Sun, 12 Feb, 2023
In today’s rapidly changing economic landscape, companies are faced with new challenges and uncertainties. However, one silver lining of a hiring slowdown is that it provides an opportunity for companies to focus internally and prioritise the development of their talent pool. A well-built talent pool can help to fill your pipeline ahead of time and ensure that you always have a starting point when a new role becomes available.
Maximising the Benefits of a Hiring Slowdown
Talent pools are essentially a group of pre-screened, qualified candidates that a company has identified as potential hires for future roles. They are often a mix of individuals with different backgrounds, including former employees, event attendees, passive candidates, and employee referrals. By building a talent pool, companies can mitigate the risks associated with a hiring slowdown and ensure that they have a ready supply of top talent when the time is right to expand their workforce.
Bronze and Silver Medallists
Not every candidate will be a perfect fit for a particular role, but that doesn’t mean their skills and qualifications should go to waste. By adding these candidates to your talent pool, you can ensure that they are top of mind when a new role becomes available that may be a better fit.
Former employees who left on good terms can bring valuable skills, knowledge of the company culture, and a sense of familiarity to the table if they return. Adding past employees to your talent pool can help to speed up the onboarding process for future hires and reduce the risk of turnover.
Past Freelancers and Contractors
Individuals who have worked as freelancers or contractors for your company in the past already understand your brand and work process, making them a valuable source of potential talent. By including them in your talent pool, you can quickly tap into their expertise if the need arises.
Attending events such as job fairs, conferences, and trade fairs can provide opportunities to meet a wide range of individuals in your industry and add those who show interest in working with your company to your talent pool. These individuals may be more likely to respond to your outreach if they have a positive experience with your brand at an event.
Employee referral schemes are an effective way to find candidates who would fit well in your organisation, as current employees are often the best judges of company culture. While the right job may not always be available when a referral is made, it’s worth keeping their details on file in case a suitable role opens up in the future.
Candidates who have responded positively to your outreach in the past can be added to your talent pool, even if the timing wasn’t right at the time. By keeping their details on file, you can quickly reach out to them if a new role becomes available that may be of interest.
In conclusion, building a strong talent pool is a critical aspect of preparing for future talent needs. It provides companies with a ready supply of top talent when the time is right to expand their workforce and helps to mitigate the risks associated with a hiring slowdown.
Fulcrum can help your company develop effective recruitment processes, DE&I strategies, and long-term headcount forecasts to ensure the success of your talent pool. By leveraging the benefits of a hiring slowdown, companies can focus on building a strong talent pool that will support their future growth and success. Get in touch today to learn more.
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