What is a talent pool (Candidate pool)?
What is a talent pool? What does this term mean and why is it so important for HR and Recruiters?
What is a talent pool?
Definition of a talent pool: a talent pool (or candidate pool) is the place or database where recruiters HR managers keep their best candidates (prospect candidates).
But this is not the only definition of this term. Some recruiters consider it as a synonym for the group of candidates who have actually applied for an open position, but this definition has a strongly limiting meaning.
Why create a CV database?
Recruitment agencies and companies use candidate pools to speed up the time it takes to recruit candidates. Recruiters, being able to ‘fish’ candidates from their CV databases, reduce the time needed to close a selection (time to hire).
In addition, having an always-ready candidate database also improves the overall quality of candidates and the cost to hire. In the age of data-driven recruiting these metrics are increasingly important.
How to create a candidate pool?
There are many ways to create an always ready candidate pool to draw from, here are a few:
- Create a CV database with your Applicant Tracking System (ATS)
- Identifying online candidates among the company’s current employees
- Use referral recruitment techniques
- Post a job advertisement on a job board and channel the CVs into your ATS
- Sourcing passive candidates on social media and external databases
- Sourcing on forums and blogs using advanced X-ray search techniques
- Improve your Employer branding so as to exponentially increase the number of spontaneous applications you receive via your career page.
Now you know the meaning and translation of the term and why a talent pool is so important; it’s time to try In-recruiting for 14 days and start building your application database now.