The impact of the 'Great Resignation' is still fresh in the minds of employers, signaling the inevitability of changes in the traditional corporate working environment. Rather than relying on conventional job boards limited to specific areas, businesses can tap into a passionate audience by developing extensive talent pools. Research indicates that 57% of HR and business decision-makers find a distributed remote workforce makes talent acquisition and retention more manageable, making talent pools a practical solution to combat skill shortages.

During the Collision 2023 event in Toronto, our CEO Sagar Khatri emphasized the global future of the workforce, stating, "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."

In this context, we explore how businesses can stay ahead of the curve by creating talent pools, which not only save money and bridge skill gaps but also allow for reaching a broader audience.

Understanding Talent Pools:

Also known as 'talent pipelines,' talent pools are networks of potential candidates that HR and recruiters are aware of and stay in contact with. These pools, comprising qualified individuals interested in the company, can be sourced from networking events, referrals, professional social media platforms like LinkedIn, or previous job applicants who have shown interest in working for the company.

Building Digital Talent Pools:

In situations where in-person events are not feasible, such as in remote companies, the development of digital talent pools becomes crucial. The changing economic landscape, accelerated by the global pandemic, has made working with colleagues from around the world and building digital talent pools more common. This digital approach is best cultivated through social media networking and digital marketing, enabling businesses to tap into diverse talent beyond geographical boundaries.

Overcoming Location Limitations with Remoly:

Expanding globally can be daunting due to varying laws between countries, but solutions like Remoly's 'Employer of Record' simplify the process. This SaaS solution streamlines onboarding, management, and payment of an international workforce, ensuring compliance and risk mitigation while allowing businesses to maintain control over day-to-day relationships with team members.

With Remoly's Employer of Record solution, businesses can:

• Save time and costs
• Quickly access specialist talent
• Employ candidates in just six minutes
• Level the playing field
• Offer payroll, benefits, and insurance in 120+ countries
• Employ people in 150+ countries
• Comply with local labor laws without setting up individual entities

Benefits of Building Talent Pools:

Building talent pools offers several benefits, including:

1. Access to Global Talent:

Digital talent pools eliminate geographical constraints, providing access to top talent worldwide. Offering flexibility in work arrangements can attract high-performing individuals who value autonomy.

2. Reduced Costs:

Building talent pools can significantly reduce hiring costs by shortening the hiring timeline. Remote work further contributes to cost savings, with companies hiring remote workers experiencing an average savings of $10,000 per employee per year compared to traditional office environments.

3. Increased Productivity:

Effective talent pools minimize skill gaps, allowing new hires to contribute to projects immediately. Their pre-screened qualifications ensure a productive start.

4. Diverse Workforce:

Digital talent pools enable the recruitment of diverse talent from different backgrounds and locations, fostering innovation, creativity, and a more inclusive work environment.

Effective Strategies for Building Cost-Effective Talent Pools:

Here are seven strategies to initiate a diverse talent pool:

1. Internal Referral Scheme:

Implementing an internal referral program encourages employees to refer qualified candidates, reducing hiring costs and increasing retention.

2. Collect Feedback & Utilize Data:

Gather feedback from managers, clients, and projects to identify high-performing employees for internal promotions.

3. Utilize Social Media:

Maintain a strong online presence through social media to increase brand awareness and attract passive talent. Social media platforms have become crucial for recruitment, with 73% of millennials finding their last position through these channels.

4. Networking:

Host virtual events or virtual coffee catch-ups to continue networking even in the absence of in-person events.

5. Watch the Competition:

Monitor competitors to gain insights into successful hiring strategies and stay competitive.

6. Talent Scouting:

Initiate passive outreach to potential candidates through industry-specific groups, forums, and platforms like LinkedIn.

7. Create Partnerships with Education Centers:

Develop partnerships with educational institutions to build relationships with students and graduates, ensuring a pipeline of talented individuals when they enter the job market.

In a world without limits, Remoly advocates for empowering businesses to embrace global talent through its innovative SaaS-based solution, facilitating seamless global employment and expansion across 150+ countries.