With the ‘Great Resignation’ still freshly burning into employers’ minds, it’s clear that changes in the rigid corporate working world are inevitable.
Rather than relying on filling your next job role via the same old job board targeted to one small area, you could gain a passionate audience by creating expansive talent pools.
57% of HR and business decision-makers say a distributed remote workforce makes hiring and keeping talent easier. While it’s a relatively new idea, the statistics prove it’s a viable solution for beating the dreaded skill shortage.
As our CEO Sagar Khatri recently said at the Collision 2023 event in Toronto: “It’s very clear that the future of the workforce is going to be global, and nobody can stop it…
“We live in a world where talent crunch is a real problem. It’s important for businesses to access talent globally to grow at a fast rate…”
With that in mind, we’ve explored how you can stay ahead of the curve by developing talent pools to save money, shorten skill gaps and reach a whole new audience.
What are talent pools?
Otherwise known as ‘talent pipelines,’ talent pools are a network of potential candidates that HR and recruiters are aware of and keep in touch with. When opportunities arise, the talent pool is often the first port of call, as they include qualified individuals who are interested in the company.
These possible applicants could be gathered from networking events, referrals, professional social media platforms like LinkedIn, or people who have applied previously and have shown an interest in working at the business.
Is it possible to build a digital talent pool?
When in-person events and the local community are out of the question (which can sometimes be the case for remote companies), digital talent pools can definitely be developed.
In fact, the economic landscape has changed so drastically in the wake of the global pandemic that working with colleagues from around the world and building digital talent pools are becoming commonplace.
This non-traditional approach is best developed through social media networking and digital marketing. When you start to cultivate a digitally-focused audience of prospective employees, you’ll see just how quickly you’ll be able to tap into diverse talent as you can transcend geographical boundaries.
As an added (major) bonus, 62% of workers feel more productive working remotely.
How to overcome location limitations
Borderless hiring helps you to grow faster and be competitive in your industry, but the logistics can seem confusing and complicated with laws differing between countries. This is where Multiplier steps in.
Our expertise in this field has allowed us to create the Multiplier ‘Employer of Record.’ This SaaS solution allows you to effortlessly onboard, manage, and pay an international workforce, all at the click of a button.
This means you don’t have to set up a business entity in every country as we partner with you to act as the legal employer for those employees. We ensure you’re compliant and risk-free while you control your day-to-day relationship with your team members.
With our Employer of Record solution, you can:
- Save time and costs
- Tap into specialist talent, fast
- Employ candidates in just six minutes
- Level the playing fields
- Offer payroll in 120+ countries, as well as benefits and insurance
- Employ people in 150+ countries
- Comply with local labour laws
This is all achieved without having to set up individual entities, as we’ll handle that for you. To create a team without restrictions, request a demo to see how it could work for you.
What are the benefits of building a talent pool?
When one employee quits, it can start a rapid domino effect which is detrimental to team morale, brand reputation and confidence. The best solution is to prevent staff from leaving by offering flexible solutions and referral incentives, while also developing a talent pool to bridge that gap. Here are some other benefits…
Access to global talent
Building a digital talent pool opens up the metaphorical doors to a whole new world. Engaging with people from all over the world or country means you’re no longer constrained to one city for finding the right people – giving you access to the very best in the business, regardless of where they live.
Job seekers highly value having autonomy over where and when they work. Those who are great at what they do will have the pick of the bunch and could opt for a more flexible company if you’re not already offering that.
Reduced costs
Traditionally, hiring can take anywhere from a few days to four months. The longer it goes on, the more is spent on the hiring process.
Currently, the average cost of filling a vacancy is around $4,700 – with the figure likely rising for senior roles. If you’ve already built a talent pool, this could save you a whole lot of money, as the timeline will be shortened instantly.
If they’re an exact match for the job, this will reduce training time too, so you can save money while the applicant can get started almost immediately.
For those who are going remote to access more talent, you’ll be pleased to know that the stats show further cost savings too. Companies that hire remote workers had an average cost savings of $10,000 per employee per year compared with traditional office environments.
Increased productivity
Building a talent pool successfully and screening people beforehand minimise skill gaps and allow the team to jump straight in with new tasks and projects when the new recruit joins. Their experience and qualifications in the role will allow for productivity from the very start.
Diverse workforce
Again, without the limits of only recruiting within certain cities, you’re more likely to hire a diverse workforce as talent from all different backgrounds will be available.
This increases innovation and creativity as context from different backgrounds, experiences, cultures and perspectives can bleed into creating killer ideas and solutions.
A diverse workforce can also result in a more inclusive work environment, which could promote employee satisfaction and enjoyment. And when you make an effort to access talent in underserved areas, you trigger a ripple effect of positive impact.
Results show a 24% increase in black employees hired in remote roles and a 20% year-on-year increase in women applying for remote roles too.
7 ways to tap into cost-effective talent pools
There are lots of different strategies you could take to begin hiring a multi-faceted workforce.
We’ve listed 7 of our favourite techniques to help you get started.
1. Create an internal referral scheme
An internal referral scheme, also known as an employee referral program, are initiatives to encourage current employees to refer qualified candidates for open job positions.
Employees then tend to push forward candidates they believe fit the bill, are reliable and capable and are a good match for the company culture. When people are incentivised to help with the hiring process, it can help to build an engaged and interesting pool of talent.
The cost-per-hire of employee referrals is also $1,000 less on average than other hiring sources. Using referrals is also said to increase retention by a staggering 40%.
Large corporations worldwide are storming ahead with this style of hiring as it’s proved to be extremely successful. The team behind freelancing marketplace Fiverr use a credit-based system where employees are able to receive gifts when their referral results in a hire.
Intel goes one step further and doubles the referral bonus when employees refer women and minorities who get hired at the company.
2. Collect feedback & market or client data to lead internal hiring
It’s always beneficial to gain fresh perspectives when new employees join the business, but the right person for promotion is sometimes right under your nose.
Gather feedback from managers, clients and at the end of projects to ascertain which team members are the shining stars of the company. After all, you don’t want to lose this talent if they’re seeking acknowledgement or better pay elsewhere.
This will increase morale if opportunities for promotion are more likely, due to consistently checking data to internally hire high-flyers. After all, 82% of respondents said they would leave their current employment over a lack of upward mobility within the company.
Even if there’s not quite the right position available yet, keeping these employees in the loop about future progression could inspire them to continue the hard work and efficiency.
3. Utilise the power of social media
Having an online presence is absolutely paramount in 2023. This visibility on the usual social channels can increase brand awareness and entice passive talent.
To do this, create or share interesting content that showcases company culture, values and opportunities.
Another reason why social media is incredible is that it completely eliminates borders. Your business will benefit from a wider reach when you post consistent content, as people from all over could tap into your world within seconds.
As times continue to change, social media will become an absolute powerhouse for recruiting. According to recent research, 73% of millennials found their last position through a social media platform – showing that it’s already an integral tactic.
3. Network, network, network
Just because you may not be attending in-person events doesn’t mean the opportunity to network has been left behind.
Consider hosting virtual events or coffee and tea catch-ups during the working day. These could be promoted on your social media channels and shared in social groups of graduates, job seekers and experts in your chosen field.
4. Watch the competition
Stealing is never encouraged…but keeping an active eye on how your competition is approaching the job market could bring a whole new perspective and ensure you don’t get left behind.
Whether this is through upgrading your employee benefits or simply finding the right groups to become a member of, the competition is a resourceful way to stay on top.
5. Talent scouting
Many people may not be quite ready to leave their current role, but keeping them in the loop through an initial passive outreach could see that interest flourish when the time is right.
Talent scouting can be done through industry-specific groups and forums, as well as LinkedIn.
6. Create a partnership with local education centres
People don’t know what they don’t know. If students and graduates aren’t aware that you’re open to hiring or if you’ve never shared what you’re looking for, they may opt to apply elsewhere due to the uncertainty.
Developing a partnership with a school, college, or university could see solid relationships being built early on – helping you to bring in the next generation of talented individuals when they graduate. This could be done in numerous cities across the globe.
Champion the next generation of talent in a world without limits
Multiplier stands by its mission to create a world without limits, and to do so, we empower businesses to open their minds, their eyes, and their hearts to the global talent pool, offering opportunities to all where opportunities may not have existed before.
We can help you to unleash the powers and unlock the doors to international employment through our new-age SaaS-based solution.
With a presence in 150+ countries, Multiplier facilitates seamless global employment and expansion for businesses looking to set up international teams – all on one handy platform.
To start employing new foreign talent (you can do so in less than 24 hours with Multiplier), talk to one of our experts to get the ball rolling.
