September 16, 2022
Finding candidates who meet your qualifying criteria in terms of skills and experience is tough today. Especially when you’re scaling up and hiring in volumes for multiple roles, attracting and recruiting quality talent becomes a huge challenge for your teams. With less than 27% of the workforce actively looking for a job, the most optimal way through for recruiters is to take charge and consistently source passive candidates to build a talent pool.
Remember that it’s a candidate-driven market currently, and amidst the stiff competition – you need to be ahead of time. Acquiring quality talent is the key to growing and sustaining a business. Hence, recruiters have a crucial role to play in shaping an organization’s future.
Contrary to popular opinion, building a talent pool should not be a backup plan for your talent acquisition team. Every company – big or small is aggressively chasing growth, which means they do not only want to hire at scale but hire faster than ever too. So having a talent pool with quality candidates and engaging with them consistently is the road to redemption. Whether hiring requirements are urgent or not – keep looking for quality candidates for various roles and continue networking with them.
If you’re looking to build a talent pool and searching for ways to recruit passive candidates effectively, this is the best place for you to be right now. In this blog, we will discuss how can you get started with building a talent pool, sourcing passive candidates and hiring faster than ever through your passive candidate pool. Stick around for an insightful discussion.
To put it simply, a talent pool is an internal database of talented, qualified and experienced candidates:
The contestants for your talent pool vary widely. Whether it’s the candidates who couldn’t clear the last round during your previous recruitment campaigns or the candidates that you sourced through LinkedIn and Twitter, it might also be someone who was qualified enough and reached out to you, but there wasn’t an opening at the time – your talent pool should have everyone’s details.
69% of recruiters are having difficulty filling open roles. If you have been in the talent acquisition space for more than a year, chances are high that you have already experienced candidates ghosting you after the offer or some candidates not showing up in the interviews after screening. Overall, recruitment has transformed and you need an established strategy to attract and engage candidates. Posting jobs on job boards and your company page is not going to work. You’ll always get applications - no doubt that, but a very few of those would be from quality candidates. Talent hunters are relentlessly chasing top candidates. Building an active talent pool or database of top candidates and engaging, and nurturing them is a necessity to put yourself in a good position when it comes to acquiring talent.
Let’s cut to the chase – you always want to hire better. In fact, 41% of surveyed recruiters said a single bad hire costs a whooping $25k. Secondly, passive candidate recruitment is not the same as conventional hiring. It’s a multi-step process and candidate engagement is the most critical aspect of it. Let’s have a look at the top reasons why building a talent pool is not a ‘nice-to-have’ but is a necessity:
The demand for quality talent is huge, no one would doubt it. However, the supply is pretty limited due to a large chunk (almost 3/4th) of candidates being passive job seekers. They are engaged in a job currently, and identifying, engaging and giving them an offer which cannot be refused – is not easy. Not to forget – you aren’t the only recruiter approaching them. So you need to be proactive with whatever you do to stay relevant for them. A candidate already in your talent pool with who you have been engaging for a long time is more likely to join you rather than others. Building a solid candidate pool is not a destination, it’s a journey and you need to be consistent at it for seeing positive results.
It takes a lot of time and effort to draw the attention of passive candidates. But it’s worth it because as compared to applicants, passively sourced candidates bring in 2x the skills and experience. 1 in every 72 Sourced candidates is hired compared to every 1 in 152 candidates who apply to open positions. Building a talent pool is in your control as a recruiter. So you can filter candidates based on their skills and experience. Additionally, candidates who stood out in previous recruitment campaigns but couldn’t get selected for some reason, have a higher probability of fulfilling role requirements successfully.
The top talent acquisition experts of the world have one thing in common. They focus on long-term recruitment. What does that mean? They plan their recruitment for years to come and strategically source candidates who would probably stay with them for longer, promote themselves consistently and will help the organization reach new heights. Diversity in hiring and long-term recruitment are two powerful aspects of workforce planning. Building a diverse, experience-rich talent pool ensures you have got the people with the required skills at any point in time. Hence, you can also do succession planning in advance for leading your company's workforce in the right direction.
The global attrition rate is at an all-time high – around 20%. Imagine every 1 out of 5 employees leaving your company – even the thought is scary, right?
You never know as a recruiter when some of your employees quit and you’re left clueless. Sourcing effective candidates takes time and you cannot rush it due to immediate requirements. But the company cannot function properly or grow sustainably in such a scenario. Having an established talent pool helps you immensely in the case of sudden and unexpected resignations – you don’t want to launch recruitment campaigns forcibly, and depend on your luck for finding and hiring a suitable candidate. Sourcing passive talent from the talent pool would act as your safety net to fall on while such situations arise.
A major concern for all recruitment teams is the cost of talent acquisition. The need of the hour for companies scaling up is acquiring the best talent at a minimum budget and as quickly as possible. Practically, building a talent pool doesn’t cost anything except the recruitment teams’ efforts and the outcome also compounds in the long run. One of the biggest advantages of having an established talent pool is the significant reduction in cost and time of hiring. Talent acquisition teams can optimize their utilization of the allotted budget, for example – instead of investing heavily in job board features, they can focus on recruitment marketing campaigns and employer brand building for attracting even the most qualified and experienced candidates and developing an even larger talent pool.
Why do we add candidates to the talent pool and not recruit them instantly?
If you have this question in mind right now, it’s totally justified and expected. Remember that you don’t add any candidate randomly to your talent pool, but only those who seem to have the potential as professionals in their streams and who can fit very well in your team. So adding candidates to the talent pool database and not recruiting them instantly can have a variety of reasons, here are the most common ones:
Companies that focus on candidate engagement and improving experience have an upper edge when it comes to acquiring great talent. Engagement with candidates currently in your talent pool will not only keep them aware of you as an employer but can also trigger their motivation to work with you. Let’s dive into the top benefits of candidate engagement:
Keep in mind that candidate engagement is not a sprint, but a marathon. That doesn’t mean running slow would be fine, but you need to keep running in order to stay in the competition. Often recruiters withdraw candidate engagement efforts with their talent pool after some time, because they don’t see results. It’s a compounding journey – and no one is perfect in the initial period. Once you activate the systems and automate them to some extent – it’s highly rewarding.
There’s a lot on the recruiters’ plate at any given time. Whether it’s sourcing candidates, outreaching, engagement, managing the recruitment pipeline, evaluation, the hiring process, onboarding and the list is truly endless. While you’re always looking to hire for multiple roles, building a quality talent pool is a big challenge in itself. Add up to that manually engaging with candidates consistently, it would probably become too overwhelming. But as you’re already here, there’s no need to worry about mundane candidate sourcing and engagement tasks.
Nurturebox helps you optimize your recruitment process by automating talent sourcing engagement activities. The tool activates maximum productivity for recruiters as they can focus on the human side of recruiting – interacting and assessing the candidates. With Nurturebox’s Chrome extension, it takes a few clicks to add identified candidates to your outreach & engagement campaigns. What’s equally crucial is that the tool handles your entire talent pool management tasks and gives you a complete overview of your sourcing pipeline. Passive candidate recruitment has never been easier than now with the comprehensive sourcing automation solution.