What Does A Talent Pool Mean For My Business?
by YOSS Community Writer, on January 16, 2020 at 1:46 PM
A talent pool is a database containing information on workers that can be leveraged quickly to fill positions at your business. It provides great flexibility for your human resource department, so it’s well worth the effort to develop and maintain one for your business.
Why Use a Talent Pool
The traditional approach to acquiring new workers is inefficient. Waiting until a need appears to search for talent is slow and prone to error. Creating a talent pool allows you to recruit workers in advance of need.
The downside of using a talent pool is that you must be proactive. Resources need to be applied to hiring when there is no current need. If you own a very small business, it may not be worth the effort. However, all but the smallest companies will find a talent pool decreases the time and expense of hiring while increasing its quality.
Creating a Talent Pool
It takes a lot of work to create and maintain a talent pool, but the process is simple.
Step 1: Create a Database
Your talent pool database needs to include all the information you have collected on prospective workers:
- Phone number
- Email address
- Summary description (eg, programmer)
- Estimated cost
The skills and experience fields are where a proper database will be most useful because they are open-ended. For example, it’s convenient to be able to simply get a list of all of the people in your talent pool who have a particular skill, rather than searching through a spreadsheet. If you have hundreds or thousands of people in your talent pool, this will be essential. If you only have a few dozen, using a spreadsheet may work just fine.
Alternatively, you may find it helpful to use a tool specifically designed for talent pool creation. These will help you manage your talent pool as you get familiar with skills like "passive recruiting" where you engage with workers before they even think of looking for new jobs. Here are some of the top tools:
Step 2: Identify Your Needs
Before you build your talent pool, you need to know what you need—the skills and expertise required to run and expand your business. Start by listing what your existing workforce is doing to find the talent that you now have. Part of having a talent pool is being able to quickly replace and supplement your current operations.
The harder part of identifying your needs is determining the kind of workers you will need in the future. For this, you should consult with your managers to see what direction the business is going in and the kind of talent that you may need in the future.
Step 3: Find the Workers You Need
Finding the workers for your talent pool is the most difficult and time-consuming part of the effort. As time goes on, you will need to modify your company needs, but finding workers is a process that goes on constantly.
Generally speaking, your talent pool will contain regular workers and freelancers. Regular workers are used for ongoing work while freelancers are used for projects that require specialized skills. These workers are further divided into those who work onsite and those who work remotely.
Sources of Workers
The Society for Human Resource Management (SHRM) surveyed 1,749 businesses on their hiring practices and found 17 different sources of new hires comprised of different kinds of referrals, staffing agencies, job boards, job fairs, campus recruiting, social media, and advertising.
Of particular note are different ways of networking, especially employee referrals. Your existing workers normally know others in their fields of expertise, so they’re a great source for workers who may be interested in future positions.
Another source for workers are past applicants. Deciding between the best candidates is usually a matter of which candidate is the best fit for a position, not which candidate is objectively better. Rather than letting great non-hired candidates disappear, add them to your talent pool.
Job boards are another source of employees. However, remember that most people on these boards are actively looking for work and may not be that interested in future or project-oriented work. Prospects also need to be carefully vetted.
Advertisements can be helpful as well, especially when looking for specialized talent. Remember to use your company website to encourage applications. This can be a great source to fill your talent pool.
Freelancers can be found in many of the same ways that other employees. However, they tend to be found through job boards and agencies that specialize in freelancers—like YOSS.
Step 4: Maintain Your Talent Pool
As mentioned, you will need to update your database structure and continue to add to your talent pool. Even if you don’t do this, your talent pool will still require a lot of maintenance.
You want your database to contain people you can approach when your needs change. So if your database is outdated and contains individuals who are no longer interested in working for you, it will be much less valuable.
As a result, you need to stay in contact with people in your talent pool. You should create a schedule to check in with them periodically. This keeps your database up-to-date and it provides opportunities to get to know your prospects better.
In addition to this maintenance, you need to continue to add to your talent pool as discussed in Step 3.
Once your talent pool is created, you will use it in your hiring process. As company needs change and increase, you need to reach out to the best prospects to fill those roles. It’s at this point when all the work you've done building your talent pool should pay off.
When you have your talent pool structured and you need to fill it with great prospects, look to YOSS. We provide the very best pre-vetted high-tech talent.
Don't have your talent pool built yet? Use YOSS to build your talent pool, allowing your company to stay connected with existing and new talent. Our mission is to make agile staffing easy for companies like yours so sign-up today to get started.