Talent Pool: Finding and Keeping Great Talent

A talent pool refers to a database of potential job candidates who have shown interest in working for your company. This post will explore strategies for creating a robust talent pool. You’ll learn tips for sourcing, screening, and nurturing talent to build a pipeline of qualified candidates ready to hire when needs arise. With the right approach, your talent pool can become a valuable asset for streamlined recruiting and hiring.

Australia’s job market is tighter than ever before. The number of unemployed people is low, at just 3.6% of the workforce. That’s one of the lowest numbers in decades, according to the Australian Bureau of Statistics.

At the same time, Australia opening borders after COVID has led to lots more competition for great talent. Various types of companies are having trouble finding qualified job seekers to fill open roles.

In this super competitive hiring situation, having a strong group of possible candidates is important for businesses. It helps them get the skills they need and be successful. This article will look at why having a talent pool matters, how to build one, and tips for maintaining it.

Why talent pooling is important

A talent pool is a list of qualified, interested candidates that a recruiting team can choose from to fill open positions. Having a strong talent pool gives lots of benefits:

• Saves time and money hiring – You can quickly find qualified candidates who are already interested in your company. This cuts weeks or months off the recruitment process.
• Access to top talent – A talent pool can help you improve your chances of finding the best candidate for the job. This gives your company a competitive edge.
• Helps diversity and inclusion – A talent pool lets you build relationships with underrepresented groups and find more diverse people for roles.
• Strengthens your employer brand – Active talent pooling and connecting with candidates shows you’re an employer people want to work for.

Surveys show companies with strong talent pools hire 30-50% faster and get better hires.

More research confirms the competitive advantage of talent pools. It refers to the high demand for workers across industries in Australia’s tight job market. Building a talent pool is a key strategy for companies to get an edge.

Building a candidate pool in the job market

Follow these best practices to build an awesome talent pool:

Identify hiring needs and skill repository

First, ask hiring managers about upcoming roles expected in the next 6-12 months. Figure out the key skills your company needs to meet goals. Decide what skill sets you lack internally to focus your talent pools on.

Find potential workforce network proactively

Be proactive by reaching out to potential candidates on social media and professional networks like LinkedIn. Attend industry events and conferences to network and recruit in person.

Create campus recruiting relationships

Partner with local colleges and universities to find recent grads. Host info sessions on campus, sponsor student groups and offer internships. Building relationships with potential candidates.

Optimise your careers site and social media

• Make it easy to find openings, submit a general application or create a talent network profile.
• Share your career site and openings regularly on social media.
• Create talent community sign-up forms on social media.

Make applying and profiles simple

Minimise application steps and difficulty. Let candidates make rich talent network profiles with skills, experience and interests so you can search for fits.

Consider an employee referral program

Employee referrals are a great way to find qualified candidates. Reward employees for referring successful candidates. Measure the success of your referral program.

Track candidate information

Use recruitment software or an applicant tracking system to organise and track candidate info, communication history, notes and more. This allows you to easily search for top prospects.

Keeping the talent pool going

Once you’ve built your talent pool, ongoing maintenance is crucial.

Set up triggers and automation

Create system triggers to notify you when it’s time for certain actions like following up with candidates or removing inactive profiles. Automate communication campaigns when possible.

Organise and segment your talent pooling

Divide your pool into segments like location, skills, seniority, diversity factors and more. This allows targeted communication and searches.

Communicate and engage with candidates regularly

Stay on candidates’ radar by sending newsletters, blog content, event invites and more on a regular schedule.

Share job openings to potential candidates

Notify candidates in your talent pool when a new job posting matches their skills and interests. Give them priority in the screening process.

Keep prospective talent information current

Make sure profiles and resumes reflect your current skills and experience. Ask candidates to update their information and confirm continued interest from time to time.

Provide a self-service profile portal for candidates

Let candidates easily update their info, profile, preferences etc through a portal or app.

Remove inactive candidate pool profiles

Define criteria for inactive candidates based on time since update, click rate and more. Remove stale profiles now and then to maintain an active pool.

Measure and report on talent pool metrics

Track metrics like pool size, source breakdown, communication effectiveness, hiring speed with pool vs other sources and more. Determine the value and return on investment of your talent pool.

The bottom line

There’s no question a company can gain a competitive edge by building and maintaining a talent pool. By following these strategies, you can take the initiative to find and attract qualified candidates, making your next hire a breeze.

Regularly adding fresh prospects and staying connected with existing candidates is key. Put in the work upfront and ongoing to maintain relationships. Your company will benefit from access to motivated, skilled candidates to fill roles faster. This talent access can make or break a company today.

Start finding and building your talent pool to get ahead of the competition.