A Talent Pool is a database of candidate profiles who are interested in working for an organization. It is a compilation of prospective candidates, saved for utilization for a future opening depending upon the requirement. The recruiters make use of this talent pool to streamline the hiring process. Regardless of whether companies are actively hiring or not, this talent pool serves as a reserve of interesting talent and can be used at any time when there is an open position.
Benefits of using a Talent Pool:
Talent pools are increasingly popular among companies and they can be grouped according to the specific areas of expertise. Companies that have a talent pool have a group of prospective candidates to choose from. So, what are the benefits of maintaining a talent pool for a company? Read on, to know about it!
1. Identify Skilled Candidates for the Future Job Opening:
This is a major strategy that companies adopt on a periodic basis to ensure that they have a constant supply of workforce so that their critical jobs can be easily and quickly filled with high quality and skill. By maintaining a wide talent pool, companies can easily identify a potential candidate for the job even before a job vacancy occurs. With the help of the talent pool, the companies are able to make a study and understand the availability of talent in the market.
2. Reduces the Hiring Time:
This proactive method of hiring will help to select the best candidate in a short notice period. The process of screening and pre-qualifying of the candidate for the job has been already completed, because of the talent pool. This in turn helps the organization to fill in job vacancies quickly without disrupting the day to day business routine.
3. Reduces Recruitment Cost:
Talent pool helps to reduce the cost spent on the recruitment process. By cutting cost on job advertising, the candidates can be directly hired from the talent pool of the company and the budget can be spent on other aspects of the company.
A talent pool contributes a lot towards a swift and efficient hiring process. Companies should invest in building a wide talent pool that would enable them to hire skilled professionals within a short period.