Talent Pool

Lighting dark alleys

Benefits of Having an Internal Talent Pool

In the past, recruitment activities entailed hiring of talent from various job portals, classifieds and other resources. But times have changed. In an attempt to retain talent, organisations are making constant efforts to offer opportunities to insiders. HR managers are encouraged to reinforce employees by creating an internal talent pool. However, there are many recruiters who are still in the process of building a talent pool of external resources.

Here are a list of benefits of having an internal talent pool

Readily available:

IUnlike external resources, building an internal talent pool is relatively easy. This is because resources are readily available within the organisation. Recruiters need not hunt for talent from sources outside, but instead evaluate employees and check their eligibility for specific requirements.

Cost effective:

Cost cutting is a constant activity that financial managers of an organisation are engaged in. HR managers can reduce the cost to the company by having their very own internal talent pool. By doing so, recruiters are spared from subscribing to ineffective recruitment portals and vague advertisements into classifieds. Besides, training and other learning and development costs are also reduced as internal talent do not require specific training.

Easy fit into company culture:

As mentioned earlier, having an internal talent pool reduces a company’s efforts and cost toward training and development as employees are already in sync with company policies and its working culture. Employees know their task and are able to deal with external public as per the rules and regulations of the company.

Less risky:

Before hiring any new talent into the company, the recruiters and candidates must undergo a lengthy process of background verification, screening and a number aptitude assessments. On boarding an unknown candidate is a risky affair – even after conducting a series of tests, it is unlikely that the candidate might comply with company polices. There is a risk of them leaving the organisation as well. Thus, internal backup or talent pool is an absolute necessity to an organisation.

Reduce attrition:

Building an internal talent pool always gives rise to newer opportunities to employees. There is dynamism in company work culture. Besides, employees are encouraged to apply and explore new opportunities within the organisation. This in return reduces attrition and also increases the brand image of the company in the market industry.