Talent pools for targeted recruiting of young professionals

Talent pools are one of the most effective tools in active sourcing. And there are good reasons to focus on actively approaching candidates: In many industries, there is a shortage of skilled workers, and employees are also very willing to change jobs. According to recent studies, 75 percent of employees are considering a change of job, and 86 percent are willing to change jobs if they receive an interesting offer (source: StepStone, 2021). So there is a huge proportion of qualified professionals who would be willing to change companies if they received attractive offers. Talent pools are effective instruments for reaching precisely these interested parties quickly and easily. Young professionals in particular can be successfully recruited using this type of direct approach.

Setting up a talent pool

A talent pool can either be set up internally within the company, or external providers such as job exchanges, the Federal Employment Agency or universities. In-house talent pools usually consist of former applicants or other interested parties. The following points must be observed:

Data protection: Candidates must actively agree to be included in a talent pool.
Acquisition: It is smart to inform second-best and previously rejected applicants as well as former employees, interns, trainees or working students about the talent pool. Career fairs, workshops, recommendations from employees or targeted advertising campaigns should also be used to fill the database.
Structure: The structure of a talent pool and the criteria according to which the talents are classified should be well thought out from the start.
Maintenance: In order to keep the attention of interested parties, companies should keep in regular contact with them. A regular newsletter for all candidates in the talent pool is a good way to do so.
Selection: Regularly screening out unsuitable candidates is also part of cultivating the talent pool. Quality instead of quantity - A talent pool should contain fewer, but well-fitting candidates.

As it turns out, a talent pool cannot be created overnight and requires continuous maintenance. If there is no time or capacity to build or maintain an internal talent pool, external CV databases are a good alternative. Also some job platforms offer databases with thousands of job seekers, through which suitable talents can be found.

Why talent pools are a suitable means of addressing the target group of young professionals in particular is explained below.

1. Targeted attention among Gen Z

Almost half of Generation Z has created a profile in a resume database of a job exchange, and a good third are registered in the database of the employment agency. So the younger generation in particular shows a keen interest in talent pools - just under half of them would rather be actively approached by the company than apply themselves (source: Monster, 2020). This generation is simply used to creating profiles on social media, so registering in a talent pool is not particularly difficult. In addition, it naturally simplifies the job search for them.

The direct approach in a talent pool is therefore desired by the group of young professionals and in return is also rewarded with a relatively high level of feedback. On average, half of the candidates approached respond, and a third are even interested and respond positively to inquiries. Furthermore, an average two out of ten of those approached change their job because of a direct approach, even though they are not actually actively looking for a job (source: Monster, 2020).

Active recruiting via talent pools is therefore an effective means of reaching the target group of young professionals.

2. Time and cost savings

The advantage of saving time and money is obvious: the tedious sorting out of unsuitable applications is no longer necessary, because talent pools enable companies to search for exactly the right talent. This is much faster and requires fewer contact loops than the usual process via a job posting. The step of rejecting unsuitable applicants is also eliminated. And if less time has to be spent on the recruiting process, costs are also reduced. In addition, all information about interested parties is collected in one central location, thus establishing an orderly and effective applicant management system.

A talent pool eliminates a number of steps in the recruiting process, and the bottom line is that time-to-hire and cost-per-hire can be significantly reduced.

3. Addressing suitable applicants

With suitable filter options or intelligent algorithms, for example in databases of job platforms, the users of a talent pool can be preselected on the basis of various criteria. This enables a targeted search for suitable candidates, e.g. on the basis of the desired qualifications, required professional training, expertise or suitable location. In contrast to applications for an advertised position, companies have the reins in their own hands when it comes to active sourcing via a talent pool. Ultimately, only those candidates who really fit the advertised position and the company are approached. The fact that the users of the talent pool have already shown interest in the company in the past also means that this does not have to be attractive to them again.

In addition, it is possible to write to candidates individually and in a target group-specific manner, instead of being limited to a general approach, as is used in job advertisements.

4. Improving employer branding

Addressing users individually and regularly will also benefit employer branding. The company leaves a lasting positive memory in the young professionals’ minds, even if the approach may not have led to a hire. Simply asking whether unsuccessful applicants can be included in the talent pool will positively strengthen the company’s image.

In addition, the users of the talent pool can and should be contacted regularly. This can be done, for example, in the form of a newsletter in which the company and its products or services are presented. This strengthens the bond between the candidate and the company. But be careful not to overdo it! Too much contact can quickly become annoying and scare off previously interested candidates.

Tips for talent pools

After listing the four major advantages of talent pools, here are six tips on how companies can successfully use talent pools.

1. Individual approach: If a direct approach is chosen, avoid standardized wording. More than one-third of talent pool users are annoyed by standardized inquiries that contain no personal reference and will likely not respond to them (source: Monster, 2020).

2. Targeted approach: instead of writing to all talent pool users at the same time, the addresses should be pre-filtered and carefully selected. Almost one-third of Gen Z have already had a bad experience with talent pools because they were approached at inappropriate times (source: Monster, 2020). This is a waste of time and acts as a deterrent. However, with a targeted selection of candidates and an individual approach, the chance of a positive response will increase.

3. Creative search: Generally, targeted search terms, filter functions or matching algorithms are implemented to search for suitable candidates in the talent pool. If you don’t find what you are looking for, a more creative approach can help. For example, you can search for suitable fields of study, required tool skills or qualifications instead. Perhaps a change of position within the industry would also be interesting for some candidates?

4. Respond quickly and reliably: If candidates are interested in the inquiry, it is important to respond quickly. Potential new employees should not have to wait long - short response times and reliable answers to questions are essential. To exaggerate: in the war for talents, every minute counts.

5. Keep in touch: Even if a contact does not result in a job, it is worthwhile for companies to regularly remind users of the talent pool. This works well via newsletters. Discount campaigns or early product announcements could also be a good way to maintain interest in the company.

6. Get specialist departments involved: a talent pool is a classic HR tool, but HR managers from relevant departments should be brought on board when selecting suitable candidates. After all, they are in a much better position to assess the candidate’s expertise.

About Absolventa

Absolventa is one of the special job exchanges of FUNKE Works and addresses people starting their careers with a degree. In addition to recruiting products, we sell a range of employer branding solutions for companies. Our customers include both young start-ups and established DAX corporations.