a questionnaire about their skills and areas/topics of interest
💡 Here’s an example for your reference:
Step 2. Host Networking Events
- Organize a variety of events (webinars/seminars) on different topics
- Invite members from your talent pool, specific to their areas of interest from the info collected before
- Encourage them to share their insights/feedback of the events on LinkedIn
Step 3. Regularly Update and Cleanse the Talent Pool:
- Conduct regular audits to remove outdated profiles or contact information.
- Share relevant opportunities with your talent pool
- Periodically inquire about their current status and interest in potential opportunities.
Step 4. Utilize Predictive Analytics:
- Use predictive analytics like Tableau.AI to identify patterns and trends
- If analytics suggest a surge in demand for a particular skill set, prioritize sourcing candidates with those skills.
Step 5. Maintain Personal Interactions:
- Tailor your communication to each candidate
- Respond promptly to inquiries and applications.
💡 For Example:
Step 6. Collaborate with Hiring Managers:
- Schedule regular meetings with hiring managers to understand their upcoming needs.
- Ensure your talent pool aligns with the organization's strategic goals.
- Establish feedback loops between recruiters and hiring managers to continually refine and optimize the talent acquisition process.
By proactively building, maintaining and leveraging the talent pool, your company can reduce the time and costs associated with hiring, as you already have a pool of pre-qualified candidates to draw from when positions become available.
Additionally, this approach fosters a proactive and strategic approach to talent acquisition, aligning with long-term organizational goals.
Yes, building a talent pool can be a daunting task! But it doesn’t necessarily have to be!
We are building a community of Top 2% Professionals where you can- Amplify your Credibility, Find what you’re looking for, or something even Bigger and Unexpected!
Visit: Sparklehood
Also read: How to hire SuperEmployees for your Startup with Limited Resources?
