During these times of the pandemic, the unemployment rate has reached record troughs. As things resume once again, there is an increasing need for businesses to expand their talent pool.

In April 2020, the unemployment rate reached 14.8%. This has been the lowest unemployment rate since data collection began in 1948. During the recession faced during COVID-19, businesses struggled to retain their employees. Now that things are starting to normalize once again, companies are thinking of expanding their talent pools.

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What Is A Talent Pool?

A talent pool is a database of possible employment candidates who can satisfy an organization's short-term and long-term needs. This is a group of highly qualified individuals for the job and is interested in working for your company.

By building talent pools, a company is building a long term strategy. Talent pools help in the immediate filling of positions in case of any vacancies. They are like a store of highly qualified candidates; you can use them whenever you need them.

Having talent pools means that you don't have to spend money and work on job campaigns every time you have an open vacancy. Talent pools save you time as you have suitable candidates available at all times, and you don't have to go through an extensive talent acquisition process to hire people.

How To Expand Your Talent Pool While Recruiting?

By having a vast talent pool, you will reap the benefits of a diverse workforce, which may bring a fresh set of talents, experiences, and innovative ways of thinking to your organization. Furthermore, by taking measures to broaden your talent pool, you will make the recruiting process smoother and faster.

Here are some tips to expand your talent pool:

  1. Tap Into The Power Of Referrals, Social Media, And Sourcing Tools

Employee referrals can swiftly present you with qualified candidates. Using the contacts of your current employees is a great way to expand your talent pool.

Then there are social media platforms. Social media campaigns are a great way to hire candidates as people are very active on social media. Glassdoor states that 79% of job seekers use social media when conducting their job search.

Using sourcing tools is another great option as these tools neatly refine and filter the candidate search according to your needs. Sourcing tools scan millions of profiles to filter out the candidates that are best suited for your job.

 

  1. Offer Flexible Employment Conditions

By being flexible with job requirements, you can easily reach many potential candidates. Flexible working conditions like the option to work-from-home has proven to target people from many geographical locations, and these people can be an excellent addition to your company. In a Leadership IQ study, 91% of the people said that they prefer working from home.

  1. Revamp Your Recruitment Methods

If you are unable to expand your talent pool, your recruitment methods need overhauling. You can target a more diverse workforce, consider working with another recruitment agency, or try taking the help of other organizations that have successfully expanded their talent pools.

 

Additional Resources on "Increasing Your Workforce – 3 Powerful Ways To Expand Your Talent Pool"

  • How to Build an Effective Talent Pool: 5 Easy Ways - Building a talent pool is an effective long-term strategy for filling your job positions with high-quality candidates cheaper and faster… (medium.com)
  • Expanding Your Recruitment Pool through Increasing Diversity, Equity, and Inclusion - To find the best candidates for open IT roles, IT leaders need to think differently when it comes to recruiting by ensuring the diversity, equity, and (er.educause.edu)
  • 4 Steps for Developing a Talent Pool - Talent pools allow organizations to develop employees in areas that align with company competencies and values instead of focusing on developing specific position skills. Organizations can tell a group, "You're the future of the company," instead of telli (shrm.org)
  • 3 Ways the "Gig Economy" Can Improve Your Talent Pool - null (cornerstoneondemand.com)
  • 12 ways to improve your diversity recruiting strategy - Recruitee - Diversity recruiting is proven to increase innovation and performance. Learn how you can benefit from a diverse workforce with a few recruiting tactics. (blog.recruitee.com)
  • 5 Tips to Diversify Your Candidate Pool - Salesforce Blog - Create a diverse work culture by bringing in diverse candidates from different walks of life. Here are five ways to diversify your candidate pool today. (salesforce.com)
  • Diversity and Inclusion in the Workplace: Benefits and Challenges - Learn the benefits of diversity and inclusion (D&I) and access tips on how to overcome challenges of implementing D&I practices. (achievers.com)
  • 9 Ways To Build And Manage Your Talent Pool - Harver - With 67% of large companies having difficulty filling roles, building and managing a talent pool is a great help for successful recruiting. Start now! (harver.com)
  • What is a Talent Pool? - Business and recruiting leaders commonly talk about building the talent pool for a longer-term more strategic view of their company's recruiting capability. (smartrecruiters.com)
  • Workplace Diversity Through Recruitment - A Step-By-Step Guide - A workplace diversity step-by-step guide on how to effectively, fairly, and objectively increase diversity through your recruitment efforts. (ideal.com)
  • 10 ways companies can attract a diverse pool of job candidates - Find out why your company isn't netting enough applicants from underrepresented groups and what you can do about it. (techrepublic.com)
  • 9 Solid Ways to Find Great Talent - Give yourself a real edge over your competitors by using these tips to find the best talent around. (inc.com)
  • 10 Ways to Attract a Better, More Diverse Applicant Pool - In this Tip, we provide some best practices for recruiting and hiring a diverse workforce. (sbshrs.adpinfo.com)
  • Employer Branding: Why This Strategy Is Important for Your Company - Learn why employer branding is an important strategy for the internal health of your company and how to start attracting the right job candidates with it. (everyonesocial.com)
  • (lever.co)
  • 4 Ways to Expand Your Talent Pool eSearch (esearchjobs.com)
  • Your Approach to Hiring Is All Wrong - Outsourcing and algorithms won’t get you the people you need. (hbr.org)
  • 5 Ways Telecommuting and Flex Time Help You Recruit the Best Workers - Myriad technologies for working away from the office has deepened your talent pool to include the entire world. (nbcnews.com)
  • 5 Ways Telecommuting and Flex Time Help You Recruit the Best Workers - Myriad technologies for working away from the office has deepened your talent pool to include the entire world. (entrepreneur.com)

Related Statistics

  • According to Robert Meier, President of Job Market Experts, only the “Top 2%” of candidates make it to the interview and among those candidates that get an interview, you hire only one. (medium.com)
  • According to the EDUCAUSE 2016 Workforce Landscape survey, only 15 percent of higher-ed IT staff identify as nonwhite. (er.educause.edu)
  • Although women make up 40 percent of the higher ed IT staff workforce, their percentage drops to 30 percent at the level of IT managers and to 27 percent at the level of CIOs. (er.educause.edu)
  • For example, companies in the top quartile for gender diversity are 15 percent more likely, and those in the top quartile for ethnic diversity are 35 percent more likely, to have financial returns above their respective national industry (er.educause.edu)
  • IT workforce when compared with the overall U.S. labor force: Nonwhite workers make up 15 percent of all positions in higher ed IT and 34 percent of the U.S. labor force. (er.educause.edu)
  • Companies with diverse management teams have diverse companies are 1.7 times more likely to be innovation leaders in their market segments. (blog.recruitee.com)
  • Studies show women will hesitate to apply for a job unless they meet 100% of the job requirements, compared to men who will apply even if they only meet 60%. (salesforce.com)
  • Salesforce study found that 80% of business professionals believe businesses have a responsibility to look beyond profit and make a positive impact on society. (salesforce.com)
  • Besides the fact that diversity improves your current business, 67 percent of workers consider diversity when seeking employment. (achievers.com)