Talent pools support the targeted development of employees concerning dedicated functional areas or job profiles, respectively. Talent pools are often associated with specific development programs and exceptionally talented employees can be allocated to these pools according to their potential and career prospects. Similar to Succession planning for a specific job, the talent pool concept aims to ensure mission-critical skills and competencies. Talent pools also offer the possibility to assess the employees involved in pools with regard to their level of development and prioritize.
Since the management of the talent pool involves costs, the focus shall be on those functional areas which are critical for the company and thus are associated with a unfilled position risk.
Formation of Talent Pools
The procedure for the formation of talent pools is similar to succession planning. However, the emphasis is on the functional areas and not the jobs themselves. The nomination of candidates for a talent pool can be made either manually or by using the interactive search. The individual participants of talent pools may subsequently be classified with respect to status (selection priority) and readiness. This classification facilitates comparability within a pool decisively. As soon as a new role is assigned to the candidate of a talent pool, the talent pool-specific development will end.
In which fields is the build-up of talent pools beneficial?
To define critical areas where the build-up of a talent pool is prudent and advisable, the respective unfilled position risk is determined. The risk of failure is high when the fluctuation in an area is greater than the potential of recruiting new or existing employees in this area. If additional new jobs (vacancies) are planned in this area or are still to be occupied, the risk increases. Employee interviews contribute to a better assessment of the fluctuation risk ("Risk of leaving") and the potential of internal recruiting.