Talent Pool

Talent Management: Looking for good employees

Competent employees in the most diverse areas are an important aspect of corporate success. This is why all companies try to attract the most qualified employees for any open positions they have. A software-supported talent pool and targeted actions to strengthen the commitment of talented individuals to your company will help you to do this.

What Is a Talent Pool?

A talent pool involves the database-driven management of profiles of potential and existing company employees.

It could be a purely internal solution, an online platform, or could be accessed through the careers page of the company website. Professionally organized talent pools are indispensable for successful business management; they are the talent reserve that enables efficient employee recruitment and optimizes active sourcing and targeted HR development.

In addition to a company’s own employees who have special skills, the talent pool also includes profiles from a variety of different sources. These include second-choice applicants, potential candidates from career fairs and social media, employee recommendations, and qualified former employees. Specially developed software solutions can support you in professional profile management and will allow you to quickly access all the relevant information when you need it in order to fill a position or implement staff retention initiatives.

Companies Benefit from Professional Talent Pools

As a rule, when it comes to the final selection phase you have to decide between two candidates who are equally qualified for the position. This is a difficult situation in which intuition ultimately plays an important role. Without a talent pool, you would lose the second-choice candidate completely. This also applies to unsolicited applications and other sources your business can draw on. However, if a talent pool is a standard part of your HR arsenal, you can benefit several times over.

  • The recruitment process does not have to start from scratch
  • The talent pool optimizes preselection through existing information
  • Second-choice applicants from other selection processes can be quickly obtained if they are available and interested
  • Specialist departments can preselect using the talent pool
  • The HR department’s job is made easier
  • The risk of selecting the wrong candidate drops
  • Recruitment costs are significantly reduced

The potential that exists within the talent pool allows you to fill vacancies relatively quickly and easily. This is because you are already in possession of a great deal of information and, ideally, you will be able to forgo certain stages of the recruitment process, such as advertising the vacant position and the time-consuming preselection of incoming applications.

Your talent pool can also have a positive influence on employer branding. Because even though you are dealing with what are known as passive candidates, regular communication is essential to maintain the connection they feel to the company. With a thoughtful communication strategy, you can convey the values that are important to your employer brand.

In order to benefit from these advantages in practice as well as in theory, a systematic approach to building up and segmenting the talent pool is crucial.

Build Up Your Talent Pool Systematically

A systematically constructed talent pool will be able to offer a large number of interesting, talented individuals within a short period of time, quickly exceeding the number of actual employees in a company. Assuming a professional approach is taken, ‘quantity and quality’ is an appropriate maxim for the talent pool, which will become an important recruitment tool for your company.

Sourcing Your Talent Pool

There are numerous ways to find suitably talented individuals, some of which are listed below.

  • Career fairs
  • Trade fairs offer contacts with professional experience
  • Universities – lectures or recruitment fairs appeal to future graduates
  • Second-choice applicants – don’t lose sight of them
  • Recommendations from employees – did you know that every second referral leads to a new hire?
  • Former employees – keep track of good employees who leave the company
  • Apprentices, working students and interns
  • Your company’s career website – edit it actively
  • Your social media presence – use all channels available
  • Traditional job advertisements as well as online recruitment
  • Active sourcing

Many of these sources are well-suited to generating potential employees for the company. However, keep in mind that not every candidate you identify will be interested in making a change straight away, although their situation could change quickly. Stay in continual contact with the talented individuals in your talent pool so that you will be on hand at just the moment when a candidate decides to take on a new challenge. This can be achieved without too much effort by segmenting and automating certain processes.

Women is woking on a PC

Successful Talent Pool Segmentation

Before you use your talent pool for targeted communication with the candidates it contains or to filter out suitably talented individuals for a vacant position, you need to be able to segment it. Without this option, you would lose track of a more extensive talent pool, even with software-supported automation.

Experts distinguish between two basic approaches to segmentation: job-oriented and talent-oriented. Job-oriented criteria include all segmentation characteristics based on the profiles of open positions. These include the location of the company, the type of department, or any specific qualification requirements. Talent-oriented criteria refer to preferences expressed by the candidate. These include, for example, the desired position within the company or the entry level within the organization. You can of course segment candidates according to both types of criteria.

The segmentation criteria listed below are the five most often featured by talent pools. However, you should always consider the individual circumstances of the company.

Region
Regional segmentation is a basic differentiation criterion and can be carried out on a local or even international level.

Professional Experience
Depending on the available position, you can choose between various experience levels, from entry level to professional.

Candidate Proximity
A former employee that you would like to win back or a working student will already be closer to your company than a candidate who has sent in an unsolicited application. And the closer they are, the more knowledge of the company or the job the candidate will already have.

Training and Qualifications
Segment these precisely according to your objectives. This is important not only when making a selection for a vacant position, but also for communicating with the candidates in the talent pool.

Candidate Motivation
In addition to the external candidates, a talent pool also includes current company employees and supporters who recommend suitable candidates. This means that each candidate will have a different motivation. A differentiated approach is essential here, especially when communicating with them; a supporter expects a different form of communication than the second-choice candidate from a completed selection process.

Strengthen the Connection Between Talented Individuals and Your Company Early On

Your talent pool is growing steadily thanks to the actions you’ve taken, and you are able to segment the talented individuals within it according to different criteria. However, be sure to rouse the latent talent slumbering in your pool on a regular basis. Draw attention to yourself regularly. There are various ways of doing this.

  • Targeted job offers
  • Birthday greetings
  • Invitations to trade fairs
  • Invitations to discussion events
  • Feedback on your own recruitment process
  • Providing general information about the company

These are just a few suggestions on how to stay in regular contact with the candidates in your talent pool. The goal of this interaction is to keep reminding them that your company is an important employer, presenting yourself positively while doing so, and expressing your appreciation of the passive candidates. At the same time, these regular points of contact create authentic insights into your company and convey an enthusiasm for becoming part of it.

Company Engagement Is Often Inefficient

The approach to maintaining a professional talent pool described here will support your company on a long-term, successful, and forward-looking path. However, the reality in many companies is a far cry from the theoretical approach. Although many companies officially have talent pools, the applicant profiles within them are often inactive.

If this is the case, the company is wasting important opportunities, as the applicants themselves show a great deal of interest in these pools. It is regrettable that they are so often disappointed by the unprofessional approach of many companies to talent pools, which can take the form of poor talent pool maintenance, incorrect segmentation, and a lack of communication. This was discovered in an extensive 360-degree survey carried out by Careerbuilder and the magazine Personalwirtschaft.

Forty-nine and a half per cent of all applicants would use a company’s talent pool despite being rejected for a position.

But, and this is the big “but”: 73.2% of talent pool candidates interviewed had had bad experiences, while 30% had received completely unsuitable job offers, and 42.5% had not received any information about current vacancies.

Develop a differentiated communication strategy to connect with passive candidates and achieve the intelligent segmentation of your talent pool.

Attract Talents with Employer Branding

A positive employer image is essential in the “war for talent” – the competition for talented employees. This e-book provides you with tips for strategic employer branding and suggests specific initiatives.

Download the ebook here