How Can an Effective Talent Pool Improve Time, Cost and Quality of Hire?

Building and maintaining an effective talent pool will help you improve 3 most important recruiting metrics: time, cost and quality of hire.

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How talent pools reduces time: A talent pool will make you able to choose between qualified, interested candidates. This will significantly lower your time to hire because you will be able to skip the whole process of advertising your open job position.

How talent pools reduce cost per hire: An effective talent pool saves your money in two different ways. First of all, it reduces time to hire, which means you can save money on your HR professionals wages. The second way in which an effective talent pool will lower your cost per hire is by saving the money you would otherwise spend advertising your open job positions.

How talent pools improve the quality of hire: Lower quality hires happen because of four main reasons: not enough qualified applicants, not enough time to find talent, not enough time to check if the best candidate is indeed a perfect fit and because the best candidates reject your job offer. An effective talent pool will help you avoid all four mentioned scenarios by ensuring a steady flow of qualified job candidates, lowering your time to hire and improving your acceptance rate.

Source: Medium

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