What is The Purpose of Talent Communities For Your Business

Talent communities are important for the development of your business, as you identify skills gaps and work with your talent community to fill gaps.

As companies grow and evolve, their needs and requirements from employees change with the circumstances. In the tech industry, companies are saddled with extremely high growth expectations that require a constant “go, go, go” mentality when it comes to sales, marketing, customer service and, perhaps more than anything, product development.

Without a great product, companies can’t provide the value to customers that makes them want to come back for more business. It’s so important to develop a solution that can transcend existing market conditions, and that can offer an easier way of fulfilling client needs better than anything that your competitors might have on the market.

For all of these reasons, a strong talent community is so important for the development of your business. It’s how you stay on the pulse of what you need and what remote talent on demand can offer to help you fulfill those needs. You can work with your existing product management leadership to identify skills gaps and work with members of your talent community to fill those gaps. That way, development continues to move forward towards creating something amazing.

What is a talent community?

A talent community is a network of potential job candidates whose skills can help plug holes in any skill gaps currently within your company. It allows your talent acquisition team to retain a roster of potential candidates for future positions.

These could be full-time or part-time positions that would have candidates directly employed by the company. They could just as easily be contract or freelance positions to complete particular tasks rather than become a semi-permanent member of the company.

Among the many benefits of utilizing talent communities is that they indirectly assist your in-house talent acquisition team. Rather than start from scratch each time a new hire is required, talent leaders can save time, bandwidth, and resources by tapping into their talent community pool for an upcoming role.

Why do companies need talent communities?

To put it simply, it’s the direction talent recruitment is moving. According to G2, 61% of businesses will extend their employer brand and recruitment strategies through online professional networks, such as High5. Even more impressively is that 98% of Fortune 500 companies use some form of recruitment software to help staff their organizations.

How do talent communities improve KPIs?

The biggest KPI to monitor when using talent communities is time to hire. If your talent acquisition team can fill required openings at faster rates, it’s a win for the company. But what makes platforms like High5 even more effective is that you have the ability to filter down to candidates whose skills are best suited for the job. This means you won’t just hire with speed; you can hire to retain proven talent and improve the capabilities of your product.

How do talent communities improve productivity?

Since you’re only hiring the most capable candidates, the quality of talent should be significantly higher than hiring outside of a talent community. This means you can move further along in your product roadmap and perhaps even add a few features and benefits that weren’t part of the original vision. In any event, you’ll have a more productive and capable workforce that can deliver exceptional results for the company.

How do talent communities increase revenue?

While there’s no direct effect on revenue, think about the long-term implications of hiring quality talent. If you can develop your product more effectively, you have greater opportunities to boost sales. Plus, you’ll actually lower your hiring costs for two reasons:

  1. You don’t need to pay inordinate amounts of fees to third-party staffing solutions
  2. You should retain more of your professional talent, reducing employee turnover and all the costs associated with it

How to build a talent community

High5 Talent Clouds is the future of talent acquisition, and it provides ample opportunities to help grow the size and scale of your business.

How the platform builds your talent community

High5 Talent Clouds utilize world-class AI software and subject matter experts who are skilled at accelerating talent acquisition programs to produce extremely efficient results. We combine advanced technologies that include natural language processing (NLP), machine learning (ML), robotic process automation (RPA), and blockchain to ensure the entire hiring experience is streamlined from beginning to end.

Capabilities of High5 Talent Clouds

Using High5 Talent Clouds, you can take much of the talent management process off the shoulders of your in-house team. We’ll handle the relationships with your existing pool of talent, and ensure that all candidates – be it entry level all the way to retirement – are satisfied and engaged with the community.

An engaged pool of talent is more likely to jump at new opportunities to work with your company when the needs arise. This means you can automatically fill an opening position and get the work done as quickly and efficiently as possible. All of this is achievable by building your talent communities and retaining those connections for long-term success.

How to manage your talent communities

A talent community is only as effective as the relationships you build and retain with each member of that community. It’s imperative that your organization demonstrate the commitment to culture and community building that you apply to in-house staff to your remote talent on demand. This is how you build the seeds of trust, loyalty, and commitment to help your organization grow and succeed.

To that end, some of the basic and easiest ways to maintain that community are with simple gestures to keep talent informed about current happenings within the company. You can share these updates using resources as simple as:

  • – Engaging content
  • – Links to social media
  • – Internal newsletters
  • – Updates on promotions
  • – Special announcements
  • – Etc.

Transparency is the key to building trust. The more open and communicative you choose to be, the more you’ll keep your community plugged in and loyal to your organization.

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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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