In 2023, Northern Ireland experienced a surge in employment. As a result, many employers found themselves in fierce competition to attract and recruit skilled professionals across many industries.
This trend underscores the importance of recruiters adopting strategic measures to stay competitive in the current job market. One effective approach is the establishment of a talent pool, an essential asset for businesses to ensure a steady flow of potential candidates and future employees.
By proactively building and maintaining a talent pool, recruiters gain a strategic advantage in swiftly accessing skilled professionals when sudden vacancies arise. This not only expedites the hiring process but also ensures a steady influx of talent tailored to the specific needs of businesses.
In this article, we explore why talent pools are key to a successful hiring strategy and share advice that can support your long-term recruitment goals.
What is a talent pool?
A talent pool is a collection of potential candidates that help organisations grow and achieve their long-term goals. This can be a mix of people who have expressed interest in joining your organisation, jobseekers with specific expertise, passive candidates, and former employees.
A well-maintained talent pool aids you in proactively identifying suitable and available candidates, preventing a last-minute rush to find talent when the pressure is on to make a quick hire.
A typical talent pool is a group of candidates who were not immediately available or suitable during their initial rounds of interviewing but have since gained valuable experience or completed relevant training. Other examples can include individuals who have previously worked for your organisation on temporary contracts or projects who have already demonstrated the skills and work ethic required for a future role.
The benefits of a talent pool
A well-maintained and effective talent pool can optimise your recruitment process and the overall quality of your workforce. Here are five of the core benefits you can obtain by leveraging talent pools:
Proactive hiring: Building a talent pool can be a great way to stay ahead of your recruitment needs. By having a well-curated list of potential candidates at your disposal, you can plan and prepare for your hiring needs in advance. Instead of scrambling to fill unexpected vacancies or urgent hiring demands, you can support the growth of your organisation.
Reduces recruitment costs: Creating a talent pool is the most effective way to simplify your life as a recruiter. With the cost of hiring skilled staff increasing and the time it takes to hire staff extending, having a strong foundation of potential candidates can be extremely beneficial. A talent pool lets you actively find and directly connect with job candidates, saving money on job advertisements or proactive recruitment methods.
Creates a more diverse talent pipeline: Talent pools allow recruiters to focus on diversity and cultivate a more inclusive array of candidates, an approach that nurtures more varied talent pipelines and supports wider DE&I goals. Even though underrepresented candidates may still be overlooked, a diverse talent pool can prevent recruiters from continually returning to the same resources and getting the same types of candidates.
Increased efficiency: Implementing talent pools into the recruitment process for both recruiters and jobseekers shortcuts the evaluation of candidates and lessens the process. With a group of potential candidates easily accessible, you can quickly fill job openings, plug skills gaps, minimise disruption, and implement comprehensive workforce planning.
Upholds company’s growth trajectory: With all businesses, skilled employees can choose to move on from your company at any point in their careers or during a crucial time in your company’s growth. It’s therefore wise for businesses to have a ‘safety net’ – a pool of potential candidates in place to avoid prolonged periods of understaffing.
How to build a talent pool
Building and maintaining a talent pool can translate into a competitive advantage for your recruitment efforts, but how do you get started?
Establish your criteria: Start by defining clear criteria that match your unique hiring needs. Identify the skills, experience, and qualifications you want in candidates so you can focus on finding the right people. This approach helps ensure you attract the right candidates for your organisation.
Re-engage unsuccessful candidates: Don’t forget candidates who previously applied but were unsuccessful. Reaching out to these individuals to gauge their interests and experiences may lead to a successful hire, as their skills and experience are likely to evolve. Maintaining a positive relationship with these candidates can also help in building a talent pipeline for future positions.
Engage with students: Engaging with students and recent graduates offers a valuable opportunity to cultivate a dynamic talent pool, especially for entry-level positions. These individuals are eager to embark on their professional journey and are open to opportunities, providing a fresh perspective for your organisation. By forging connections with local universities and colleges, employers can lay the foundation for a strong pipeline of potential candidates while also bolstering brand awareness. This can include participating in career fairs, working with teachers/professors, and sponsoring student organisations.
Utilise internships, work experience, work experience, and mentoring: Offering internships, work experience opportunities, and mentoring programs can all be excellent ways to identify talent. These initiatives allow jobseekers to get hands-on experience and sample your company culture, making them potentially ideal candidates for full-time roles.
Don’t forget previous employees: Former employees who left on good terms can be valuable additions to your talent pool. Reaching out to them can lead to boomerang hires – rehiring former employees who have obtained additional skills and experiences. Remember, this requires maintaining a good relationship with workers who have handed in their notice, so be sure to provide a reference letter for these people when asked.
Include internal talent: Don’t overlook your current employees when building talent pools, as an internal candidate might want to advance in your organisation. Creating opportunities for these workers and implementing succession planning can increase loyalty and employee satisfaction.
Leverage referrals: Encourage your employees to refer high-quality candidates through an employee referral scheme. Employee referrals can be a particularly effective way of expanding your talent pool, as your current workforce understands your company culture and values, making a potential fit more likely.
Host talent acquisition events: Talent acquisition events, like career open days or industry-specific workshops, let you showcase your company culture and meet potential candidates face-to-face. These types of in-person interactions can leave a lasting impression on jobseekers, helping them better understand your company culture.
Create a strong employer brand: Investing in building strong relationships with potential candidates over time can represent a significant return on investment (ROI). One way to do this is by engaging with candidates using social media. Key to this is sharing content that highlights your company’s culture, achievement, and employee experience to reinforce your employee value proposition (EVP).
Tips for managing your talent pool
Once you’ve successfully built your talent pool, it’s vital to ensure it remains effective to support your long-term recruitment objectives. This can be achieved by:
Keeping your database updated: Regularly updating your talent pool database with the latest candidate information, including contact details, skills, and experience ensures that you maintain an accurate and up-to-date pool of candidates.
Regularly reaching out to candidates: Open communication helps keep candidates interested and aware of potential career paths, so whenever possible actively engage with candidates in your talent pool to inform them of new opportunities within your company.
Offering networking opportunities: Facilitating networking for candidates to interact with current employees helps create a sense of community, making candidates more likely to consider future roles in your organisation.
Providing value to candidates: Providing a positive candidate experience can often have a major impact on the success of a talent pool. This can be achieved with effective communication, comprehensive support, and detailed feedback wherever possible.
In an always-changing recruitment landscape, it is essential to equip yourself with the right strategy and tools to propel your business forward. Commence this journey by scrutinising your existing framework and conducting an estimation of the candidates required to meet your business goals.
Talent pools assist businesses in anticipating their staffing needs, allowing them to find suitable candidates quickly and without heavy costs. By nurturing relationships with potential candidates and former employees, industries in demand of skilled workers can streamline hiring, reduce costs, and create more diverse workplaces.
Embracing these strategies ensures businesses remain attractive to top talent, encouraging future growth and success in their respective industry.