What is Talent Bank: how to recruit and retain high-performance professionals

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What is Talent Bank: how to recruit and retain high-performance professionals

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You may have heard about it, but you know what is talent bank in practice and what is its importance in a company?

The talent bank is a system for registering the personal and professional information of various individuals. something that works internally and externally, which can be applied to:

The dream of the entire Human Resources sector resides in the ease of finding high-capacity professionals who meet the requirements of the job description and retain them in the company. This would be a highly productive marriage, Is not it?

Did you know this can be possible by learning how to keep a talent pool up to date?

If you are still unfamiliar with the term and do not understand exactly what a talent bank is, know that it is the opportunity for your company to generate a differential that will attract talent from the market and keep them in your organization.

In order for this competitive advantage to be part of the company's routine and organizational culture, in this post we will explain what a talent bank is, its benefits and the road to building one. So, good reading!

What is a talent bank?

Who has ever been frustrated by the constant search for professionals with a behavioral profile aligned with the company's objectives, who also have a good repertoire of skills and competences?

If you've ever been there, you've probably dreamed of using a talent bank.

Let's go to an example?

Imagine that the head of one of the company's departments is going to retire and it's time to promote an internal talent.

Through the talent bank, HR already has in hand all key information about potential candidates, such as results of different types of performance appraisals. That makes it easy:

  • the search;
  • filtering;
  • the process of selecting the most highly rated profiles.

Externally, the same solution can be used from the construction of a database of candidates who have already conducted interviews at the company, but didn't get the job for a particular reason.

Faced with a new opportunity — in the same area that he had applied for previously or in another, which HR believed to be relevant — all that is needed is to get in touch with the professional again.

How to build a talent bank?

As you may have noticed in this first contact with the concept of what a talent bank is, the organization, discipline and routine are essential qualities for its implementation.

The talent bank is a constant activity, after all, it must be constantly updated. For example, when:

  • a collaborator accumulates compliments from your manager;
  • a new selection process was carried out and, say, half a dozen people stand out;
  • there were admissions and dismissals (some for just cause) in the company, requiring a reassessment of the registered data.

It is important to highlight that the talent bank, by itself, does not work miracles. The company's HR must have a full mapping the type of professional profile suitable for each position.

With that, recruiters will know exactly;

  • what to look for;
  • where to look;
  • which skills and competencies of candidates will be tested.

We recommend that you download this free eBook. Here you'll discover essential tips for creating an efficient recruiting and selection process! Answer the form and receive right now:

The benefits of implementing the talent bank

Previously, we highlighted the functional versatility of this people management tool. For internal or external use (recruitment), the talent bank is relevant.

Now, let's expand on that subject, as its benefits are as flexible as its applications. Check out:

1. Optimized processes

Are you going to structure a new selection process?

With the talent bank updated, HR itself already has some names at its disposal — even before announcing the opportunity in the market.

This facilitates the screening process, too, narrowing the strategy so that HR professionals focus more on assessing each candidate's differentials.

2. Cost reduction

Less time invested in the selection and screening of candidates is a good deal of savings.

Not to mention that, in order to retain talent, the bank of internal professionals makes hiring more assertive and less costly.

Thus, labor charges and other onboarding costs, that is, integration of new hires, are no longer a burden on the budget.

3. Segmentation made easier

It is worth noting that, with the digital transformation and the consequent assistance of technological solutions — such as management software — its talent bank gains an even greater differential: segmentation power.

With it, you can filter the professionals in your database from the desired skills or other characteristics relevant to the open position.

4. Low need for training

If you think with a focus on retaining talent, this database is of great value to reduce the number of training and qualification of employees, as well as integrations.

It is possible, for example, to relocate a professional to another area without demanding all the planning time that would be necessary if the option was to recruit externally.

In this way, more opportunities within the company. Something that makes all the difference for those who value a career plan to fully engage in the company's development.

7 tips on how to build an efficient talent bank

Now that you know what a talent bank is and what its benefits are, you still need to learn how to structure it to reap all these results. For that, it is necessary:

  1. internally map what is required in each position and create a career and salary plan;
  2. detail professional characteristics, skills and differentials of all professionals in the company's workforce;
  3. seek a solution that accommodates the data collected and facilitates the organization, accessing, searching and editing information — such as the aforementioned management software;
  4. create differentiation for a talent bank external (from candidates who attended previous interviews or met with the help of a headhunter) and another internal;
  5. give periodicity to the maintenance of the talent bank. Update it so that it is always in line with the company's moment;
  6. Have a information backup to ensure your safety;
  7. establish, too, periodic events for maintaining the talent pool externally. An example: through social networks, you can publicize that the company is renewing its database, allowing market professionals to send their resumes and enrich your bank even further.

Get your recruiting and selection right!

Have you seen how there is no secret to building a renewable, efficient talent bank that adds a lot of value both internally and externally to the company?

With these tips, you can set a new standard for economy and productivity.

The talent bank is therefore a possibility to strengthen business communication and efficiently manage your brand's reputation in the labor market.

So, what did you think of these tips on how to build a successful talent bank in your organization?

Now, to put this knowledge into practice, start sharing our article on your social networks. Don't forget to mark your professional colleagues who will also adhere to the ideas exposed throughout this article!

We suggest that you also read the article; “All about talent management and building high performance teams.”

Now that you understand what a bunch of talents, you may be interested in looking for solutions that can make your daily life more productive. For this you can count on HR Consultant UK's help, one onlyftware for complete HR, which will optimize your processes and help your team.

With our system you will:

  • reduce the time in your employee termination admission processes;
  • have a clearer and safer process;
  • avoid penalties, fines or any risk related to legal issues and company information management.

HR Consultant UK is the only one that delivers an amazing experience and still solves the real problem the customer has. Talk to an expert and find out how reduce 30% of your HR costs.

Conclusion

HR Consultant UK can help if you have any questions about What is Talent Bank: how to recruit and retain high-performance professionals
. Our HR consultant in London can assist you if you live in London. Suppose you live further afield thats not an issue! Visit our HR Consultants Near Me page to find the best consultancy nearest to you.
See you next time!

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