Talent Pool Development: Building a Talent Pool to Future-Proof your Workforce

May 10, 2022
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Hiring managers can prepare for future labor emergencies through strategic talent pool development and tapping sources outside traditional recruitment networks.

With the ongoing competition for talent, it’s no wonder that companies are looking for ways to attract and engage skilled workers even if they are not yet ready for a position. The Society for Human Resource Management (SHRM) recently called attention to the fact that despite more jobs opening up in this decade (at a rate of about 1 million new jobs per year to 2030), fewer workers will be available to fill roles. These numbers are thanks in part to the looming Baby Boomer retirement and a decreasing population rate. This article will examine several ways hiring managers can future-proof their workforce through talent pool development strategies. 

Talent Pool Development Strategies

Every hiring manager knows getting top talent at short notice is no piece of cake. But HR and recruiters can prepare for future work shortages by building and maintaining a talent pool — a list of strong candidates who can be immediately contacted for potential work engagement. Here are several strategies to help you start talent pool development.

Look In and Out

Talent has many faces and backgrounds — don’t be fooled by one stereotype of a skilled employee. Consider building your talent pool with candidates you would normally overlook, like:

Previous Applicants. Not all unsuccessful applicants should be written off. Perhaps you had a shortlist of equally strong candidates for a position, but only one could start immediately. Look up previous applicants who showed a strong skill set and potential for culture fit, and add them to your talent pool list.

Current Employees. One advantage of internal talent sourcing is that you already have an idea of their skills. If a current employee has been with the company for a long time, it also means that they have proven to be a great culture fit. Therefore, it might be wise to put current employees first on the list for new positions opening up.

Potential Leads. Think about the numerous spreadsheets filled with potential leads gathered from LinkedIn, Indeed, and other professional networks for a previous opening. If your best leads declined the first invitation, consider keeping them on your list for future engagement. Who knows, they may be available the second or third time around.

Engage Prime Candidates

Building a list is only the beginning of talent pool development. Keeping prime candidates engaged means looking for creative ways to keep them interested.

Consider adding your prime candidates to a regular mailing list where they can receive thought leadership content, company updates, or invitations to open house events. This way, your company stays relevant even if a position is not yet available. Hiring managers can also invest in building a dedicated space such as a webpage on the company career section or even a talent pool software. Whatever the means, make sure prime candidates know they are not forgotten.

Partner With Academic Institutions

Another great way to build and develop your talent pool is by building a strong relationship with colleges and universities. Not only would your company engage with communities, but fresh minds and talents will have a fast-track ticket to your door. Consider partnering with academic institutions through initiatives like:

  • Summer job openings
  • Short-term internships
  • On-the-job training
  • Part-time work opportunities
  • Student conferences
  • One-on-one mentorships

Partnering with academic institutions is also a great way to boost DEI hiring. Open a dialogue with school authorities and student representatives to work out the best partnership program with your company. 

Explore Your Customer Base

You heard it right — consider your company’s audience or user base. These are people already familiar with your company’s product and service. They are likely to have a few ideas that can contribute to the company’s success given the right opportunity. This strategy is especially useful for companies in niche markets where a level of familiarity and even personal investment is necessary for a thriving business relationship. 

For example, a leading chess platform regularly sends job invitations to its players, including international masters and grandmasters. The company offers candidates the chance to work and enjoy their hobby simultaneously. More importantly, the company knows that it will engage talented people who share a common passion for the game from day one. 

In summary, hiring managers can prepare for future labor emergencies through strategic talent pool development. HR and recruiters can start building their list with a shortlist of previous applicants, promising current employees, and potential leads. Companies can also partner with academic institutions to build a future pipeline of fresh minds. Hiring managers should keep prime candidates engaged through relevant content and timely communication. Lastly, businesses should consider exploring their customer bases as a talent source, given their audience’s familiarity with the company product or service. 

Build Your Talent Pool With Skill-Based Assessment

Filtered.ai streamlines the hiring process for technical industries. Our platform offers skill-based assessment for technical interviews, virtual interview rooms, and candidate authentication, amongst others. We can help build your talent pool by ensuring shortlisted candidates have the right skills for the job. 

Filtered is a leader in skill-based, data-driven recruiting technology. Our end-to-end technical hiring platform enables you to spend time reviewing only the most qualified candidates, putting skills and aptitude at the forefront of your decisions. We’ll help you automate hiring while also applying subjective, data-driven techniques to consistently and confidently select the right candidates. To get started, contact our team today or register for a FREE demo