4 Ways To Maximize Recruiting Efficiency With Your Existing Talent Pool
There are different ways to drive recruiting efficiency, which is critical for the success of an organization, but one underrated tactic is leveraging your talent pool. If done right, making use of your existing talent pool can be beneficial for boosting hiring and recruiting efficiency.
Let’s consider the different ways you can make greater use of your current talent pool with these 4 strategies.
1. Internal mobility
An excellent way to leverage your talent pool is through internal mobility. Internal mobility refers to the movement of talent to new roles within an organization.
It can take a variety of forms such as:
- Promotions: Promotions move employees to higher positions within the organization and are accompanied by a change in job title, an increase in responsibilities, and compensation.
- Job rotations: Job rotations involve assigning your employees to different roles, usually within the same department or at the same level in the organization.
- Lateral moves: Lateral moves involve shifting employees to different departments, branches, or even subsidiaries of that same organization.
Internal mobility enhances your recruiting efficiency by nipping the problem of talent shortage in the bud. It achieves this by boosting employee retention. Statistically, organizations that prioritize internal mobility retain employees almost twice as long as organizations that don’t.
It also saves valuable resources. Vacancies in the organization can be promptly filled without any waste of time and money on job ads, assessment, and onboarding.
2. Employee development
To make better use of your talent pool and boost recruiting efficiency, create employee professional development programs for your workforce. Your team members have career goals. Find out what these goals are as well as the skills they need to achieve them. With this insight, you can craft a customized development program that will equip them with the necessary competencies to advance professionally.
Offering employee development programs immensely boosts your hiring and recruiting efficiency in multiple ways. It creates a high-quality internal talent pipeline and reduces the possibility of a bad external hire. And, since professional development programs increase employee retention by 34%, you’ll experience less employee turnover.
Career development programs prepare your team members ready to take on new roles. In the event of an opening, they can promptly step in since they’re already familiar with the organization. This saves time by reducing the time-to-fill and saves money. After all, almost 80% of L&D experts say it’s more cost-efficient to reskill a current employee than to hire a new one.
Another benefit of employee development in your talent pool? According to a recent study, 91% of millennial professionals consider the potential for career progression a top priority when choosing a new job. 86% of employees say they’d switch jobs for one with more growth opportunities. Creating platforms for professional development boosts your hiring and recruiting efficiency by attracting more candidates, and deepening your pool of qualified candidates interested in working for your organization.
3. Diversity, equity and inclusion
Promoting diversity and inclusion in your organization works wonders for your recruiting efficiency. By highlighting your organization as a good place to work, it enhances its reputation and also boosts talent attraction.
Glassdoor’s research shows that 76% of job seekers and employees deem diversity essential when evaluating organizations and job offers. Similarly, in a recent CNBC survey, 80% of workers stated that they want to work for a company that values diversity, equity, and inclusion.
Use your current talent pool to promote and demonstrate your commitment to diversity and inclusion. Set up your organization’s processes to recognize, accommodate, and celebrate the differences among the members of your workforce. Make all forms of career advancement opportunities available to everyone, regardless of their race, background, gender, religion, disability, or any other factor. And, ensure that your organization’s policy emphasizes respect, transparency, and communication.
4. Skill assessment
Skill evaluation is an effective way to maximize the use of your talent pool. Frequent evaluation of your workforce gives you insight into each employee’s strengths and weaknesses. It also helps identify hidden skills and pinpoint promising candidates who are ready for promotions or lateral moves
Skill assessment equally matters when considering candidates, internal and external, for roles in your organization. It ensures that candidates have the qualifications for relevant roles.
Frequent skills assessments boost hiring and recruiting efficiency by:
- Identifying candidates or team members who are more likely to excel in the position
- Eliminating unqualified candidates early on
- Guaranteeing a standardized and objective method of gauging candidates’ capabilities
- Matching candidates or employees to suitable and multiple roles
- Improving the candidate experience and internal mobility
There are different methods of skill assessment including written examinations, simulation exercises, practical demonstrations, interviews, and psychometric tests. However, implementing multiple methods just to find the right candidate can prove burdensome.
Cangrade’s newly patented Multi-Way Scoring makes it possible for you to effortlessly grade candidates on all open roles with a single assessment. This helps HR professionals seamlessly match candidates to the right job and match jobs to candidates in an engaging manner. Learn more about our solutions today.
Strategically using your current talent pool can yield a wide range of benefits. Implement these practices to build your organization’s hiring and recruiting efficiency today.