Are you tired of wasting precious time on the monotonous task of sourcing and screening candidates? Do you want to build strong and lasting relationships with your clients and match high quality candidates with the right roles?
If the answer to any of these questions is a yes, then this blog is definitely a must-read for you.
More than 97% of your talent pool is untapped into
You’re placing between 300-500 candidates per year.
Total amount of candidates that go through your selection process per year is 10-15k.
Percentage of people on average placed in roles 2-3%.
You’re missing out on a huge opportunity by not tapping into your existing talent pool. By not utilizing the full range of skills and abilities that are available, you’re not only missing out on talented employees but also perpetuating a system that values specific experiences and qualifications over a more diverse range of skills. What’s the reason for this issue, you may ask?
Here’s what happens if you don’t tap into the sleeping talent pool
You’re missing out on revenue
Let’s continue the scenario from before. You’ve made 300-500 placements in a year, which is a fantastic result. However, you still have somewhere between 9.500 and 14.700 people in your talent pool. Think about it – with 9,500 to 14,700 people still in your talent pool, you have a vast amount of untapped potential. These are people with skills and competencies that could be a perfect fit for the next role that comes in.
Example A. The average revenue earned for one placement is around 2K.
How much revenue are you missing out on if you only place 1% instead of 3%?
Example B. Average revenue earned for one placement is around 7.5K.
How much revenue are you missing out on if you only place 1% instead of 3%?
If you don’t tap into your sleeping talent pool YOU MISS OUT ON the potential to earn up to millions of euros by making just a small additional percentage of successful placements.
Some other consequences of not leveraging the talent pool include:
- Losing the chance to place highly skilled candidates: Failing to tap into the sleeping talent pool means overlooking highly skilled candidates who could be a perfect match for new roles.
- Reduced competitiveness: If you are not tapping into your sleeping talent pool, yet your competitors are – you risk not only missing out on clients but also losing current clients.
- Bad candidate experience leading to a negative reputation: If candidates don’t get a job via you, they will turn to competitors if you’re not able to offer them another job. After all, there is no better branding than a happy candidate.
- Increased costs: If you ignore your sleeping talent pool, you will need to spend more time and resources sourcing new candidates, leading to increased costs and reduced profitability.
A shift towards skill-based hiring
How does skill-based hiring help utilize the sleeping talent pool?
Think about it, regardless of work experience:
- Candidates who possess strong communication skills can be well-suited for a variety of roles, such as marketing, sales, customer service, public relations, and human resources.
- Candidates who possess strong problem-solving skills can be well-suited for roles such as project management, business analysis, data analysis, and engineering.
Instead of matching candidates only with the roles they are applying for, take a look at their skills and competencies to match them to other roles they may not have even considered.
This way you can become an advisor and help candidates find the right jobs rather than just placing them in the first job they apply for. You become the hero of the story and the candidate gets a job that is perfect fit for them.
It’s a win-win for both.
Stop wasting your talent pool
The war for talent is ever-present, and for the first time, the number of vacancies is larger* than the number of people unemployed, it is time for you to step up and stop wasting your existing talent pool. Time to think of talent as the most important and scarce resource of them all.
Time to stop taking talent for granted.
