Using talent pools when recruiting can save you money, time and help with succession planning.
Reduce the Cost of Recruitment
Talent pools take time and expertise to build. If they are done well they greatly reduce the cost of recruitment because they can eliminate the need to advertise through print and online media.
A recent study by Taleo Research called ‘Economics of Candidate Relationship Databases’ found that recruitment costs could be reduced by 25-50% when using talent pools for recruiting.
Reduce the Time to Hire
You can reduce the time it takes to find the right candidate using talent pools as the work in selecting, screening and prequalifying candidates is done. In fact good recruiters are continuously talking with their talent updating information and bring new talent into their pools. A recent study by Page Up called ‘Utilisation of Talent Pools for External Recruitment in Australia’ found that nearly 50% of organisations believed they had reduced their time to hire using talent pools.
Identify Quality Candidates for the Future
Talent pools can help you identify potential external candidates before the need to fill a role arises. This allows you to move quickly to fill the role with the right candidate with minimal impact on your day-to-day business.
Talent pools can save both time and money when recruiting. They can also help with succession planning. If you would like to know more about this topic or you would like to suggest a topic for me to write about then please contact me paul@paulgreening.com
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