What is Talent Pooling and why should more businesses be doing it?

What is Talent Pooling and why should more businesses be doing it?

Talent pooling is not a new concept, and with the digitalisation of the recruitment process over the last decade, you might expect that in many companies the use of talent pools would have also evolved to keep pace with the demands of the modern employer. But despite the depth of experience in their HR or Talent functions, many businesses are still not utilising talent pools effectively.

So, what is a talent pool and why is it so important to your recruitment efforts?

Talent pooling involves creating and maintaining a database of potential candidates who have the relevant skills, qualities or interests to be a strong fit for your organisation in the future. A good talent pool will have the most up-to-date details of candidates, as well as maintain a regular dialogue with them. Put simply, talent pools are a tool to help businesses to be proactive rather than reactive when it comes to managing their recruitment efforts.

But with many HR departments placing a greater emphasis on succession planning and organisational matrices, talent pools can get overlooked. Among the businesses that do make use of them, however, talent pools can often be a vital weapon in a company’s recruitment arsenal.

How can talent pools benefit your business?

When used properly, talent pools can help to mitigate candidate shortages, reduce hiring time and recruitment costs, and help businesses quickly shortlist quality candidates for a role. But that’s not all. Here, we’ve put together Mackie Myers’ top reasons why business could benefit from making use of talent pools:

1. Reduced time to hire and flexibility

Having a go-to database of pre-screened candidates means that when a vacancy arises within your business, you’ve got a head start. A well-managed talent pool will have already assessed each individual, grouping them by their skills or suitabilities, allowing hiring teams to focus their search on the most appropriate candidates from the outset.

This speed to hire also enables businesses to approach recruitment with greater flexibility, allowing you to respond quickly and efficiently to changing market conditions or strategic decisions which might require you to adapt your recruitment plans. In cases of rapid expansion, mergers, or restructures, for example, talent pools with a ready supply of qualified candidates can be invaluable in helping companies to fill roles without delay.

2. Higher quality hires

As any hiring manager will know, at the point where you’re looking to fill a specific role, it can be a real challenge to find high-quality talent with the right skills and fit for your business. And when you do meet someone who ticks all the boxes, it can be frustrating if your business is not currently looking to hire into their specific specialism. That’s where talent pools come in. By ensuring you don’t lose touch with promising candidates even when you’re not looking to fill a vacancy, when the time is right, you’ll have access to an engaged, interested bank of individuals who are well suited to meet your company’s recruitment needs.

Talent pools also often include what we refer to as non-active candidates – people who are not actively searching for a change in company or position, but who may be open to opportunities. By keeping these individuals engaged and up-to-date with your business’ news, you’re more likely to get access to the best talent before they’re officially in the market for a new role.

3. Reduced costs and lower turnover

Another significant benefit of talent pooling is the potential it has to help lower your recruitment costs. By actively engaging with potential candidates, you can reduce your business’ reliance on expensive job adverts, job boards and even agencies. 

Building relationships with potential hires over time will also help to ensure they really are a good match for your business. Companies who do this well often experience lower employee turnover, leading to cost savings on rehiring and training, too.

4. Strategic workforce planning

Forecasting the future recruitment needs of your business can feel daunting, but it doesn’t have to be overly complex. Talent pools can help you to organise your recruitment pipeline by providing you with a selection of candidates suitable for roles that may arise due to business growth or staff changes. Internal functions can work to anticipate future requirements by creating longlists of potential positions which can be used to filter and assess the suitability of potential candidates.

You can also learn a lot from the people in your talent pools. Tracking candidate expertise and qualifications can help businesses to identify skills gaps, while monitoring trends and preferences can also help businesses to refine their longer-term recruitment strategies, using data to drive decision making.

5. Enhanced brand loyalty and competitive advantage

Ensuring you are engaging with candidates even when you have no current vacancies is a great way to build and strengthen long-term relationships with talent. Sharing company news and updates as well as industry insights will not only help to keep candidate interest in your business high, but it will also showcase you as an engaged employer and help to foster candidate loyalty and potentially even generate referrals. This brand loyalty will be key when you do have roles you need to fill, as the top talent will often start their search by thinking about the organisations they want to work for. Employers of choice will often get early access to the best talent, providing you with a significant advantage in competitive hiring markets.

6. Diversity and inclusivity

Talent pools are a fantastic way to ensure your business is building relationships with a diverse range of candidates. By communicating with your potential candidates, you can better understand who your business’ audience is and the best approach to engage them. For example, ensuring your application and interview processes are accessible and flexible where required.

7. Mitigating the risk of talent shortages

Around 75% of employers globally report talent shortages. Recruiting into roles that require specific skills or qualifications can be challenging, which is why maintaining a robust talent pool is so important. This is especially true for companies that operate in niche sectors or specialist fields. Having a go-to list of vetted candidates ensures your business is better prepared for changes in the labour market and reduces the risk of prolonged vacancies.

By creating and maintaining talent pools, businesses can not only streamline their current recruitment efforts, but also ensure they are well prepared to meet their future workforce needs swiftly and effectively. Building relationships with potential candidates is also a great way to ensure you’re hiring the right person for the right role. A happy, engaged, and supported workforce makes for a more productive business – something that we believe starts at the very beginning of the hiring process.

If you’re looking for help or support in developing your business’ talent pool, or to discuss any other recruitment needs, get in touch with Mackie Myers on hello@mackiemyers.co.uk, and we’d love to arrange a call.


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