Andre Thomas, CEO at Thomas Telman explains why adopting an automated, talent pool approach can improve your recruitment process.
Digital transformation has changed the way companies market themselves and engage their customers. According to the *Hay Report 2019, 70% of companies will be implementing automation technology.
However, this figure contrasts quite significantly with the legal sector, with only 58% of companies considering the adoption of this tech as a priority. Legal firms are using automation for e-discovery, knowledge management and compliance. They are witnessing improved efficiency transforming their operations, leaving more time to develop client relationships.
This technology can also transform a company’s human resources when attracting and hiring talent.
You can take advantage of this by creating talent pools.
What is a talent pool?
A talent pool is a rich bank of candidates who have expressed an interest in working for your company.
This collated pool of candidates, ranging from ex-employees to employee referrals, can be segmented and engaged with to build trust, nurturing a relationship before inviting them in for an interview.
Why is this a game changer?
Simply, because it allows you to attract and hire the best candidates in a more efficient way, therefore reducing your recruitment costs. Typically, a recruitment model follows this process:
Step 1 – a vacancy becomes available
Step 2 – instruct recruitment agencies and advertise the vacancy
Step 3 – wait for CV’s
Step 4 – shortlist CV’s
Step 5 – conduct interviews
Step 6 – make an offer
For most professional services, this process can take many weeks and, if your preferred candidate declines your offer, then you either offer the post to your second choice or start the process all over again.
Either way, you are likely to feel frustrated. Compare this with the talent pool approach:
Step 1 - vacancy becomes available
Step 2 – search in the talent pool to shortlist
Step 3 – conduct interviews with candidates who already have an understanding of your working culture, environment and how you develop your employees
Step 4 – make an offer
Filling vacancies from your talent pool will significantly reduce the overall length of time needed to recruit and this method of engaging, and building trust is more likely to minimise the risk of candidates not accepting your offer. A shorter recruitment process with less external costs is evidence that the figures stack up too.
How do you build your talent pool?
Re-engage all unsuccessful applicants
After a hire has been completed, many companies forget about the unsuccessful applicants. But what if you kept in touch and tracked how they are developing? They might be the perfect person the second time around.
Face-to-face events are currently off-limits but running webinars, for example on how you develop your employees, not only engages your employees but also distinguishes you from your competitors.
Stretch your employees’ abilities and skills
According to the **Work Institution Retention Report, the No.1 reason for employees wishing to move is for further development, so there’s an opportunity here to retain your best staff by developing their learning, even if it’s not a promotion.
Measure key metrics
Several companies offer talent pool platforms which allow you to segment and engage candidates, but you also need to think about tracking important metrics so you have the insights to make more informed decisions. The key metrics to consider are time to hire, cost per hire, reach, conversion rate, attrition rate and quality of hire.
The traditional method of recruiting, i.e. hoping to find the right person at the time of advertising, minimises your chances of finding the best person for the role. It’s reactive, slow and costly. By adopting automation technology to create and manage talent pools, you will reach a wider passive market, therefore increasing your chances of recruiting the best person for less.
In today’s highly competitive market for legal services, companies are exploring ways on how to add more value to their clients; therefore, having a more efficient recruitment process will be a win… win situation for all parties involved.
For more top tips and advice or to discuss your current legal recruitment needs, contact your law society recruitment account manager today - Request a call back, call 020 8049 4000 or email firstname.lastname@example.org