Talent Pool is an expression used to describe a database with all of your current and potential future job candidates.
Talent Pool Definition
Talent Pool refers to a place or database where recruiters and HR Managers keep all of their top job candidates. Talent pools make not only candidates that have applied for jobs, but also sourced, referred candidates, silver medallists and candidates that have willingly joined your pool in an inbound way.
In other words, candidates from different stages of their candidate journey may be a part of your talent pool.
Why to build Talent Pools?
Today, everyone is talking about building high-quality talent pools, but what does it mean to build a talent pool?
Building talent pools with qualified candidates is important for many reasons, and some of the most important ones include reducing time to hire, improving quality of hire and reducing cost to hire. In today’s world of data-driven recruiting, these metrics have become extremely important.
Imagine if every time you had a job opening, you had a pool of talent from which you can just pick the best one! Sounds great, right? This is the reason why many recruiters have started building high-quality candidate database for current and future needs.
How to build Talent Pools?
Talent pools can be done using outbound or inbound recruiting strategies.
Sourcing tools, an outbound way of building talent pools, are one of the most common methods used to build high-quality candidates databases. These tools search candidates and their profiles on the web based on specific keywords used.
Referrals are another great way for building talent pools. Referred candidates are known to be the best employees that stay longest with companies. Often times, there are silver medallists that don’t get hired, but keeping them in your talent pool will make filling next position much easier and faster.
Inbound Recruiting, on the other way, is done through Recruitment Marketing methods in which candidates are attracted to willingly join your talent pool because of the awesome content you are providing. For example, you may have a team blog on your career site that talks about interesting projects you are working on. Candidates interested in the project may subscribe to your blog and end up in your talent pool!
Explore More Terms & Definitions
How Employee Referral Programs Can Improve Time, Cost and Quality of Hire?
Siftery, One of the Most Trusted Review Sites, Interviews TalentLyft
From HR Buzzwords to Must Have Recruiting Strategies
Recruiting and Hiring in Healthcare Industry: Challenges and How-to's