Traditional Talent Pools can reduce the reliance on job advertising, and reduce the cost of recruitment.
However they have traditionally inherited significant barrier to entry challenges such as the following:
The following technology innovations offer HR and recruitment agencies alike, a real opportunity of having an affordable and sustainable Talent Pool system:
Auto-profiling is based on Artificial Intelligence technology that reads a resume, parses it and turns it into a LinkedIn-like candidate profile in your database.
This technology has now been around for over ten years and it has been gradually improving. Even at a 70% accuracy level, I would argue that it provides a huge ROI when taking into consideration that, manual data entry is error prone and has inconsistent quality.
If and when adopted successfully by recruitment software providers, Auto-profiling provides an instant searchable profile for a candidate, the minute they apply for a job advertisement.
Filling a candidate database with instant profiles as soon as candidates apply for current jobs is only half of the puzzle.
The other half is drawing on your profile database when looking for your next role.
Intelligent and powerful profile searches, offers and Recruiters with an effective data mining capability and therefore leveraging their candidate database.
Also matching profiles to job descriptions can add a significant value and leverage your profile-based candidate database more effectively.
In theory, a candidate profile becomes out of date the minute it’s created. So creating a candidate profile database is not valuable without having a plan for keeping it up to date.
Technology innovation can automate the communication with candidates enticing them to either updating their details, or to apply for current roles.
If implemented successfully this technology can keep you in touch with your candidates, communicating your latest roles to them, while at the same time keeping their details update.
This means that the next time you conduct a candidate search in order to fill a new role, there is a good chance you’re reading relatively up to date information about your matching results.
CLOUD-based recruitment software offers the ability to have a centralised candidate database.
This is very important to a Talent Pool-based project in order to ensure the integrity of your data as opposed to having duplicate candidate profiles, each captured at different dates and sitting in different company solos.
It’s important to maximise the ROI of your candidate database in in order to justify the investment to management.
Cloud-based software provides an easy access to both HR and line managers no matter where they physically are, and can help leveraging your database investment by having more users taking advantage of the data.
For a recruitment agency, the investment in a central and up to date database needs to be leveraged by making the database accessible across the entire organization.
Another way of leveraging investment is by strong matching algorithms coupled with a way to market the organization as the Recruiter of Choice by having marketing tools that can automatically and on a campaign-basis, communicate with candidates.
Upfront, expensive and slow implementation is sure to destroy the appetite of management when asked to sign off on a Talent Pools project.
Choosing an agile and free implementation Recruitment Software provider goes a long way in getting your project approved quicker and therefore removing the largest hurdle from your barrier to entry list.
As seen on the HC Online website & Human Capital Business Review: