Glassdoor found that 76% of hiring managers say that attracting talent is their greatest challenge. As such, if hiring managers wish to fill vacancies with the highest calibre of candidates, they must take a more proactive approach in recruiting. One of the most effective tactics in proactive recruiting is the formulation of talent pools, databases that store the profiles of individuals who are both qualified and interested in working at a company.
Talent pools allow recruiters to stay one step ahead of the business’ talent needs and recruit for their future human capital needs beforehand. Having a talent pool means that at the very moment a company needs to fill a position, they can search their catalogue of high-quality candidates and simply pick the best.
The benefits that an efficient talent pool can provide to your organization are:
- Improved quality-of-hire
Low quality hires often occur when there aren’t enough qualified applicants, the best candidate rejects your job offer, or there isn’t enough time to either find talent or check if the selected candidate truly is the best fit. Talent pools, however, guarantee a constant flow of candidates that have expressed a desire in your company and are well qualified to fill vacant positions and therefore provides the highest quality of talent and increased offer acceptance rates. A business is only as good as its employees, so hiring candidates of the greatest standard is crucial to corporate success.
- Reduced time-per-hire
We’ve all heard the famous Benjamin Franklin quote, “Time is money,” and the same applies to the recruitment and selection process. The longer it takes for a company to fill a vacancy, the more productivity levels fall as a result of other individuals or departments assuming more responsibility, making them inefficient. According to an SHRM study, the average time it takes for a company to fill a vacancy is 42 days. Applying urgency when it comes to filling vacant positions makes good business sense as each day that goes by without hiring a suitable candidate, money goes down the drain. This is where a talent pool comes in. As opposed to writing and publishing a job advertisement, waiting for responses, and screening resumes every time your business needs to fill a vacancy, an effective talent pool is filled with candidates that are not only qualified but interested in working for your company, thus reducing the time it takes to hire and the money that is lost in reduced productivity.
- Reduced cost-per-hire
There are costs associated with every stage of the recruitment and selection process from advertising the vacancy, to employing a recruiter and possibly a recruiter’s assistant to review resumes, shortlist candidates, conduct interviews, and perform reference and background checks. The same SHRM report also found that companies spend $4129 on average to hire a new employee. Having a cost-per-hire of $0.00 is virtually impossible but one of the surest ways to significantly reduce expenditure is by hiring from a talent pool. A well-curated talent pool saves a company money by reducing the time-per-hire, thus reducing expenditure on recruiters, and virtually eliminating expenditure on advertising open job positions.
The bottom line? Having a talent pool is good for your business’ bottom line. It means that vacancies can be filled faster, with high-quality candidates, with little to no money spent on advertising. Contact Us today to get started with curating your own database of applicants.