Welcome back to our series on Talent Pool Deep Dives!
In our previous newsletters, we've explored the transformative power of direct sourcing and internal talent pools.
But today, we're diving into a common misconception:
that direct is a heavy lift.
While cost-saving is a significant aspect, there's so much more to this story.
The era of decentralization of talent is upon us.
Technology has broken down barriers, allowing us to reach anyone in the world.
But here's the catch: nobody owns that person, and neither do MSPs, staffing, and recruitment.
So, what really matters? The engagement of talent.
In this newsletter, I will walk you through the 4 parts to successfully building your internal talent pool and turning it into a thriving community.
Without the heavy burden, you think it is.
Why me? I once built an engaged community of 300 curated specialists in less than a few months, with less than a couple of hours a week.
Today, I help dozens of companies built talent pools with thousands of amazing talents.
So grab your coffee,
and let's unravel the truth.
The Talent Engagement Challenge
The challenge of managing and engaging a talent pool is a significant concern for many companies.
After seeing the opportunity for cost savings through direct sourcing, the next question often arises:
"Who is going to manage this?"
The problem is not just about saving money; it's about creating connections, nurturing relationships, and building a community.
Many companies attempt to manage their talent pools manually or through traditional ATS systems.
They focus on cost-saving and overlook the importance of engagement, often leading to a disconnected and disengaged talent pool.
And yes, your manual management is time-consuming and lacks personalization.
Traditional methods fail to create a sense of community and often miss the opportunity to engage talent on a deeper level.
The result: a reactive attitude towards a passive talent pool that feels neglected and disconnected with your company and brand.
The Solution, A thriving community
The path to a thriving talent pool isn't about replacing human interaction but enhancing it.
It's about shifting mindsets, embracing technology, and transforming costs into sustainable assets.
Let's break down the multifaceted approach that can revolutionize your talent acquisition strategy:
1. Shift the Mindset from Recruiter to Talent Pool Manager:
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Become a Talent Pool Manager: Move beyond traditional recruiting. Focus on nurturing relationships and building a community, not just filling positions.
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Embrace the Role: Adopt the mindset of a community builder. Focus on long-term engagement, not just immediate hiring needs.
Embracing a strategy built on a long-term commitment and approach will eventually result in significant cost savings and time to hire. becoming the most important company sourcing asset.
2. Embrace Technology and Engagement:
Technology is key to building an internal talent pool as it automates and personalizes engagement, fostering a sense of community and connection.
Turning a static talent database into a dynamic, thriving ecosystem.
Traditional ATS systems, on the other hand, are often limited to tracking applications and lack the interactive and engagement features necessary to nurture and grow a talent community.
So what should you look for?
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Two-Way Interface: Implement a platform that allows talents to build and update their profiles. This empowers them to take ownership of their information, enhancing personalization. Which leaves you with overview of an amazing talent pool: (Disclaimer:Nike Example is just used as examples)
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Bulk Connect: Utilize tools that enable you to share new jobs and opportunities with the entire talent pool at once, creating a sense of belonging and keeping them informed.
Regular Communication: Implement a communication strategy that includes regular updates, newsletters, or personalized messages. This fosters a sense of community and keeps talents engaged. if your company allows in-app chats, this is a great way to connect with your members:
Another great way to manage quick interactions is by setting up your own Slack community:
A great technology built specifically for building your internal talent pool: Bubty
I might be a little biased, but it is what it is.
The Transformation:
From Cost to Sustainable Rehiring Eco-System to Company Asset
By shifting the mindset, embracing technology, and focusing on engagement, companies can transform direct sourcing from a cost-saving measure into a sustainable rehiring ecosystem. This becomes a company asset, increasing company value, and revolutionizing talent acquisition.
Internal vs. External Management: Finding the Right Balance
Choosing between internal and external management of your talent pool is a critical decision that can shape your direct sourcing success.
Both approaches come with unique benefits and challenges.
Let's explore the options:
3. Internal Management
Managing your talent pool internally means keeping all processes and decisions within your organization.
Pros:
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Full Control: You have complete control over the strategy, execution, and adjustments.
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Alignment with Company Culture: Easier to ensure that all engagements and communications align with your company's values and culture.
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Cost Efficiency: Potentially lower costs as you're not paying for external services.
Cons:
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Resource Intensive: Requires dedicated staff, time, and expertise to manage effectively.
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Potential Lack of Expertise: Without specialized knowledge, there may be challenges in implementing best practices.
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Scalability Issues: As your talent pool grows, internal management may become more complex and time-consuming.
4. External Management
So, I can imagine your company has no internal resources to manage this new sourcing strategy. That’s why there are some amazing companies to take this role upon them for you.
The curation specialists to manage your talent pool that I like so far are Atrium Works, Talent Works, or Tundra
Pros:
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Expertise: External companies specialize in talent pool management, bringing best practices and experience.
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Efficiency: Outsourcing can free up internal resources, allowing your team to focus on core business functions.
Cons:
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Higher Costs: Outsourcing typically comes at a higher price.
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Potential Misalignment with Company Culture: External managers may not fully understand or align with your company's unique culture and values.
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Less Control: You may have less direct control over strategies and decisions.
Wrapping up
Direct sourcing is not just a cost-saving strategy; it's a relationship-building approach.
It's about recognizing the value of each individual and engaging with them on a personal level.
The era of decentralization of talent is here, and it's time for companies to embrace it.
With the right mindset and the right technology, direct sourcing is not a heavy lift;
it's an opportunity to build a thriving community of engaged talent.
Until next time, keep engaging, keep growing, and keep diving into the world of talent pools!
Cheers,
Whenever you're ready, there are 2 ways I can help you:🚀
1. If you want learn more about how technology can help you lay the foundation for your direct sourcing, go here: https://bubty.com/
2. If you want to talk to me one-on-one, feel free to book a call here: https://calendly.com/bubty/dis...
See you next week for another deep dive into the world of talent pools!
if you want to dive deeper into any of these topics, you can always catch me here: https://www.linkedin.com/in/lee-willoughby-997899182/
