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July 29th, 2022 · 5 min read

7 steps to building and managing a high-quality talent pool

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What is a talent pool?

Talent pool vs. talent pipeline

Benefits of talent pool development

  • Getting ahead of your company’s talent needs
    Your business is always evolving, meaning it’s critically important to stay one step ahead of future talent needs. Prioritizing talent pool development allows you to keep a pulse on what candidates are available and if the candidates in your network have the skills and experience needed for potential future positions. 
  • Creating a reserve of high-quality talent
    Without a dedicated talent pool, you have to start the recruitment process over again each time there’s a new opening. This approach allows you to access a database of candidates that already have starting potential to fill a position (and be a good fit) at your company).
  • Improving your hiring metrics
    Talent pools, by definition, allow for a more proactive approach to recruitment, instead of having to react to vacancies and pay for costly advertising, job boards, external recruiters or temporary staffing agencies. While having a talent pool won’t entirely eliminate the need for these additional costs, it does allow for improved efficiency since you already have a database of potential candidates to kickstart the search.

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How to grow and cultivate your talent pool

Don’t overlook internal talent

Level-up your employer brand

  • Flexible work schedule/hybrid work
  • A workforce education program that provides tuition-free access to degrees, certifications and credentials 
  • Dedicated budget for professional development activities such as attending industry conferences or workshops
  • An inclusive workplace culture that values growth and continuous learning 
  • Career advancement opportunities

Modernize your talent pool database

Think out-of-the-box about upskilling and reskilling

Re-engage past candidates

Understanding the importance of a diverse talent pool

Prioritize time for talent pool maintenance

You can address talent development challenges