Published on December 9, 2016
1. 8 steps to creating a talent pool How to recruit the best people more quickly and cost effectively
2. A talent pool is a group of desirable and qualified people who have been proactively selected to be ready for vacancies when they arrive, particularly for reoccuring roles that are crucial to the business and/or hard to fill. What’s a talent pool?
3. Finding the right talent at short notice can be a challenge. Relying on reactive methods like job ads can be time consuming and a game of chance. Signs you might need a talent pool: Your recruitment is taking too long Time to hire Your competitors have better known employment brands The rest, not the best The cost of recruitment is too high due to over- reliance on job ads or agencies Cost to hire You’re relying on a small pool of talent to apply for your advertised roles Limited gene pool Existing employees experience burnout due to taking up the slack from vacancies Low morale Why talent pool?
4. Forward-thinking organisations stay on the front foot; they seek out the candidates that their organisation needs most, build a talent pool and start the process of winning their hearts over time. Cameron Davidson – Director, Strategic Sourcing, Asia Pacific, Hudson
5. How do you talent pool? Talent pooling involves engaging over time with a selected group of active and passive candidates, building up a relationship and inviting them to apply for key roles.
6. for building a successful talent pool steps
7. 1. Get your team on board Ensure you have full buy-in from management. This strategy requires time, consistency and commitment. A talent pool may not deliver instant results, but the investment that it requires will be justified and validated over time through better quality candidate shortlists and faster times to hire.
8. Be realistic. A talent pool is not necessarily the best for all roles in an organisation. Keep it to key roles that are reoccurring, hard-to-fill and/or crucial. Tip
9. 2. Map your needs Consult with department managers and hiring managers about what roles are key and what will be needed over the next one or two years. Establish the qualitative criteria that candidates need to be added to the talent pool.
10. 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 unsuitable candidates just to boost the number. Tip
11. 3. Develop your sourcing strategy List the channels you will use to source candidates, what messages you will convey and how you will position the roles. For rare skill sets, you will need to be proactive in finding where those candidates are, what media they consume and where they exchange ideas.
12. Check your social media policy. If approaching candidates using social media, make sure the marketing team is on board. Does your social media policy need updating? Tip
13. 4. Get the technology Ensure you have a good (CRM) Candidate Relationship Management system. The CRM system will house the talent pool and give you data such as how quickly the talent pool is growing, how many candidates have been shortlisted, how many have been placed. A CRM system assists you in communicating with your talent pools – both campaigns and automated.
14. Set KPIs. Have a list of clear KPIs and report on them monthly, quarterly and annually. Only then can you properly monitor effectiveness. Is your cost per hire and time to fill going down? Tip
15. 5. Separate sourcing from recruiting We recommend having a candidate-facing sourcing specialist who is out every day talking to candidates and building and maintaining the talent pool. In a separate role, have a recruiter who interviews and hires under the direction of the hiring manager. If both roles are combined, there is a risk this function will be too preoccupied with filling roles and lack the capacity to be forward looking.
16. Partner with experts. If you’re unable to effectively resource a talent pool, partner with a recruitment process outsourcing (RPO) specialist with experience in talent pooling to manage the entire process for you. Tip
17. 6. Source potential candidates Build a list of potential candidates. Seek out active candidates among online job applicants or those who have narrowly missed out on previously advertised positions. Seek out passive candidates via your networks, social media, recruitment tools and referrals.
18. Use industry experts (if possible). Sourcing specialists with deep experience in the industries they are responsible for are usually more effective at building rapport with the candidates they are seeking out. Tip
19. 7. Make the approach Ensure you able to articulate your value proposition as an employer. Set yourself apart by tailoring your message and making it personal. Ask talent pool candidates how they would like to be kept in the loop and tailor your approach to communicating with them accordingly.
20. Review your EVP Your Employee Value Proposition (EVP) is crucial. Be clear on why your organisation is the best workplace in your industry and how to articulate that. Tip
21. 8. Keep them engaged Treat your talent pool like a paying audience whose reviews could make or break the success of your show. Engage them with a clever CRM strategy and warm them to your brand over time.
22. Don’t drop off the rader Putting candidates into a talent pool and never contacting them again can leave a negative impression. If a candidate continues to be put up for roles without success, at some point arrange an exit from the talent pool. Tip
23. We do talent pooling for a great client in the life sciences field. Despite being a fantastic employer and offering a range of great benefits, this company is not widely known outside its home country. With our talent pool solution, we’ve been able to tell their story and sell their value proposition as an employer. Over time, I’ve seen highly desirable professionals who weren’t even looking to leave their current jobs warm to the opportunity this company offers and ultimately become active candidates. Kimberley Hubble – Global RPO Leader, Hudson
24. Not ready to strike out on your own? Contact Hudson RPO for more information about how Hudson could help you reduce costs and improve candidate quality in your recruitment process.