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The Importance of Talent Pooling

Today’s candidate is a world away from the way they were just six years ago. In this agile and ever-changing world, candidates apply for multiple roles at the same time and have very little time for a slow and archaic recruitment process without talent pooling.

And, why should they? In a world where technology makes our lives easier, why wouldn’t candidates expect the same for their recruitment process?

The truth of the matter is if you’re on the back foot and hiring reactively, you’re likely losing out on the best talent. Being part of a hiring community means that you’ll connect with the right people for your organisation before you even realise you need them.

What is Talent Pooling?

Talent Pooling is the proactive recruitment process of engaging and shortlisting potential candidates before a role arises. The prior screening and engagement will ensure they are the right fit and when a role becomes available you can invite those candidates to apply. This results in a shorter time-to-hire and a smaller shortlist resulting in less rejections and a better candidate experience.

Talent Pooling

So, what are the benefits of Talent Pooling:

  1. Access to a live Talent Pool of candidates
  2. A better candidate experience
  3. Encourges diversity and increases inclusion
  4. Reduce time-to-hire
  5. Reduces cost-of-hire

Talent Pool functionality is critical to hiring quality, diverse talent, faster. You can Talent Pool suitable talent and engage with them even if a role isn’t currently available. So, when a role does come up, you’ve got talent to engage with instantly.

1. You’ll have access to a live Talent Pool of candidates 

It’s important to emphasise the importance of ‘LIVE’ Talent Pools. Because they are ‘live’, candidates’ profiles are up-to-date with skills, availability, and experience. Not only does this improve productivity, but it also reduces the need for manual admin, allowing you to focus on other aspects of your business.

2. Talent Pooling means a better candidate experience with minimised applicant rejection

Talent Pooling means an improved candidate experience because it removes the need for rejection. Putting candidates, who fit a specific role type that may become vacant in the future, into a Talent Pool, rather than rejecting them on a specific job ad,  is an empowering experience for candidates.

Not only does a positive candidate experience build authentic, long-lasting relationships between employer and employee, but it also does wonders for your organisation’s reputation. 39% of job seekers said they would stop using a company’s product or service after a bad candidate experience.

Client Story: oOh’s Award Winning Candidate Experience

3. Talent Pooling encourages diversity and increases inclusion

Talent Pooling via Talent Community Platforms encourages diversity across the workforce with the proven ability to attract anyone regardless of gender, race, and other diversity groups. Because Talent Pooling disrupts the traditional method of applying for a specific role with specific criteria, it encourages a larger proportion of diverse candidates to apply, eliminating their fear of not matching all the job requirements.

Blog: Gender Hiring Diversity in Talent Acquisition

4. Time-to-hire will be reduced

In the last six years, time to hire new staff has more than doubled from 28 days to 68 days. Talent Pooling candidates will allow you to not only reduce the number of applicants rejected but also reduce the time to hire with fewer applicants to review and engage with.

5. Reduces the cost-of-hire

Proactive hiring reduces the cost of hire by giving you direct access to a Talent Community and Talent Pool of willing and interested candidates, instead of having to wait for applicants to respond to a job application.

So, what are you waiting for?

Interested in learning more about how Talent Pooling can improve your organisation? Download the LiveHire Approach to Talent Acquisition to learn more about transforming your recruitment process.

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