A talent pool is a database of internal and external candidates who are actively engaged with your business. These employees and candidates display interest and the required skills to fill open positions and refer people they know to your company.
It’s a great (cost-effective) way to stay in touch with those people who like your company. It’s also a way to build good energy (mojo) among this community. You can share job openings here as well as career and job-search advice.
Why Should Your Business Start a Talent Pool
Creating an effective database will take time, but in the end could reduce your recruitment costs by 25-50%. This could also reduce the need to advertise job openings or pay for recruitment services
Even with the time it takes to create the talent pool you will save time in the long run. The work of screening, selecting, and prequalifying candidates is already done. It’s literally a pool of qualified candidates just waiting for you to hand pick them. Even if an existing employee unexpectedly leaves, this provides a backup plan.
A good talent pool is one that is continually updating information and connecting with talent, as well as always bringing in new talent. This allows you to identify candidates before a position even needs to be filled.
Is this your next step?
Talent pools are becoming increasingly popular due to their many benefits. Whether you’re looking to speed up recruitment, cut costs, or just drum up some excitement among people interested in your business, this could be a great tool for you.