Originally published on Forbes. Written by Fuel50 CEO and Founder, Anne Fulton.
As organizations continue to grapple with talent attraction, finding ways to expand the talent pool is vital especially in today’s unpredictable environment.
Traditionally, recruitment strategies were geared more toward external hires, leaving the skills of existing employees untapped. Many organizations are now realizing the flaws in this approach and moving to a broader view of their talent – known as “Horizon Talent Pools”.
Horizon Talent Pools emerge when an organization utilizes the skills and capabilities of both its internal talent pool and contingent workforce. This is just one of the ways to diversify the talent pool and develop a dynamic and agile workforce.
1. Utilize Existing Employees Through Internal Mobility
Recruitment strategies often overlook existing employees, leaving those who are seeking growth and development opportunities feeling stagnant and unsupported. Encouraging internal mobility offers a mutually beneficial solution. The organization fills positions with existing employees who already know the business, and employees get to move to new roles without leaving.
Unlike external hires, internal recruits reduce hiring costs, reduce delays in filling open positions, and reduce time to productivity. A strategic internal mobility program can expand the talent pool immensely, enabling HR to harness the skills within their existing workforce to meet changing business needs.
2. Don’t Underestimate the Power of the Contingent Workforce
The contingent workforce includes workers who have been hired for a fixed period, such as freelancers, consultants, part-timers, or independent contractors. Many are already familiar with the goals and objectives of the organization, making them valuable candidates for open roles.
Tapping into the contingent workforce adds an integral layer to the talent pool, enabling organizations to draw upon their specialist skills as and when needed. If they have worked for the organization before, the quality of their work, their strengths, and their weaknesses will already be familiar, and their expertise can help fill critical skills gaps.
3. Expand the Talent Pool with Increased Talent Visibility
The ability to mine skills from internal and external talent pools requires talent visibility – a clear lens into an organization’s talent bench strength, skills, capabilities, and ambitions to maximize the potential of its people.
Research by Fuel50 shows that despite over 75% of organizations having strategic HR priorities aimed at mobilizing their talent, less than half of HR leaders have visibility into the skills and capabilities within their organization. This is a significant hindrance to the success of organizations today.
Future-ready organizations are leveraging technology like AI to deeper understand their internal talent pools, identify employee strengths and weaknesses, and pinpoint skills gaps. Having this level of visibility enables HR to allocate resources more strategically to ensure they have the right talent, with the right skills, in the right place at the right time.
Empower HR Leaders To Harness the Skills of their Workforce
It’s time organizations realize the true value of their existing workforce and advocate for the development of their employees through internal hiring. Giving HR leaders increased talent visibility will enable them to expand the talent pool, build talent pipelines, facilitate internal mobility, and ultimately fulfill both employee and organizational goals.
