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Why should talent pooling be done ?
Managing forecasted headcount changes – Star Trek
Planning for the future – Back to the Future
Resource management of niche skills on specific programmes – The Substitute
Identify “hidden gems” - Blood Diamond
Brand development - Fast and the Furious
Reduce Cost – Trading Places
Reduce time to hire – Rush Hour
Communication – Jaws
Getting ahead of the competition – Catch me if you can
By not diversifying the company’s talent portfolio organizations can impede their own progress and assume a riskier trajectory over time in their effort to reduce risk
Forecasting….”Star Trek” !!
All organisations discuss headcount impacts at all levels and this is affected by:
Future Growth
Existing planned growth
New Market growth
Internal restructures
Changes in :
Processes
Legislations
Technology
Essential Specific Projects
Product Launches
Enhancements to current setups
The idea in growth and forecasting is to get to a place no man has ever gone before.
“Back to the Future”
We know where we want to be in the future, so now we need “go back”
and make sure we get there.
Regardless of the headcount and size of the organisation talent pooling
has proven to be most effective method of hiring for companies.
As there is time to organise the hiring , the quality and standard of
candidates is drastically improved.
Also there is emphasis on being able to identify the “best of the best” for
the organisation.
There is also the ability to track the careers of individuals who are of
potential interest for the organisation.
Skills ….”The substitute”
There are instances where certain projects need niche skills for a specific skills which are not already available inhouse.
Talent pooling assists in:
Specific projects : The Identification of niche skills and pipelining the resources accordingly for the projects.
Contract swap to Perm : Due to lack of certain skills organisations are in the interim required to use contract resources. Talent pooling enables us to identify the limited perm candidates and pipeline them for when they are ready to consider a new perm role. This also assists in the resource planning of interim solutions.
Hidden Gems…. “Blood Diamond”
Continuous Talent Pooling also enables to identify “hidden gems” who are the future shakers of the industry.
These can be passive candidates who are currently in roles where their core skills are
currently underutilised and hence not the obvious candidates in a search.
Candidates who are climbing the ladder but not yet at the stage where they would
be of interest to the organisation.
There might be unique situations where a candidate is talent pooled (TP’ed) and
even though there is no live current role, his/her skillset and experience is such that it
would be worthwhile forming a new role for the betterment of the organisation.
We want to get the “diamond” our competition is desperate to find!!
Branding….”fast and the furious”
The Process of talent pooling requires constant communication and
networking. This provides in direct marketing regarding the brand as there
will be discussions regarding:
Company growth and future aspirations
Product launches
The Structure and Process also provides a positive outlook, showing that
the company is investing in the expansion of headcount in advance, and
hence is a stable environment (specially considering the volatile market
we currently work in).
“money talk”
Talent Pooling when done efficiently is one of the biggest cost saving actions in recruitment.
Some of the strategies used in talent pooling require very low additional costs:
Networking
Current employers and the previous colleagues and associates
Unconnected prospects
Networking events / forums / socials
Reliance on agencies are reduced as there should be very few urgent “need to identify candidates now roles”.
We All know eventually money does talk !!
Avoid “rush hour” !!
Key for this is forecasting, which is a essential ingredient in doing talent
pooling.
By talent pooling we should be able to identify which candidates are
suitable for the organisation in all aspects:
Ability
Cultural fit
Time (availability)
Cost (salary / rate)
The identification of this talent in advance reduces the time to hire when the true
requirement arises.
JAWS
Communication is critical in any business.
Talent Pooling enables the bridge between recruitment / hr and line management to be stronger as there is a transparent , accurate overview of the resource pipeline.
This communication can be utilised in:
Resource management
High level reporting
Budget forecasting
Project / time forecasting
Strong Communication will avoid the true effect of “JAWS”
Competition … “catch me if you can”
By Talent Pooling we want to be in a situation where we:
Have mapped and identified the market
Got interest from high calibre candidates
Ahead of the recruitment game
Achieved all the factors discussed in earlier slides
All this will we enable us to tell our competitors to “catch me if you can”.
How is talent Pooling achievements
Different companies use different techniques, however there are common
achievements ….
Measurement-Forecasts-Reduced cost-Size of talent pool
Output/Results-Filling difficult hires-Niche and volume recruitment-Quality-Reactive recruitment-Interview ready/ interviewed classification
Internal Communication-Strong relationship with the business-Getting business buy in
External Communication-Delivering Consistent message-Engagement through contact and content-Increased brand perception-Targeted networking
Systems and Process-Linked In Recruiter-Referrals-Competitor mapping-Having a robust process
Talent Pooling Option 1
Gold
Been through selection standardised/ shared process
Examples of what ideal looks like
Salary benchmarking done with candidates
Engage vendors too
Don’t forget internal talent
Silver
Referrals
Don’t know right now, as have not been vetted but looks good on paper!
May not have all criteria
Qualified by recruiters and are good but not gold
Can’t have too many in this bucket
Agency freebies in here?
Bronze
List of names
No contact
Talent Stalk!
Linked In followers
Agency freebies?
Candidates that have applied for other roles
Talent Pooling Option 2 - CHUGS
C - Classically Ideal : Fully vetted by recruitment and business (worked with or absolute evidence they are high quality)
H – High Quality but semi-vetted; not worked with them but belief they are high quality ( i.e. Qualified by recruiters and not the business )
U - Unsure; just don't know yet, but looks good on paper! (this is the screening pot)
G - Good but we have better
S - Stored but doesn’t fit, black listed; useful knowledge
Candidate Engagement through talent pooling
Cat 1 :
Personal contact
Monthly relevant contact
Company information / insight
Standardise as much as possible
Ask for level of correspondence
Cat 2:
Jobs
Event days / product launches / open days /networking
Cat 3:
Be visible
Be Inquisitive
Resources needed for talent pooling
Dedication from recruitment as a team or individual with emphasis on
talent pooling.
Dedicated time and meeting room availability.
Technology (Avature / Linkedin / CV databases/ Job boards).
Linked In (company page, groups, leverage employees and agencies, use
tags)
Buy in from senior management and hiring management.
Marketing / Open days / networking initiatives.
Success measurement of Talent Pooling
MetricsIncreased hiring efficiencyImproved long term hire performanceIncreasing speed and qualityLower agency usageReduced cost and time to hireTargeted talent poolsIncreased % of hires from the talent pool
BusinessBetter quality succession planningChange in mindsetIncreased profile of recruitment teamProactive planningCross functional talent utilisation
Experience-Silver medallists available-Referrals from successful candidates-Increased initial engagement-ultimate candidate experience-social mediaIncreased understanding of the business-self selectionBetter engagement with hiring communitySystems
Targeted Linked In pages or careers siteMeaningful reportingATS candidate management