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Why are talent communities necessary for organizations?

Why are talent communities necessary for organizations?

Creating and nurturing talent communities should be central to recruitment strategies. From reducing the cost of hiring to bringing down the time to fill a new role and attracting skilled passive candidates, the benefits are many, making talent communities too crucial for companies to ignore.

Let’s now look in detail at the reasons why talent communities are essential for organizations

Reduce the cost of hiring

If you have been part of recruitment drives, you know that designing and executing an end-to-end recruitment dive is expensive. Among the expenses are those for advertising, reallocating the workload of the staff members, logistics and onboarding. There is also the cost incurred by a role lying vacant for too long to contend with.

But if you have your own talent community, it dramatically reduces the cost of hiring, due to these reasons:

  • There is always a direct channel of communication open with the candidates in your company’s internal talent pool. This helps reduce the budget for advertising new jobs.
  • Many candidates in a talent pool should have already shown an interest to join your firm. This helps reduce the time between posting a job and appointing someone for the role.
  • Candidates in the internal talent pool are already familiar with your firm’s work culture. This helps reduce the scale of the on-boarding process, thereby shortening in.

Reduce the time to hire a candidate

In an open market recruitment drive, you would need to spend time on multiple things to find and hire the right candidates. To begin with, you must devise and deploy the correct advertising strategy. For that, you would need to identify the right communication channels, create the content for each channel, purchase ad spaces and then monitor and improvise on the marketing as it goes along. Once enough job applications have come in, you would need to execute the recruitment process. Then, there is the evaluation phase following which you would release offers to the selected candidates. Even after the candidates an on-boarded they would require time to learn the work processes before they could be fully productive. Depending on the scale of recruitment, this entire chain of events could take months.

This is where talent communities become significant. The candidates in the talent community are practically awaiting your call, so that they could join and start working for your company. So, there is no need to spend time identifying candidates interested in a new role.  Since you already have a set of candidates ready, your job is simplified to matching ideal candidates with the jobs. If you recruit in scale, the time you save this way is significant.

Opportunity for employer branding

Activities related to the recruitment process are great avenues to bolster your employer brand. For instance, if you give feedback to candidates after their interview sessions, even if they didn’t clear a round, it leaves a strong brand impression in their mind. Typically though, companies just let candidates know they are not selected without giving them the proper reason.

Candidates would be even more grateful and feel valued if you invite them to be part of your internal talent community. Even if they failed in an interview before, if they have potential, include them in the community. This will give them an extra-boost to work hard and clear the interviews the next time around.

If the candidates share their positive experience interacting with your firm with others, it creates a good impression about the company among the larger public. 

Create a better candidate experience

You could not only search for candidates directly through a talent community, but also interact with them directly. So, you could explain the company culture and job profile better than any third-party recruiters working on your behalf. Also, two-way communication is a typical feature of talent communities. This means the candidates could raise any questions they may have and have them resolved. All these aspects contribute to a better candidate experience.

Attract passive candidates

Passive candidates are those who are currently employed somewhere and have no desire to switch. This category of workers is a strong asset to the companies where they work. Typically, they have long work tenures and are methodical about how they evolve as professionals.

Needless to say, recruiters are always keen to tap into this category.

One way to reach passive candidates is via referrals. A talent community is a great place for that.

It’s typically hard to convince passive job seekers to switch jobs quickly. Once they are part of the talent community, you could educate them about the benefits of working in the company and give them insights into the work culture on a gradual basis. Such actions help transform their reluctance to shift from their current job to willingness.

Better matching of skills and roles

Relying on external recruiters, you only get second-hand reports about the skills of candidates who applied for a job. Within a talent community, the candidates are not just given information about a new role, but also about the work culture and the key people involved in a relevant team.

In other words, candidates who apply for a role from a talent community do so with a good understanding of the job and the company. This in turn increases the chance that their skills match with the job requirements.

How can you create and nurture a talent community?

As you have seen, having a talent community makes recruitment simpler and more profitable. But how do you create and nurture a talent community? The right technology platform could help you do that easily.

TalentNet, used by some of the world’s biggest brands including Meta, Pfizer and Capgemini, lets you leverage your brand value while recruiting. You can create a great talent community, and engage meaningfully with candidates using a highly intuitive interface. It comes with an embedded AI which matches skills with talent automatically. You can post jobs for all categories- contingent, full-time and interns-in a single space. It also includes features that let you customize and automate messaging to candidates.

To further explore the ways in which TalentNet helps you create and nurture talent communities, please book a product demo.