Today, when there is a “battle for talent” on the labor market, and an HR specialist is forced to fill vacancies as quickly as possible and in conditions of a limited budget, using translation to connect to the global talent pool becomes real salvation. Many companies underestimate this tool. According to a survey by the Russian research service hh.ru, only one in three businesses takes into account the use of a foreign language when it comes to entering a global business. The rest either plan to take up this direction or do not see its point at all.
Why tap into a talent pool?
The presence of a well-built talent pool system in the company is one of the main factors in increasing business efficiency. The personnel reserve solves several vital tasks at once:
- Reduced staff turnover;
- Reduction of the average period for closing vacant posts;
- Avoiding a crisis situation in the event of a key employee leaving;
- Reducing the average cost of filling a vacancy;
- Increase of loyalty, motivation, and involvement of personnel;
- Continuous functioning of an effective team;
- Increasing the competitiveness of the organization in the market.
Your talent pool formation strategy
To choose the tactics of forming a talent pool, analyze and prepare the company’s business strategy. Then conduct a study of the reasons for staff turnover, identify problem positions, cyclical redundancies, and draw up a socio-psychological portrait of those leaving.
The information obtained will help understand which employees should occupy these positions, how to develop them, and determine the criteria for selecting personnel. For a more objective assessment, external foreign experts can be involved. Professional advice from the outside allows you to approach differently to solving urgent problems, and in some cases, to revise the strategy of personnel work and practices. They will most likely advise you to try to attract a job seeker from outside.
How to prepare a global talent pool?
The external talent pool is not very popular in many countries, although it is a good source of candidates. Especially in cases when it comes to filling managerial positions, the current employees do not have a sufficient level of professionalism. A formal approach to creating an external talent pool, in which the resumes of attractive applicants are stored on-demand, will not bring results. Forming a pool of reservists is a complex and ongoing process.
The attraction of external resources (use of translation services)
When connecting to global talent pools, it is desirable to maintain documentation in the official languages of the parties involved in the transaction. Of course, you can have one or two translators on the staff. However, the choice of languages will be limited. The cost of permanent staff is much higher than contacting firms that provide a range of human translation services at affordable prices. Therefore, small companies most often use the resources of third-party organizations, i.e., outsourcing.
Selection criteria for the talent pool
There is no strictly regulated list of requirements for reservists. The most common are:
- education (including additional);
- high level of hard skills development;
- the candidate’s desire for self-development, the desire to learn;
- availability of necessary soft skills;
- social and moral maturity;
- recommendations of employees from among the top management.
In addition to recommendations, testing also solves one of the most challenging HR tasks of personnel selection – assessing a candidate’s potential, prospects, and effectiveness in new conditions. This procedure significantly reduces the risks of hiring a non-specialist. Finally, take a closer look at the potential. Potential tests provide a digitalized forecast of a candidate’s success in a new position combined with aptitude tests.
Business is becoming more and more international every day. The talent pool is a tool that allows a company to solve a wide range of tasks. It is advisable to form not only an internal but also an external pool of potential employees. To create a talent pool, you must first analyze the company’s business strategy and then think over different work tactics. Evaluation of reservists should be based on several criteria. Testing plays an essential role in this process.
This is a guest post by Peter Palladino. He is from America and he is economics for several companies in Arizona. His specialty is business communication and localization, so it is a very specific niche that a lot of people are interested in it. Peter is interested in augmentative communication, community capacity building.