Your Internal Talent Pool and 3 Ways to Develop It

Learn what an internal talent pool is and discover three ways you can develop internal talent pools during the recruitment stages.

Companies may use internal talent pools to find employees who have the right talent for greater responsibilities. This is good for locating existing talent without posting job advertisements to new candidates who may not have enough experience or qualifications.

Not every company uses an internal talent pool, but it’s still good to learn about if you want to give employees new opportunities. At High5, we aim to keep your internal talent pool filled with former employees that are interested in new jobs.

If you want to understand more about internal talent pools, keep reading to discover what internal talent pools are, why they are important and how you can develop an internal talent pool for recruitment.

What is an internal talent pool?

An internal talent pool is automatically fed by your daily talent acquisition efforts and through High5’s networks. Your time to hire is reduced by keeping your Talent Community filled with candidates who’ve shown interest in working for your company, candidates who applied for previous jobs but weren’t a fit at the time, former employees, silver medalists, referrals, professionals recruited for specific skills and/or passive job searchers interested in hearing about opportunities in your organization. Employees in this talent pool are usually the best at completing tasks and using their leadership skills to guide others.

Companies can have different internal talent pools that depend on the employees’ industry knowledge, work experience, current authoritative position and in-demand skills. For example, one internal talent pool might comprise employees that have little work experience but great potential to grow in their role and learn teamwork and leadership skills.

Why are internal talent pools important?

Internal talent pools allow companies to train employees for specific areas that align with the company’s strengths and mission. This is better than filling hierarchy positions that aren’t important or beneficial for the team. Here are some reasons why internal talent pools are important for companies:

  • Encourages Group-Based Thinking In Succession Planning: Internal talent pools have a group-based thinking approach that allows companies to look at the overall skills of a team, rather than specific individuals. This is important for training employees in a collective way.
  • Helps Employees to Learn New Skills For Changing Market: Further training in internal talent pools is important for employees to adapt to industry trends. They can prepare for new technologies or learn skills that allow them to perform extra tasks in open roles.
  • Reduces Onboarding Costs and Recruitment Time: Hiring current employees will help you skip hiring steps and reduce costs that would arise during external hires. Creating an internal talent pool is important for building efficiency when identifying great-performing employees.
  • Improves Employee Retention and Engagement: Employees that have a growth mindset and value continual learning will stay in companies that provide new opportunities. Internal talent pools are important for retaining employees who want to apply for senior roles.
Top 3 ways to develop internal talent pools

Employees may appreciate companies that offer growth opportunities and training sessions. They can continuously develop their skills and strive for bigger roles that have more responsibilities. At High5, we can offer these employees free online classes to keep their skills relevant. This development enables them to achieve their goals in new roles. Here are three ways you can develop your internal talent pool:

  1. Identify the required skills

Understanding the required skills is important for locating the right employee that can perform greater tasks. The aim is to identify core competencies needed to succeed in senior positions. Main skills that suit higher roles may include communication, problem-solving, leadership, strategic thinking and emotional intelligence. It’s also important to locate skills that are currently in-demand or might become popular in the changing market over the next few years.

2. Find skill gaps

You might find skill gaps or lack of experience in your internal talent pool. Conducting performance reviews and one-on-one employee interviews can help you identify skills that can fill the gaps.

A performance review is a formal assessment that allows managers to locate strengths and weaknesses among employees. This method should help you find high performing employees for your talent pool.

One-one-one interviews with employees can also give them an opportunity to discuss their goals in the company.

For example, one employee might be determined to improve their problem-solving skills for open roles. If you don’t have many employees with strong problem-solving skills, you can use their determination to your advantage. Just simply offer them skill development sessions.

Our recruiters at High5 will monitor your trending needs to ensure your talent pool meets current and future skills. This should help you choose the right employees for open roles that require in-demand skills. It’s important for us to use AI technology when finding the best matches.

3. Close the skill gaps

You can provide training sessions that help employees to expand their industry knowledge and develop their skills. Training may include physical tasks that employees have to complete using the necessary skills. For example, if you need more employees with technical skills, you might assign tasks that involve documenting research on computers. More training will expand the skill sets among employees and encourage them to join your internal talent pool. It’s important to monitor their training sessions to see how they improve and what tasks might be suitable for them in future roles.

FAQs

What is internal talent?

Internal talent refers to talented employees in the company who want to apply for greater roles. These employees may receive training to develop their leadership skills. Companies can use this existing talent to build internal talent pools for recruitment.

What are the advantages of internal recruitment?

Hiring internal talent can reduce the time and costs to hire compared to sourcing external candidates. Other benefits include strong employee engagement and short onboarding times. High5 will improve your hiring experience by matching employees’ skills to open roles.

What is an example of internal recruitment?

If you have an open position that involves working on the computer, you might evaluate current employees to see who has the best technical skills. Locating employees with relevant experience and skill sets can help you fill important roles that require advanced knowledge.

Summary

You should create an internal talent pool if you want to hire people efficiently. At High5, we can use our AI technology to match employees’ skills with your open roles. This should increase the speed of your hiring once you find employees that are suitable for more authoritative positions.

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Our team of industry leaders are ready to help your talent management program become the best it can be. Register with High5, your transformative talent management tool and make your next new hire the best decision you ever made.

 

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