HR and hiring teams are spending, on average, around 28 days to attract and hire quality employees into their organisation.
Organisations are taking longer to find new employees as a result of lengthier screening processes and extended interview stages; this is to reduce the chance of making the costly mistake of a bad hire. However, a prolonged hiring process can actually reduce your chance of hiring the best talent.
With the current UK skills shortage, a result of low unemployment rates, skilled workers are now in short supply and are only on the market for a short period of time before they are hired again. This can make it difficult for many organisations to recruit the right quality employees to drive growth and productivity.
Not only could a slow hiring process leave you with fewer quality candidates to choose from, but it could be damaging your employer brand, too. If you develop the reputation for being an organisation that deliberates over hiring decisions, skilled candidates could be put off from applying. Click here for more information on why a slow time per hire could be putting off top talent.
As a result, for an organisation to maximise their chances of finding the best talent, they must act quickly and efficiently, whilst maintaining a positive level of candidate engagement throughout the entire process.
What are the benefits of a Talent Pool?
To improve the chances of attracting and recruiting the most sought-after talent, hiring teams must be incredibly proactive when it comes to sourcing their candidates. No longer can organisations rely on posting a job advert and simply hoping that the best candidates will come their way; they now have to focus on building a strong employer brand, as well as building relationships with skilled candidates before an opportunity goes live.
But how is it possible to build a relationship with great candidates before you post a role? This can be achieved by using a ‘register your interest’ button on your careers page, and storing great candidates into a Talent Pool. In doing so, you will gain the ability to engage with, and nurture candidates that you deem to be suitable for a role within your organisation in the near future.
Consider this scenario; your hiring team has just completed a recruitment campaign and has found a fantastic candidate whom they have offered the job to – but it was a difficult decision to make. During the campaign, they found some great talent that just missed the mark, but by keeping these ‘silver medallist’ candidates warm in a Talent Pool, you can identify them for future positions and get in touch when opportunities become available. Additionally, if a new hire, unfortunately, does not work out, you will already have a list of pre-screened and viable replacements who are interested in working for your organisation.
A Talent Pool is also a great way to attract passive candidates; a skilled candidate might already be in employment elsewhere, but by building up relationships with a pool of passive candidates, you can show how great your organisation is to work for and why they should work there instead; so when an opportunity comes along, those passive candidates might be more open to an opportunity with your organisation.
As well as being a great way of finding quality candidates who are interested in working for your organisation, a talent pool can significantly reduce the amount of time it takes to make a hire; your hiring managers can simply search, locate, and get in touch with potential candidates that are already sitting in your database. Additionally, with a Talent Pool, you can identify talent for future positions; a candidate might not be ideal for a certain role, but could be perfect for a future opportunity. Instead of waiting for the right candidates to come through your careers page, with a Talent Pool, a hiring manager can be proactive and get the ball rolling straightway and make contact with potential future employees.
Not only will you save time on identifying suitable candidates, but because you don’t need to advertise for positions, or need the help from costly agencies to source candidates, your organisation will save greatly on expensive recruitment fees. Furthermore, as the position is only vacant for a short amount of time, there will be less impact to turnover and productivity within the organisation.
How to build and manage a Talent Pool
To be more pro-active in sourcing the right talent, you can use social media coupled with an effective careers page, to showcase your employer brand. By showing your company culture and the values that your company live by, you can help to attract like-minded potential candidates to your organisation.
Even if you are not currently hiring, you can allow potential applicants to register their interest in working for your organisation within your careers page; this will help you to build a Talent Pool of interested candidates who align with your company mission and values.
With an Applicant Tracking System, you will be able to keep all interested candidates from different recruitment campaigns in one place and, because the candidates will already have been screened, you will know first-hand if they are suitable for a role or not.
Through the use of an Applicant Tracking System’s reporting suite, an organisation can get a bigger picture of where talented candidates are coming from, allowing a hiring manager to target the right areas and maximise the chances of finding the best talent, further widening the talent pool.
With an effective Talent Pool in place, you can hire the best talent for current positions as well as identify and engage with potential talent for future positions.
Click here to find out how you can attract and recruit the best talent.