The value of developing a local talent pool is
better candidates – faster hires – 50+% savings.
The value of the talent pool is that once you build it and work it properly, you will hire better candidates faster and less costly than starting a search from scratch.The greatest value of building a talent pool is that you know that you are hiring the best candidates!
Say you have recurring needs for an embedded software engineer or java developer or other type position in the Atlanta market (or other major market). You can build a talent pool of 100 – 300+ qualified and appropriate candidates for an initial cost of approximately $5k-$8K depending on the position.
Once the talent pool is created, the internal cost for working the talent pool to produce a hire is approximately $5k – $9k per hire. Using a contingency recruiter to fill an $80K compensation position will cost $15k – $20K+ for each hire.Cost per hire using Talent Pool = $8K Cost per hire using Recruiter = $16K Savings per hire = 50+% with each hire.
After the initial investment in the building of the talent pool you will save $7K+ with each hire when using your talent pool approach AND you will have access to better talent than the recruiter can often because you are accessing the full market not just the candidates looking for a job.
Here are some suggestions for developing a local talent pool.
1. Fully understands and document the parameters of the requirement. Interview all of the managers to understand their needs and what typically is delivered or accomplished by the candidate. Understand the skills and experience needed to meet the manager’s expectations.
2. Create a job description based on what is to be accomplished. A job description based on deliverables is less restricting than one based solely on skills and accomplishments. It gets to the point of the opportunity and will attract the right people.
3. Create a Candidate rating profile to measure and compare the candidates in your pool with respect to the position. (see sample http://bit.ly/HiringProfile)
4. Create and document a Recruitment plan to identify in detail where you find these types of candidates. It should include your referral program, source companies, online forums and hangouts, professional organizations etc. This plan evolves and improves with time and your document should reflect this.
5. Create a candidate research sheet and populate it with appropriate candidates. This step is the most labor intensive and should not be undertaken until the above has been completed or you will be building a pool of the wrong candidates. If you use a collaborative spreadsheet like Google sheets multiple recruiters and managers can be working the sheet simultaneously. The Recruit Sheet is a deliverable item (Sample: http://bit.ly/RecruitSheet). A good talent pool changes and reflects the current market. Each time you recruit from the sheet take care to update it properly. A good Recruit Sheet consists of a ready list of ALL potential candidates, includes links to Linkedin profiles, resumes, recruiter notes, contact date, source, and each candidate is rated for fit with the Hiring Profile. The sheet is sort able and shared.
The Talent Pool approach to recruiting is a powerful approach but is often overlooked due to the reactive nature of hiring. If a company can be more proactive by testing the approach for a few key repeatable hire positions they will realize better hires and a cost savings.
Author: Rick Zabor
Engineer / Scientist / Researcher turned Recruiter in 1987. Interested in the best way to do things and mixing with people who have passions for life. Writes on topics important to building winning teams and personal growth and accomplishment. Connect with me on Linkedin. Lives in Atlanta, GA.