One of the benefits of providing personalized feedback and status updates to all job candidates will be a wide talent pool. The benefits of having a wide talent pool (or in other words, talent community) cannot always be seen immediately. However, trust me, it makes the future development of your company a lot easier.
A talent pool is a database that consists of profiles of candidates who are interested in working for your company. The database can be as specific as you like. You can group candidates in their specific area of expertise or even when they will be achieving certain degrees, etc. There is many purposes you can use talent pools for, and it is becoming increasingly popular among companies. Having a talent pool means that your company has a group of potential job candidates to choose from.
So, what are some benefits of having a wide talent pool? Read on to find out!
1) Reduce the Cost of Recruitment with Wide Talent Pool
Instead of spending money to advertise a job vacancy, you can look for a potential job candidate directly from the talent pool that your company has.
The first benefit of having a wide talent pool is that it will increase the amount of money you save for your recruitment process. Instead of spending money to advertise a job vacancy, you can look for a potential job candidate directly from the talent pool that your company has. By reducing the cost spent on recruitment, you have more budgets to spend on other aspects.
Learn more about how to enhance your recruitment process and download our visual guide The Biggest Challenges in Recruitment and How to Solve Them. It will give you concrete ideas on how to provide better candidate experience and how to make sure you catch your ideal candidates. Do you know how to catch candidates who are not actively looking for a career switch or who might get lost in the process due to unconscious bias?
With a constant supply of talent pool, your company is somewhat always recruiting, not just waiting for new applications. There will always be prior cross-check before you select potential job candidates to be a part of a talent pool. Thus, you only have the potential ones in your talent pool – not all candidates.
This proactive recruitment initiative will help your company to select the best candidates in a shorter period of time. You have already done processes such as screening and prequalifying of the candidates. Talent pools allow you to cover job vacancies very quickly in order to prevent disruption to day-to-day business as well. The Human Resource department also has more time to spend on other HR tasks.
3) Identify the Quality Candidates for the Future and Grow Your Wide Talent Pool
By having a wide talent pool, companies can identify potential candidates before there is even a job vacancy.
Identifying the quality candidates is a strategic step that companies do to ensure that they have a constant supply of talents. This way they can fill critical jobs quickly with high quality and interested prospects. When they have a wide talent community, companies can identify potential candidates before there is even a job vacancy. Talent pools can be further grouped out according to the needs of the company so that the company benefits from the group of talents.
By having a proper list and a wide variety of talents, the management will be able to study and understand the availability of talents that are present. The list of candidates will also be helpful when the company wants to collect useful data, such as the salaries of other companies, etc.
4) Talent Engagement
When candidates are part of a talent pool, the company will be able to spend time with them, as well as developing a good relationship with the candidates. If these candidates have good experience, they will be more inclined to work for your company.
Before you know it, you are already engaging the talents and making them want to work for you. Although time is needed to build the relationships, you know that these candidates will be interested in working for you when you offer them a position.
Employees are not going to stay at companies forever anymore.
Wide talent pools are playing a much larger role in hiring practices than ever before. Employees are not going to stay at companies forever anymore. The people you really want to hire – the cream of the crop – are no longer looking or applying. So, what are you going to do? You should invest in having a wide talent pool that gives you an edge when compared to competitors. Jobs need not be actively advertised, and yet you have a potential candidate who is ready to fill up the vacancy. Over time, the pros will far outweigh the cons.
Chief Marketing Officer (CMO) at TalentAdore || Passionate about creating compelling stories and enhancing the world of recruitment. Helping companies to improve their Employer Brand with modern recruitment methods and superior Candidate Experience.