How to Build and Manage Talent Pool? - Recruiters’ Guide

Have you ever wondered how top companies always get the finest talent lining up their doors?

It is not simply a stroke of luck because finding top-tier talent quickly has always been a major challenge.

So, you might find yourself questioning what those other companies are doing that you're not. 

The answer is BUILDING A STRONG TALENT POOL.

It is like your personal army, curated by you.

It's a database of candidates who've already shown interest in your company, have the skills, and might just be the perfect fit for that open role in future. 

But building a talent pool is not just about collecting a resume.

It's also about nurturing relationships, staying connected, and being strategic about who you bring on board.

If you create a strong talent pool, it means you will always have ideal candidates at your fingertips whenever you need them.

But how can you do it? 

It is simple! 

Dive into a one-stop solution guide on WHAT, WHY and HOW of talent pools! 

Resolve your obstacles in making a candidate pool and make your recruitment process fast and smoother. Let’s get started!                       

Talent Pool Meaning 

A talent pool is a carefully curated database of high-potential individuals whose skills, qualifications, and experience perfectly align with your organisation's needs, both present and future. 

These individuals might have previously applied for positions, been enthusiastically referred by employees, or been identified through active searching beforehand. 

The talent pool is also known as the candidate pool or applicant pool. 

It’s a readily available pool of talent you can seamlessly tap into whenever a job opening arises. 

So, you no longer need to rashly begin the recruitment process from square one.   

Instead, with a talent pool, you have instant access to a pool of exceptionally qualified candidates who are already familiar with and excited about your organisation, making them prime recruitment targets.

This approach also allows you to build meaningful relationships with potential hires over time, even if there are no immediate openings, which can be invaluable for future needs.

These talents can range from technical expertise and creative skills to leadership abilities and specialised knowledge.

Remember, a talent pool is a dynamic ecosystem, not a static list. By continuously nurturing it, you'll have a ready source of qualified individuals. 

By building this robust talent pool, your organisation can gain a strategic advantage that drives growth and success, keeping them ahead of the curve.

Why Creating a Talent Pool is Crucial?

Now, you get the idea of how to build and manage the talent pool, right? 

But you know why you should build one?

Here are some of the top benefits recruitment professionals leverage by building a high-quality candidate pool. 

1. Reduced Time and Cost of Hiring

It sucks every time trying to find a candidate from scratch. 

Having a talent pool is a blessing for YOU and for your BUDGET. But WHY?

This saves time and resources spent on sourcing candidates and screening them. Because you already have a pool of pre-vetted individuals with relevant skills and experience.

The talent pool can also minimise reliance on expensive job boards and ad campaigns, which can be costly and time-consuming.

By using this pool, you can potentially accelerate the hiring process because you already have individuals familiar with your company and its values.

2. Improved Quality of Hire

To have a curated talent pool is like having a secret weapon.

With a curated applicant pool, you have the luxury of choosing from a pre-screened group with relevant skills and experience. 

This increases the chances of finding the perfect fit for the role, leading to better employee performance and reduced turnover.

Also, it mitigates the risk of poor hiring decisions, ensuring a higher calibre of talent acquisition.

Make sure your pool ain't just a bunch of randoms. Only accept candidates who are the cream of the crop.

3. Approach Passive Candidate

As we all know, passive candidates are complicated cookies to crack. 

Passive candidates are people who are happily working for other companies and are not actively looking for a change.

However, the revolution in the field of tech makes it easier for recruiters to reach passive candidates, such as social media platforms.

Think for a while; some of the passive candidates are not available in the market, but you still have their contact details. 

Thus, you can easily approach them when the position is open within your organisation. 

4. Proactive Workforce Planning 

According to Robert Walters, 55% of recruiters face difficulty in meeting the client's deadline due to the shortage of talent.

So, in this fast-growing recruiting industry, acquiring candidates needs a long-term hiring plan, and building a talent pool is one of the best long-term recruiting strategies. So invest in your company’s future by investing in TALENT POOL.

How to Create a Talent Pool? 

Building has always been interesting at the same time, crucial. It is the art of turning ideas into reality.

Now, you might be thinking about how to construct your STRONG talent pool, right?

Well, here's the blueprint to create your diverse talent pool.

1. Begin With Sourcing Candidates

 Utilise various channels such as,  

• Job boards: Post on Indeed, LinkedIn, etc, and target specific skills and experience. 
• Employee referrals: Encourage employees to refer qualified individuals. 
• Social media platforms: Actively engage on platforms like LinkedIn, Facebook, Twitter, etc.
• Partnerships with universities or other organisations.

By utilising these sourcing channels, you’ll get a ton of candidates with your desired qualifications and skills.

2. Create a Dedicated Landing Page

Design a webpage specifically for potential candidates to submit their information, even if there are no current job openings. 

This allows interested individuals to express their interest. Also provides you with a database.

So, whenever positions become available, you can draw from here.

3. Engage With Past Applicants 

Try to maintain communication with candidates who have previously applied for positions within your organisation but were not selected.

Keep them informed about future job opportunities and encourage them to stay connected with your company.

This helps to foster a positive relationship and ensures that you don't overlook qualified individuals who may be a good fit for future roles.

4. Target Students and Recent Graduates 

Establish partnerships with universities and colleges to access a pool of fresh talent.

Attend career fairs, participate in events for campus recruiting, and engage with student organisations to connect with students and recent graduates who may be seeking internships or entry-level positions. 

By building this kind of relationship, you can tap into emerging talent and develop a strong recruitment pipeline.

5. Leverage Internal Talent 

Look within your organisation for employees who demonstrate potential for growth and advancement.

Offer training, mentorship, and development opportunities to help them develop their skills and progress in their careers. 

By promoting from within, you acknowledge the hard work and loyalty. Indirectly, it increases employee retention.

6. Segment Your Candidate Pool 

 Categorise candidates based on their skills, experience, and interests to boost targeted communication and recruitment efforts. 

This segmentation allows you to tailor your messaging and outreach strategies to specific groups of candidates.

To increase the effectiveness of your recruitment efforts and ensure that you engage with candidates in a meaningful way.

Implement these steps now to build your STRONG talent pool for effortless future hiring.

How to Maintain a Talent Pool? 

Once you have cultivated a vibrant applicant pool.

Now, it’s time to nurture it.

Here's a roadmap to maintain your pool's vitality and engagement.

1. Manage Via ATS 

First, Let’s make your tedious work easy. HOW?

By using Applicant Tracking Systems (ATS).

It offers a central hub to organise and manage your talent pool database.

Also, simplify your hiring process by storing and managing candidate resumes, applications, interview notes, and communication history in one centralised and easy-to-use platform.

It makes it easy for you to Find a candidate with specific skills, experience or keywords.

So, by using this, your maintaining process will become easy and fast.

2. Categorise Talent Pools

Categorise all your candidates. Don't treat them the same. Group them based on:

• Skills and experience: Categorize by specific roles or industry expertise.
• Career stage: Identify recent graduates, mid-career professionals, or potential leaders.
• Interests: Segment based on preferred company culture, specific projects, or learning opportunities.

By this, you can send personalised communication and content tailored to their need and can match candidates more precisely to open vacancies.

3. Engage Regularly 

Don’t let your talent pool become a forgotten archive. Keep them engaged with you.

Share curated content relevant to their interests, such as industry updates, company news, blog posts, or exclusive events. 

Highlighting your company culture by sharing your achievements and exciting projects to build interest.

Your main goal is to keep your organisation at the top of your mind for your potential candidate.

4. Offer Value 

Don't just dump the information but share the valuable content that helps them to grow.

You can start by hosting informative webinars on industry trends, skill development, and career advice.

You can also provide access to online courses, tutorials, and learning platforms, empowering candidates to actively build their skill sets at their own pace.

So, it’s like 50 -50: you offer value, and in return, you’ll get value.

5. Gather Feedback 

We all need people who will give us feedback. That’s how we improve.  Right?

So start with asking candidates about their experience in the pool, what information they value, and how you can better engage them.

Organise small discussions to delve deeper into their needs, preferences, and pain points.

Don't just hear "yes" - gather feedback from rejected candidates too. It reveals blind spots and refines your hiring process for a win-win!

6. Measure Results 

Now it's evaluation time!  Track key metrics to measure the success of your strategy.

• Engagement rates: Measure how actively candidates are interacting with your communications and resources.
• Conversion rates: Track how many candidates from the pool progress to interviews and ultimately get hired.
• Time-to-hire: Measure how long it takes to fill positions using talent pool candidates, assessing efficiency.

Monitor, adapt, and thrive. By tracking key recruitment metrics, you'll build a talent pool that fuels your organisation's growth and keeps top talent engaged.

So, by following these steps, you’ll be able to maintain your PRECIOUS talent pool.

Common Challenges in Building Talent Pools 

So, building and maintaining always come with one thing: CHALLENGES.

Here are some drawbacks you’ll face while maintaining and building your talent pool.

Competition for Talent

Finding great people is tough! Right?

Lots of companies want the same skilled workers, so salaries and benefits are skyrocketing. This makes it hard for smaller companies to compete.

Skill Shortages

Many industries face skill shortages in critical areas, such as technology, healthcare, and engineering.

Finding the right people with the right skills can be tough, especially in niche fields where talent is scarce.

Diversity and Inclusion

Building a diverse team isn't easy, but it's important! You need to actively attract candidates from different backgrounds, cultures, and perspectives.

Brand Reputation

An organisation's employer brand directly influences its success in attracting high-performing talent.

A negative employer brand can deter potential candidates, even if you offer competitive salaries and benefits.

Candidate Engagement

Keeping talent interested and involved without constantly bombarding them with job offers requires consistent communication and relevant content.

Data Accuracy

Outdated information or inactive profiles can hinder your ability to find the right fit when needed.

By being aware of these challenges and taking steps to address them, you can build and maintain a strong talent pool.

Talent Pool VS Talent Pipeline

Always get confused between Talent Pool and Talent Pipeline, right?

Let’s clear up your confusion and explore the difference.

How iSmartRecruit can Help you Build & Manage a Talent Pool? 

The struggle to build and maintain a diverse talent pool is real, but what if it didn't have to be? 

What if there is an all-in-one recruitment technology that helps you create a candidate pool and manage the entire hiring workflow seamlessly? 

Introducing iSmartRecruit, your game-changer to streamline your talent acquisition.

With iSmartRecruit, you can seamlessly source and engage top candidates. 

That is not it. You can effortlessly categorise, segment, and engage with candidates, ensuring a constant pipeline of exceptional talent ready to fill your roles.

At the core of iSmartRecruit lies its revolutionary Talent Pool Management feature. It simplifies the difficult task of organising and nurturing your candidate database. 

So, no more scattered resumes and endless spreadsheets. 

So, why wait? Take control of your talent pool today with our innovative talent acquisition software. 

Get a free demo of iSmartRecruit now and witness firsthand how our AI Recruitment Platform can revolutionise your talent pool management. 

Streamline your recruitment process, attract top talent, and drive business success with iSmartRecruit.

So, Are you Ready to Say Goodbye to Talent Pool Struggles with iSmartRecruit?