With the right people on your team, your company can achieve its goals and beyond. However, to get the best candidates to fill your open roles, you'll need to develop a talent pool of people with the skills and experience to help you grow your business. Your talent pool should comprise candidates who have what it takes to move your company forward. Having a wide range of people with a variety of skill sets means your organization can access the talent it requires when it needs it.
Let's explore what a talent pool is, why talent pool development is important, and the steps you need to take to create diversity so you always get the best people to join your team.
Talent pool definition
A talent pool is a group of people who either work for or want to work for your company. These people have the specific skills or a desire to learn the proficiencies they need to perform different roles. It's a good idea to be prepared to hire or promote candidates who can fill empty roles. Your talent pool may include employees with some or all of the skills you're looking for, but it can also include candidates who have applied for a job with your company.
A solid talent pool can streamline the hiring process, allowing you to efficiently hire new candidates or promote team members from within.
Importance of talent pool development
Effective talent pool development requires your company to regularly update who can potentially fill jobs when they become available. An empty position can be detrimental to your organization's health. An empty role may stress the rest of your staff and create gaps in your company's ability to perform and function well. Having access to people who can fill the role can avoid interruptions to your organization's process and flow, enabling you to stay on track and meet your goals.
"An effective recruitment strategy can ensure you have a diverse talent pool to choose from at all times."
Steps to increase your talent pool
Let's explore the steps you can take to increase your talent pool so the company isn't without the right person for the job.
Create an effective recruitment strategy
An effective recruitment strategy can ensure you have a diverse talent pool to choose from at all times. Your recruitment efforts should include writing appealing job descriptions and marketing your open roles to the right people. You'll want to search for talent in the right places, which will vary depending on the role and level of experience the job requires. Assess a candidate's credentials to determine whether they may fit a different role than the one they applied for, and keep the application for when you want to hire them for another position.
Understand your current talent pool
Review the skills and experience of your current employees and candidates looking for work at your company. Knowing the gaps in skills at your organization can help you provide the right staff training and allow you to search for people with the abilities and experience your company seeks. While you may not be able to predict the future skill sets your company might need, a road map of what's available in your talent pool right now will help you prepare for what's to come.
Upskill and reskill your employees
Upskilling and reskilling your employees helps them to take on new challenges. While these two things are similar, there are differences between them that you need to understand. Upskilling provides new skills that build on what an employee already knows to help them perform their role better and potentially move to a more challenging role. Reskilling teaches employees a completely new skill set that allows them to change roles at your company.
For example, a receptionist may have excellent communication skills but require better computer abilities. You could provide training that helps them increase their computer skills to troubleshoot technology issues that can arise in their daily duties. Reskilling an employee means offering opportunities to learn management skills or other functions they may not have had experience with previously. With continuous training, your employees will have the confidence to take on new challenges and keep your company growing.
Provide attractive incentives and opportunities for growth
In a study from the Pew Research Center, over 60% of people report that low pay and a lack of opportunity for advancement are their reasons for looking for other employment. By offering incentives, such as vacation time, medical benefits, and competitive compensation, you can increase your talent pool and get more people to want to work for you. It's also important that your company culture makes employees feel welcome and offers the right work-life balance. For example, you could provide flexible scheduling to ensure everyone feels comfortable and confident when they come to work.
Tips for strong talent pool development
Here are some tips for considering your talent pool development strategy.
Start an employee referral program
An employee referral program provides an incentive for employees to refer others to your company. Here are some benefits of this program:
- Finding higher quality talent to fill open roles
- Reaching candidates who aren't actively seeking employment
- Lowering recruiting costs and speeding up hiring time
- Improving the work environment and employee engagement
Connect with past talent
You've likely had employees leave your company in search of a better opportunity. These people may not have left your organization on bad terms. Connecting with past talent and staying in contact with employees you didn't want to lose should be part of talent pool development. Some individuals may not feel comfortable returning to a company, so you can take a proactive role in trying to win these people back. If they didn't find what they were expecting in their new role, they may be willing to return to your company.
Reach out to applicants who previously applied
In some cases, you may have passed on a candidate who was qualified for the position if there was another applicant who fitted the role better. Reaching out to those who previously applied to your company can be an excellent way to increase your talent pool. Maintaining a database of past applicants gives you access to people interested in working for the company who may be willing to come in for an interview, even if they've found another job.
Change your marketing tactics for recruitment
Your marketing tactics may be holding you back from adding high-quality candidates to your talent pool. By changing how the company recruits candidates, you may find that more people want to work for you or that you have current employees suited for other roles within the organizational structure. Perhaps your hiring team could benefit from advertising open roles to new graduates or offering positions internally before posting an open role on a job search website.
Increasing your talent pool gives your company access to people with the skills and experience to help the business succeed and grow. With the right talent pool development strategy, you can easily find candidates to fill open roles.
Read more about hiring and retaining the right candidates:
Hiring events can be an excellent way to convert candidates to employees.
Implement a skills-based hiring practice to ensure your employees thrive.
Building your employer brand can lead to a better recruitment strategy that attracts quality candidates.
