5 Key Reasons Why You Need To Keep Filling Your Talent Pool

In today's competitive job market, it's more important than ever for employers to continually fill their talent pools. 

A talent pool is a database of potential candidates who may fit your company and specific job roles.

By continually adding new candidates to your talent pool, you can ensure you have a pipeline of qualified candidates to choose from when a job opening arises.

On GoHire, you should always have your general application form open to candidates on your careers page. 

In fact, most companies using GoHire have pools open for each job they typically hire for and those they are likely to hire for within the next 18 months. 

Before we get started, here are some key ways you can keep filling your talent pool:

• Ensure you have jobs and pools active 24/7 to take advantage of passive and active candidates.
• Encouraging employee referrals to refer friends or colleagues who may be a good fit for your company and incentivise them to do so.
• Conducting informational interviews with candidates who may not be a good fit for your current job openings but have the potential for future roles can help you build your talent pool.
• Develop a strong employer brand to help attract top talent to your company. Ensure your website and social media profiles showcase your company culture and values.
• Develop a long-term recruiting strategy that aligns with your company's goals and objectives.
• Utilise social media platforms to attract top talent and engage with potential candidates.
• Stay in touch with past candidates who were a good fit for your company but didn't get the job. They may be interested in future opportunities.

Let's get to it; here's why it's essential for companies to continually fill their talent pools and how they can do it.

1. Reduces Time-to-Hire

One of the most significant advantages of having a talent pool is that it can significantly reduce your time-to-hire.

According to a survey by Glassdoor, the average time-to-hire in the US is 23.8 days. 

However, if you have a pool of qualified candidates ready to go, you can fill a position much more quickly. This can be especially important for critical roles where time is of the essence.

2. Improves Quality of Hire

When you're constantly adding new candidates to your talent pool, you can identify and attract top talent in your industry. 

This means that when you have a job opening, you're not limited to the candidates who happen to be looking for a job at that particular moment. Instead, you can choose from a pool of candidates who have already expressed interest in your company and are a good fit for your culture and values.

3. Reduces Cost-per-Hire

Filling a position can be costly, especially if you have to go through multiple interviews or hire a recruiter to help you find the right candidate. However, continually filling your talent pool can reduce your cost-per-hire.

According to a recent survey, companies with a talent pool saved an average of $2,000 per hire compared to companies without one.

4. Increases Diversity

When you have a talent pool, you can attract a more diverse pool of candidates. 

This is because you can target your recruiting efforts to specific groups of people who may be underrepresented in your industry. 

By doing so, you can increase the diversity of your workforce, which has been shown to positively impact innovation and overall business success.

5. Future-Proofs Your Business

By continually filling your talent pool, you're future-proofing your business. 

This means that you're preparing for future growth and expansion by ensuring you have a pipeline of qualified candidates. 

It also means that you can quickly adapt to changing market conditions or unexpected departures by having a pool of talent ready to step in when needed.

Wrapping It Up

In conclusion, having a talent pool is essential for any employer. 

It can reduce your time-to-hire, improve the quality of your hires, reduce your cost-per-hire, increase diversity, and future-proof your business. 

By continually adding new candidates to your talent pool, you can build a pipeline of qualified candidates to help you achieve your business goals and stay competitive in today's job market.