Posted on: February 17th, 2021

Quality talent can be hard to come by and harder to retain. Plus, you never know when someone will need an extended absence for family leave or illness. Having access to a larger hiring pool of candidates can be beneficial in a number of ways, and it can help you with temporary positions as well as permanent roles on your team. In addition, it can save time and money and ease a lot of stress on your human resources department (if you have one).

Let’s review five reasons why it’s beneficial for your company to expand its hiring pool. 

Ease stress.

If your company’s HR department consists of just you or maybe two other people, a sudden need to fill a position can leave you scrambling. Having a larger pool of talent on your radar can make it easier to find and recruit the right person for the job—and that is always a relief.

Access a wider base of quality talent.

Why wouldn’t you want to develop a larger, deeper pool of qualified candidates? Every company can benefit from seeing who might be available to provide the skills and experience level you need for positions from laborers to office workers to sales. Remember that job seeker often casually browse job listings for their next step up in their careers. Get insight into those folks by increasing your hiring pool and leave listings open so you can learn more about the current job market and a pool of talent.

Tap into and attract a more diverse pool.

Diversity can make your company more appealing as well as stronger and more productive. Reaching farther and wider for talent can enhance your company’s ability to find women, people of color, persons with disabilities, and others to fill positions. Think of a larger hiring pool as an opportunity to tap into talent from diverse backgrounds to increase the appeal of your company and its culture. Retention of diverse hires may improve as you work toward greater diversity.

Save time in hiring replacements and filling new positions.

What happens when your best worker moves away unexpectedly or if you suddenly need to fill a new position? If you’re not ready at any given moment, you’ll need to shift your attention to recruiting immediately. And if you don’t have a good pool of candidates in mind, you’ll be spending a lot of time screening applicants. Having a broader talent pool can jump-start your hiring process and save you time on the front end of a search. You could be ready to hire sooner if your talent pool is broad enough.

Save money.

As human resources professionals know, recruitment can be an expensive endeavor. Having the ability to hire quickly saves time and money. Plus, a deep talent pool can result in cost savings for the search, and a faster hire saves money as well as time. Another potential budget buster? Making the wrong hire. In this competitive market, your company can benefit from every cost-saving measure available. A comprehensive pool of talent can make hiring more cost-effective.

Want to review the steps involved in hiring, training, and retaining employees? Review our blog post, Time & Money Wasted on Hiring.

Finding the right candidates to fill your company’s needs can be a challenge. But, having a pool of talent waiting in the wings can make your next hire easier. Update any job descriptions for frequently filled positions now and prepare. Take the time to strategize the expansion of your hiring pool. You will reap the rewards as you revel in a larger, more talented, and diverse set of candidates.