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Tapping into the candidate-rich talent pool

A Candidate-Rich Talent Pool

"It is a candidate-rich talent pool now."

Tapping into the candidate-rich talent pool

Amid the impact of COVID-19, it is a candidate-rich talent pool. Reasons from banks laying off staffs, increase in the unemployment rate and more. As a result, this makes hiring the right talent for your organisation even more challenging. When there are financial jobs or banking investment jobs popping up on the websites, it becomes no surprised that many CVs are coming in for applications. 

Picking the Best From This Flooded Talent Pool

More than half (52%) of talent acquisition specialists confessed that the hardest part of recruitment is sourcing the right candidate from a large talent pool. For instance, poring over CVs chews up time that a busy HR and hiring managers can seldom spare. Similarly for recruiters, who will typically scan a resume for about seven seconds before making a decision on whether to proceed further. This is still very time-consuming. How to pick the best from it then? Here are some tips for all hiring managers featured on Human Resources Online:

Organising Your Talent Pool

  1. Be clear and aligned on three requirements.

    List out the absolutely essential requirements for your ideal candidate. For example, a specific degree or qualification; type of project experience, or even how their resume has been laid out for clarity.

  2. Request applicants to include a particular word or phrase in their cover letter.

    We recommend asking, 'If you really want to impress us, include the word apples in your cover letter'.”

  3. Be strict and do not compromise

    Applying strict criteria will help you filter down the qualified and those genuinely interested in joining your company.

EVP - Selling to Your Talent Pool

Employer value proposition (EVP) is an extremely worthwhile investment for a company. In short, a great EVP can make sure that CVs of the right calibre are landing at your desk in the first place. A well-crafted EVP will act as a magnet for top talent. In conclusion, It is encouraged to spend time creating a story that reflects your company’s history, values and mission. Why your company is the best in the industry? What makes them want to work with you? Writing a Great Employer Value Proposition, as a result, will serve you well in good times as well as bad. Even if you need to reject candidates, this is always important to remember the best practice in order to gain a brand advocate.

To read the full article, please visit Human Resources Online.

Hiring From Candidate-Rich Talent Pool

This article is based on the report 'Turn of the Tide: How to Hire in a Candidate-Flooded Market'. Download this report to get tips on hiring from this candidate-rich talent pool.