Lower Costs, Hire Faster: Benefits of the Dynamic Talent Pool

Today’s in-demand talent doesn’t respond to the slow, outdated recruiting process. As technology continues to advance, they expect the process of finding work to advance right alongside it. Don’t be part of the problem, be part of the solution. 

A 2017 CareerBuilder survey found that nearly 4 in 5 candidates (78%) say the overall candidate experience they receive is an indicator of how a company values its people. If the entire application process is slow, complex, and generic, applicants are less likely to follow through. In fact, 60% of job seekers quit in the middle of filling out online job applications because of their length or complexity. 

There is a solution. You can not only lower costs but hire better talent faster when you utilize dynamic talent pools. You can enhance the total talent experience and develop a personalized candidate experience that resonates, increasing hires and referrals while lowering costs. 

What is a Talent Pool?

A talent pool is a group of available candidates that have shown interest in your brand or organization. These can be active or passive candidates (talent not necessarily looking but would consider a role if it was a good fit), former employees, freelancers, retirees, contingent workers, silver medalists, and more. Talent pools are an essential part of any direct sourcing strategy and can be critical in filling positions with top talent. Talent pools differ from a talent pipeline. A talent pipeline is built from talent pools and includes all stages of the hiring process. 

There are a few different types of talent pools. There are universal talent pools that hold all the talent in your pipeline. Talent segmentation is a type of talent pool management that segments your universal pool of candidates based on a number of criteria, including by skill set or industry, educational considerations, certifications, and more. 

There is also a difference between a “known” and “unknown” talent pool. Known talent pools are people who are familiar to your organization either because they’ve worked for you prior (like retirees, alumni, and silver medallists) or actively join. Sometimes referred to as a “hidden” pool of candidates, “unknown” talent pools are made up of  diverse talent pools filled with skilled workers who may not fit the typical criteria. In today’s hyper-competitive market, it is not just about matching skills requirements from resume to job description.

What is a Dynamic Talent Pool?

Dynamic is defined as “constant change, activity, or progress” by the Oxford dictionary and “marked by usually continuous and productive activity or change”’ by
Merriam-Webster.  The same can be said of a dynamic talent pools

A dynamic talent pool is not a static list of potential candidates. It is constantly changing and evolving as more candidates enter the pipeline and even as your criteria is adjusted to meet client needs or the needs of your business. 

WorkLLama’s Dynamic Talent Pool capabilities make this process even simpler by automating talent segmentation. You set the criteria for the talent pool and our advanced AI-chatbot, Sofi, does the rest. 

How to Segment Your Talent Community

If you look at candidates as customers—which we do—you’ll find that segmenting your list can produce some staggering results. Segmentation is a critical strategy for marketing teams and can increase revenue by as much as 760%. Audiences are more likely to interact with a brand that provides a personalized experience, and the same can be said for candidates. Segmenting your talent community into smaller, more targeted talent pools should be one of the first steps in your talent pool management process. 

Why? Because talent segmentation produces results. For marketers, segmented campaigns have 14.31% higher open rates and 101% more clicks than non-segmented campaigns. It can also increase the brand’s understanding of the customer’s pain points, challenges, and intentions, and adjust accordingly to attract the exact type of talent it is looking for. 

With WorkLLama’s ability to segment your talent community into smaller talent pools based on their profiles and behaviors, you can gain insight into your candidates like never before. That insight will help you deliver a better candidate experience. We make it easy to simplify talent communication by automatically segmenting the candidate pool, allowing for more personalization and engagement. 

We might automate the process, but you still need to set the parameters by segmenting audiences based on demographics like location, education level, or language. You can also segment based on certifications, preferred title, source, skills, hiring stage, DE&I initiatives, experience level, etc. 

With WorkLLama, you can also segment based on behavior. Use the data on how the candidate interacts with the system via Sofi or the candidate forum to gain even more valuable insights into their wants, needs, and expectations on critical priorities like culture, benefits, and more. 

Benefits of the Candidate Pool

Organizations that utilize a dynamic talent pool will see an increase in the efficacy of their processes. Brands that include talent segmentation as part of their talent pool management strategy will hire faster while saving time, money, and resources. 

Hire Quality, Diverse Talent Faster

Building a dynamic talent pool can help to simplify the
customer journey and provide the modern candidate experience today’s talent requires. Our automated process and abundance of metrics available for segmentation allow you to access hidden talent and build more diverse talent pools. WorkLLama clients have seen a 75% reduction in time-to-interview and a 59% reduction in time-to-hire.

Improve Candidate Experience

The modern customer wants a personalized experience with the brands they interact with. That expectation is spilling over into talent acquisition. With proper segmentation of your
candidate pool, you can deliver an improved, personalized candidate experience to your talent community. This promotes loyalty to your brand and improves retention. 

Increase Offer Acceptance

With an improved
candidate experience, you can expect better results. Engaged candidates don’t drop off as often as those who aren’t happy with their experience. When you pair that improved experience with the communication of your (well-built) employee value proposition (EVP), you’ll see higher offer acceptance rates. 

Improve DE&I

Building a
dynamic talent pool can actually encourage diversity in your talent community. The automated process will remove the human bias and focus only on the metrics you tell it to. You won’t just engage talent, you’ll build diverse talent pools and achieve your DE&I initiatives. 

Engage Passive Candidates

Most talent acquisition specialists know the importance of
passive candidates. They’ve become even more important in today’s hyper-competitive market. It is no longer enough to be reactive in the hiring process. Brands need to hire more proactively. Referral programs are an excellent source for passive candidates

According to LinkedIn, passive candidates make up 75% of the workforce with “on the cusp” candidates making up another 15%. You likely already have passive talent waiting in your pipeline. Proper segmentation of your pool of candidates can help you to increase talent engagement even among your most passive candidates

Lower Recruiting Costs

With a
dynamic talent pool of segmented candidates, you won’t lose as many along the candidate journey. You’ll see better talent engagement and re-engagement. And, you’ll reduce time-to-interview, time-to-hire, and time-to-onboard. All of that leads to lower cost-per-hire and happier workers. 

Increase Talent Engagement

Delivering the
personalized candidate experience and targeted/tailored communications your pool of candidates want, you’ll actually increase the engagement of both active and passive candidates. In fact, WorkLLama has seen a 46% increase in new or re-engaged candidates thanks to our Dynamic Talent Pool capabilities.

Lower Costs and Hire Faster with WorkLLama’s Dynamic Talent Pooling

Create tailored talent experiences when you automate your talent segmentation. With WorkLLama’s Dynamic Talent Pool capabilities, you can increase talent engagement and build a more robust referral program thanks to the positive, personalized candidate experience. We’d love to show you how this is working successfully for our clients. Get started today

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