Talent Pool Starter Guide: Learn the Basics
Things can get messy when a position opens up within your company, and no one is there to fill it quickly. Building and maintaining a talent pool can help you find the right person for the job without spending too much time and money. Instead of starting from scratch each time a job becomes vacant, you’ll have a list of qualified candidates waiting in the wings.Â
A talent pool is a carefully managed database of people who possess the skills required to fill potential positions at a company. If you’re a hiring manager or recruiter, talent pools are essential to your recruiting strategy toolkit.
The Society for Human Resource Management estimates that each new hire costs around $4,700—sometimes much more. The hiring process can take weeks, especially for smaller businesses with fewer resources. If you don’t move fast enough on the candidates you love, other companies might hire them first.Â