According to the latest research, 63% of surveyed recruiters say that having a talent shortage is their biggest issue.
But that’s where talent pool marketing comes in. This strategy can help companies identify top talent quickly to speed up the hiring process.
Keep reading to learn more about how talent pools can be the missing piece in your hiring strategies.
What Is Talent Pool Marketing?
Talent pool marketing is a process of gathering information on qualified candidates who might be a good fit for your positions. You’ll have to identify the qualifications of skills and candidates and then enter them into a database.
Once you understand the qualifications of the candidates, then you can use them to analyze if they could fill a gap in the talent pipeline. Talent pools are different from talent pipelines because talent pooling means that you are already familiar with the candidates and know they have qualifications for a particular position.
Human resources typically build a talent pool, but a recruiting agency might manage it for other people. There are two types of talent pools that you might build:
An internal talent pool is a group of people who have shown that they have the ability to take on extra responsibilities and grow further in their roles within the company.
The external pools are a group of qualified candidates outside of the organization. They’ll have proven their qualifications through an initial screening or test.
Better Quality Hire
When hiring new employees, you want to ensure that you hire the right candidates. When you know that they already have the skills and qualifications needed for the position, you’ll also have a better quality hire.
Typically, companies will hire lower-quality hires because there weren’t enough qualified applicants, they didn’t have time to find talent, didn’t have time to check if a candidate would’ve been the right fit, or a candidate rejected the offer, and you have to send it to someone else.
When you have a talent pool, you have a steady flow of qualified candidates to pull from to fill your open positions.
Improved Candidate Experience
Having a talent pool to pull from will help you improve your candidate experience because it removes the need to reject a candidate. When you already know a candidate would be a good fit, you can just pull from your talent pool rather than rejecting candidates who applied to a job posting.
A positive candidate experience overall will help build long-lasting relationships and improve your employer brand. This makes it easier to find top talent in the future as well.
When you have the right talent pool, you can also easily target candidates. You can divide candidates into groups and base them on talent pool criteria. This will help you target candidates more effectively.
Talent pooling helps you craft the right message to send to the right candidate at the right time. Having all of these elements line up can be challenging without talent pooling.
For example, if you have an open internship in your sales department, you can reach out to students you know are studying sales. This way, you can easily find qualified candidates without wasting any time.
Reduced Time to Hire
In a competitive job market, you want to hire candidates as quickly as possible so that you also save money.
Instead of wasting time posting a job opening to a wide audience, you can reach out to your talent pool and speed up the hiring process.
Since the talent is already also screened and demonstrated their skills, this will speed up your interview process as well.
Talent pooling can help find new talent because it will improve your diversity. You can reach out to people regardless of race, gender, or sexual orientation. Instead, you’ll reach out to them based on their skills and qualifications.
The talent pool changes the traditional recruiting methods, making it easier to find diverse candidates, which will also improve your employer branding.
Higher Acceptance Rate
When you reach out to candidates you already know would be a good match for the job, you increase your chances of finding a successful hire.
You can divide your talent pool into different groups and assign them an employee value proposition that will make it easier to navigate.
For example, if you want to hire someone who works in content marketing, you can look for people with specific skills and experience in content marketing. When you reach out to a candidate with those particular skills, you’re more likely to have them accept your job offer.
Lowered Cost Per Hire
The average cost per hire is around $4,700. This can be expensive for companies, especially with a high turnover rate.
However, when you have proactive recruiting through talent pools, you’ll also save money on time and job postings. You won’t have to spend as much time doing long interview processes either since you’ll already have done the legwork of screening these candidates.
Discover More About the Benefits of Talent Pool Marketing
These are only a few benefits of talent pool marketing, but there are many more. We know that hiring new employees can be stressful, but we’re here to help you make this process easy.
If you’re interested in finding the right talent, check out our hiring solutions!