Building a trusting relationship with a talented student significantly increases the likelihood that the candidate will join you. By setting up talent pools, you create a structural competitive advantage. Here are five reasons to set up talent pools!
Demand for highly skilled talent
Suriname has a structural shortage of highly educated talent. And especially technical talent. In fact, it is expected that the shortage of technical talent will triple in the next five years! In order to have the best talent available in the coming years, even outside the technical sector, you need to create a sustainable competitive advantage now. Talent pools offer the best solution for this.
What is a talent pool?
Do you already have talent pools? You probably do, but you may not be aware of them. Think of a document with letters and resumes from job applicants, a list of people you spoke to at a trade show or candidates on old jobs that just didn't make it. Basically, these are also talent pools. However, you only have a real talent pool once you consciously use this database to your advantage. Since there are different interpretations of talent pools, I will give you my definition:
A talent pool is the targeted building and management of a database of suitable candidates that HR has in the pipeline who are interested in your organization.
To us, two things are elementary in this that prevent investing time and money in a match that is never going to take place:
The candidate should be fundamentally interested in the company.
The company needs to be interested in the candidate.
Moreover, to create commitment, it is essential that the candidate is aware that he or she is in your talent pool.
Why (especially now) invest in talent pools?
Costs. In 2020, during the previous peak of labor market tightness, 15% worldwide of job openings were open for more than a year. This costs a company much more than just the objectively added value of the position itself. Given that the shortage of technical talent is expected to triple in five years, companies will soon be at a loss!
Before it is too late. In view of the increasing shortage of highly educated talent, it is currently relatively easy to get in touch with talent and build a talent pool. By targeting students now, you can attract them as they enter the job market.
High speed-to-talent. YER research shows that the "time to hire" of candidates from a Talent Pool is shorter than the "time to hire" via external inflow. The time to identify suitable candidates for a vacancy even decreases by 70 to 80% with a Talent Pool. You therefore realize an enormous speed-to-talent.
Better matches and lower turnover. Because you maintain structural contact with the candidate, you build a relationship based on trust. You get to know each other and get a better idea of which candidate actually fits your company. This leads to a much higher chance of an actual match and lower staff turnover.
Wish target group. 60% of students want to be included in talent pools and 31% of students might want to be, according to research by the Intelligence Group. So there is also a need from the student side to get to know companies intensively. An attractive opportunity.
The above reasons endorse the importance of Talent Relationship Management. In recruitment, look not only at the short term, but also at the medium & long term. By investing time in getting to know talent now, you avoid being behind the times a few years from now.
But how do you build such a talent pool? What steps should I take? What is the difference with a talent community? I will address these questions in the coming blogs. I like to give you concrete tools that you can get started with.