Are you already behind in your hiring? No fear, most companies are. You have most likely realized your need for positions to be filled, and that you should have begun recruiting months ago. Right now your time-to-fill or time-to-hire, a metric that calculates how long it takes to hire someone for a position, is hovering over 60 days and you’re scrambling to find the right candidate. We know that feeling of panic and want to help you prevent it, so we’ll let you in on our not-so-secret secret: proactively cultivating talent pools and engaging with high quality talent.
The answer is simple, the creation and cultivation of talent pools will decrease your time-to-fill, but it takes time and resources. Now, let us be clear, we understand that identifying candidates is only part of the talent acquisition equation; however, identification is the most labor intensive part of the process. Research conducted by Bersin by Deloitte, reports that the second most influential driver of talent acquisition success is candidate pool development. Specifically, we have seen that creating talent pools can help speed up the overall delivery of a hire and even lower your cost-per-hire.
What is a talent pool?
A talent pool is a database of sourced and qualified candidates who are not currently being considered for a role, but may be interested in learning more about your organization. Candidates can be referrals, sourced candidates, event leads, unsuccessful applicants, and more. These candidates are continuously nurtured and engaged before you ever need a hire. Then, once a position opens, your ability to source from this pool of qualified and engaged candidates, significantly minimizes your sourcing and identification time.
How do I use a talent pool?
1. Segment Your Talent Pool
The first critical step in creating talent pools is segmentation. You can create segmented repositories of candidates based on specific characteristics, such as skills, experience, geography, titles, or employers. Think of the candidates in your talent pools like buyers in your sales cycle. Buyers are separated based on their persona details, such as title, level of industry knowledge, and engagement level. Candidates can and should be targeted similarly. Segmenting your talent pools allows you to create relevant content to engage each specific group.
2. Engage Your Talent Pool
The second key to maximizing the impact of your talent pools is engagement. According to one expert with Bersin by Deloitte, “The idea is that whether or not potential candidates are actively seeking employment, they are still passively exposed to the company as a favorable employer.” Engaging with your talent pool is your opportunity to share your employer brand, develop candidate relationships, and eventually achieve candidate loyalty. You can engage your talent pools through a targeted newsletter, social media, hosted events and/or ambassador reach out. Glassdoor reports, “90% of job seekers find the employer perspective useful when learning about jobs and companies.” These avenues for engaging with talent pools are a great way to share your employer perspective as candidates get to know your organization.
When it comes to talent pools, the importance of sharing relevant content cannot go unstated. If you are oversharing irrelevant content to your candidates, it could have opposite effect and may negatively impact your employer brand.
From Reactive to Proactive
The main goal of building talent pools is not really to achieve 0 days to fill as your time-to-fill metric, but rather to shift your talent function from reactive to proactive. The creation and cultivation of talent pools is one step is shifting your talent acquisition strategy to a proactive approach. For more information on how to begin workforce planning and position forecasting, please reach out to us.