Many companies develop a large pool of potential job candidates in order to increase availability of pres-screened, potential employees. Developing a large talent pool provides a long-term talent-supply focus, meaning that important jobs can be staffed more rapidly with a streamlined recruiting process.
Here are just a few benefits of building a large pool of job candidates.
1) More easily address a skills gap
Within the last few years, a growing skills gap has been a major concern for manufacturers. According to a 2014 survey by Accenture, over 75 percent of respondents said a lack of skilled employees, especially for positions requiring more than a high school diploma, but less than a four-year college degree. With Baby Boomers aging and retiring, this skills gap is only going to grow over the next decade.
By using a proactive approach to talent sourcing, the manufacturing industry can overcome this challenge, and actually seize it as an opportunity. With over 77 million Millennials presently entering the workforce, it’s a massive opportunity to realize.
2) Better average hiring results
With more time to identify them, companies with a large talent pool have more access to high-quality prospects. As soon as top talent has been identified and added to the pool, a company has longer to build a solid connection, which increases the odds of a top prospect applying when there is a job opening.
A large talent pool also allows for additional time to precisely assess candidates and sell them on the job opening. Furthermore, building relationships with exceptional but employed professionals means being able to target them quickly when they think about entering the labor market.
These factors result in higher-performing hires, as “weak hires” are dramatically reduced with more thorough vetting and reference checking. Furthermore, the chance of a “hiring catastrophe” will be nearly nonexistent.
3) Lower turnover
Since the conventional hiring system “rushes” applicants into a quick decision, many people wind up regretting their decision to accept an offer. However, because prospects in the candidate pool are not hurried into applying, they have more time to learn about a business and form an opinion.
This significantly reduces surprises after they start due to that thorough knowledge and commitment to the company brand. This absence of surprises and understanding precisely what they will get will result in a much lower employee turnover rate.
4) Less productivity loss to the hiring process
A company’s productivity can be seriously impacted if vital positions must be filled with exceptional talent. However, under the traditional ‘as-needed’ process, qualified applicants can be hard to find, so jobs sit empty for long periods of time. Lengthy vacancies in fundamental and revenue producing positions directly cost the company revenue and they also slow development. A large candidate pool can fill jobs quickly because a large amount of talent has already been identified.
Are you looking for the right talent?
At Quanta, we connect our client companies to a large pool or pre-screen candidates. Contact us today to and we’ll source the right candidates for the specific jobs that you are trying to fill.