Unlock the power of talent pools for efficient hiring
Introduction
In today's fast-paced business environment, having a ready pool of talent can be a game-changer. Whether you're looking to fill a sudden vacancy, embark on a new project, or simply want to be prepared for future needs, a talent pool can be the secret weapon for business managers and HR professionals for efficient and effective hiring. But what exactly is a talent pool, and how can you build one effectively?
What is a talent pool?
A talent pool is essentially a database of potential candidates that a company can tap into when hiring for short-term or long-term job opportunities. They might be your current employees, have previously done short-term work for the company, applied for a job, been sourced by recruiters, or expressed interest in the company in some way. They can even be your current employees! Here are some examples of talent pools in business:
- Internal employees seeking new roles or projects
- Seasonal staff pools for retail businesses
- Tech talent pools for IT firms and startups
- Freelancer and consultant pools for project-based work
- Graduate and intern pools for entry-level roles
- Freelance tutors for tutoring providers
- Executive pools for senior leadership roles
How do talent pools differ from talent pipelines?
While a talent pool is a broader database of potential candidates, a talent pipeline is more specific, often built for particular roles or projects. Think of the talent pool as the sea where you fish and the pipeline as the route the fish take to reach your plate.
Why build a talent pool?
Having a talent pool offers several advantages:
- Speeds up the hiring process: With a ready list of candidates, you can significantly cut down the time it takes to hire
- Cost-effective recruitment: Reduces the need for external agencies or job advertisements
- Improved quality of hires: Engage with candidates who've already shown interest in your company and/or those you have pre-screened
- Reduces talent scarcity issues: Especially beneficial for roles that are hard to fill
Steps to building and maintaining your talent pool
1. Start a private talent marketplace
Tired of the back and forth finding out who is suitable, available, and interested in new opportunities? Let's change that. With your own private talent marketplace you can use it to build your talent marketplace:
- Control who joins your talent pool
- View talent profiles
- Post opportunities and automatically notify relevant candidates
- Review applicants and contact them direct
- Brand it your way
2. Identifying key roles and skills
Forecast future hiring needs by working closely with department heads and understanding business growth trajectories. You can also enable hiring mangers to post opportunities to the talent pool.
3. Sourcing candidates
Share the link to your talent pool (eg your own private talent marketplace) with your potential audience. Beyond the traditional methods, consider adding the link to your website careers page, hosting webinars, attending industry conferences, or joining a podcast to attract potential candidates.
4. Engaging and nurturing relationships
Regular updates, newsletters, or webinars can keep your talent pool engaged and informed about company happenings.
5. Maintaining and updating your talent pool
A talent pool requires regular engagement. Ensure you engage with your talent pool with active communications. You can add them to your email distribution and/or add a community chat to your private talent marketplace.
Case Studies: Success stories
Spacewalk, the talent marketplace platform, has a variety of customers that are successfully building and deploying their talent pools via their own private talent marketplaces. Here's some examples:
- Gaming companies in London enabling job seekers to join their 'talent communities'. When they're looking to hire for short or long-term jobs they firstly check their talent community for suitable candidates
- Property manager in Canada that has built a pool of cleaners, gardeners and handymen to help when required across its portfolio properties
- Virtual assistant provider that has built a pool of freelance professionals to engage for project work
- Tutoring provider in Australia that hires freelance tutors as each student brief arises
Conclusion
Building and maintaining a talent pool is an ongoing process. It requires regular engagement and the technology so that when an opportunity needs to be filled, you have a list of quality candidates ready to step in. With tools like Spacewalk, the process becomes even more streamlined, allowing you to focus on what you do best: growing your business.
Ready to take the next step?
Whether you already have a talent pool or are just getting started, check out Spacewalk with its free 30-day trial. Start your own private talent marketplace. No more clunky spreadsheets. Just a seamless, efficient way to build your talent pool and connect the right person to every opportunity.
