One of the benefits of providing personalized feedback and status updates to all job candidates will be a wider talent pool. The benefits of having a wide talent pool (or in other words, talent community) cannot always be seen immediately, but trust me, it makes the future development of your company a lot easier.
A talent pool is a database that consists of the profiles of candidates who are interested in working for your company. The database can be as specific as you like – grouping candidates in their specific area of expertise or even when they will be achieving certain degrees, etc. Talent pools can be used for many purposes, and it is becoming increasingly popular among companies. By 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
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 from having a wide talent pool 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.
2) Reduce the Time Spent on Hiring
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 potential job candidates are selected 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. Processes such as screening and prequalifying of the candidates have already been done. 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 Talent Pool
By having a wide talent pool, companies can identify potential candidates before there is even a job vacancy.
This is a strategic step that companies do to ensure that they have a constant supply of talents and critical jobs can be filled quickly with high quality and interested prospects. By having 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 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 salary 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 a 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 stay at companies forever anymore.
Talent pools are playing a much larger role in hiring practices than ever before. Employees are not going 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.
We enable you to grow your talent pipeline while recruiting top talents. Request a demo to experience our Virtual Recruitment Assistant!