How Does Building a Talent Pool Help You Find New Employees? 7 Jun 2019

You posted a job opening weeks ago, but your inbox is still empty. No matter how many job postings you put up or how enticing the benefits are, you aren’t getting applicants. What’s going on?

Businesses across the country are having trouble hiring. What’s at the root of their problem? The national unemployment rate.

The unemployment rate dropped to 3.7 percent in September 2018. It hadn’t been that low since 1969. To attract qualified applicants in this competitive market, you need to change your hiring strategies.

Hiring isn’t something you should worry about only when you have an open position. Scouting top talent before you hire gives you a range of candidates to contact when you’re ready.

How can you make a talent pool work for your company? Let’s look into what a talent pool is, how you can build your own talent pool, and how you can use it to your advantage.

A Talent Pool Gives You More Hiring Options

A talent pool is a group of people that have the potential to be valuable employees. Candidates have the skills, education, or experience that you need in your business. They may be previous job applicants who would fit better in a different role or people currently employed but open to new opportunities.

For your talent pool to be useful, you need to decide which candidates to add to it. You can’t add every candidate, or your talent pool will become a cluttered mess.

To avoid this problem, first clarify what qualifications you need. Decide what experience, skills, and education are valuable to your company. Avoid the trap of requiring unnecessary qualifications. For instance, don’t require a bachelor’s degree for jobs that need training but not a four-year degree. Keep in mind what skills your business may need in the future.

Filtering these candidates into your talent pool gives you a head start on filling jobs. Instead of fighting other businesses for qualified applicants, you have a ready-made list of potential employees.

Many companies use talent pools to supplement their hiring process. Zeb, a financial consulting firm, included a sign-up form on its events page to grow its talent pool. The landing page attracted a large number of the company’s social media followers to recruiting events. Increasing its talent pool through social media gave the company an edge over other consulting firms.

Talent pools are an effective way to keep job applicants lined up. Where can you find enough candidates to build your own talent pool?

Build Your Talent Pool by Looking in the Right Places

Searching for skilled job applicants can feel impossible in a tight job market. However, you can quickly build the talent pool you need when you know where to look. Here are the best places to find talented job applicants:

• Review your past applicants. Save applications and resumes up to a year to find people who have the qualifications you need. As a bonus, these candidates have already shown an interest in working for you.
• Use sourcing tools to find talent. Sourcing tools search online resumes and profiles, like LinkedIn, to find potential employees. These tools can let you know when someone is open to leaving their job.
• Scout at job fairs. Job fair attendees are open to learning about new opportunities. Look for people in your industry who have relevant skills and training.
• Put opportunities for joining your talent pool on your website. Include a sign-up form on your social media accounts, landing pages, and business website.
• Ask for employee referrals. Your employees may know someone with fantastic skills or valuable experiences who wants to work for you.
• Manage your internal talent pool. Create a list of current employee resumes and career goals. When you have an opening for a higher-level position, first check if you already have someone with the right qualifications.

It’s easy to find talent pool candidates if you know where to look, but it’s not as easy to keep them interested in working for you. How can you keep talent in your talent pool?

Don’t Let Your Talent Pool Stagnate

Your talent pool wants to work for you, but it may be months before you hire any of them. Waiting that long could cause applicants to lose interest in your company. Keeping your talent pool happy is the best way to keep them interested in your job openings. Here are some ways you can keep your talent pool from growing cold:

• Always ask before adding someone to your talent pool. By asking first, you have a guarantee that they’re willing to work for you in the future.
• Keep in touch. Track your communication with talent pool members so you don’t go too long without contacting them. You want to keep your business fresh in their minds. Communicate regularly with candidates, but don’t spam them with emails.
• Transform your talent pool into a community. Give value back to the members of your talent pool by creating a forum. Letting members interact gives them a reason to be part of your hiring pool.

A large talent pool stops hiring from being a struggle. When you’re ready to hire, just look through your talent pool and pick the person who fits the job.

Your Talent Pool Doesn’t Need to Be Shallow

A tight job market means applicants have an abundance of options. Don’t wait for months to find qualified applicants. Follow these steps to get the most out of your talent pool.

Finding the right person for the job starts before you even post the job opening. By compiling a list of individuals with the right skills, you’ll have a group of people you can contact as soon as you have an open position. A talent pool provides your business with the new hires it needs without the long wait.