How to Build and Manage a Talent Pool for Your Business
What Does ‘Talent Pool’ Mean?
A talent pool is a collection of potential candidates that can help your business grow and achieve its long-term goals. A talent pool can include both internal and external candidates, such as second-choice applicants, former employees, employee referrals, career fair attendees, and social media contacts. Having a talent pool can help you hire more strategically, quickly, and resiliently, as you can tap into a reservoir of talent whenever you need it. Now, you may be wondering how a talent pool differs from a talent pipeline.
Talent Pool vs. Pipeline
While the two terms are often used interchangeably, a talent pipeline typically refers to a more structured and proactive approach to recruitment. A talent pipeline is often used by larger organizations that have ongoing hiring needs, while a talent pool is more of a passive approach.
How To Create a Talent Pool
1. Define your talent needs
Before you start building your talent pool, you need to have a clear idea of what kind of skills, experience, and qualifications you are looking for in your future hires. You can use your workforce planning strategy, your current job descriptions, and your market research to identify your talent needs and gaps.
2. Source your candidates
Once you know what kind of candidates you want to attract, you need to find them and engage them. You can use various sourcing methods, such as posting on job boards, reaching out on social media, attending networking events, asking for referrals, or using specialized software solutions. You can also use an applicant tracking system (ATS) to keep track of your candidates and their profiles.
3. Segment your talent pool
Having a large talent pool is not enough; you also need to organize it and segment it according to different criteria, such as role, skill set, location, availability, or interest level. This will help you tailor your communication and outreach strategies to each segment and increase your chances of converting them into applicants.
4. Communicate with your talent pool
One of the most important aspects of managing a talent pool is keeping in touch with your candidates and maintaining their interest and engagement. You can use various communication channels, such as email, phone, text, or social media, to share relevant information about your company, your culture, your values, and your opportunities. You can also invite them to webinars, podcasts, newsletters, or surveys to provide value and feedback.
5. Evaluate and update your talent pool
Finally, you need to monitor and measure the performance of your talent pool and update it regularly. You can use metrics such as open rates, click-through rates, response rates, conversion rates, or quality of hire to assess the effectiveness of your talent pool strategy. You can also use feedback from candidates and hiring managers to identify areas of improvement and make adjustments accordingly.
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SaaS Talent Acquisition
Most SaaS companies do recruitment in an ad-hoc way.
That approach doesn't really work.
Cost per hire is high, and time to hire is high.
Your goal should be getting those down, and the right approach for that is Strategic Talent Acquisition.
Here's how I would approach it:
Go from your business goals to your talent acquisition goals and understand what kind of talent you need in the long-term. Do a quarterly plan for the next 5 years. Yes I know it's hard and it will change.
2. Identify your company's selling points for potential candidates. It's always a risk to change your workplace, so you need to really think about that. What you offer vs. what your competitors offer vs. what candidates really want
3. Start building your employer brand in the selected audiences that are relevant for you and start building relationships with them. It's like building a sales pipeline, but you are making a talent pipeline.
4. Activate people from your talent pipeline when you can actually hire people.
This takes you from reactive to proactive hiring.
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Careers in the Banking Technology and the Fintech Sector
Over the last five years, the banking sector has experienced a significant transformation globally, primarily driven by advances in financial technology (Fintech). Fintech has introduced new challenges, opportunities, and risks, reshaping how financial products and services are delivered and how consumers interact with their money. The integration of Fintech in the financial system has given rise to global digital technology platforms, providing innovative financial products and services to end customers. However, traditional banks have faced challenges in assimilating these technologies simultaneously, leading to an increased need for unique expertise and technology understanding to navigate the complex future.
The Evolution of the Banking Sector
Several key trends have marked the evolution of the banking sector over the last five years:
Digital Transformation: Banks have shifted towards digitizing their operations and customer interactions. This includes digital onboarding, mobile banking apps, online transactions, and personalized customer experiences.
Fintech Disruption: Fintech companies have emerged as formidable competitors to traditional banks, offering innovative products and services that attract a growing customer base.
Open Banking: Open banking initiatives have gained traction, allowing third-party Fintech providers to access customer data with consent. This fosters collaboration between banks and Fintech firms, leading to enhanced services.
AI and Automation: Banks have increasingly adopted artificial intelligence (AI) and automation to streamline processes, improve customer service, and detect fraud.
Blockchain and Cryptocurrencies: The rise of blockchain technology and cryptocurrencies has sparked discussions about the future of financial transactions and the potential disruption of traditional banking models.
Regulatory Changes: Regulatory bodies have been adapting to the challenges and opportunities presented by Fintech, developing frameworks to ensure consumer protection and financial stability.
Navigating the Complexities of the Banking Sector
The banking sector requires professionals with unique expertise and a deep understanding of financial technology to navigate the complex future. The convergence of banking and technology calls for individuals who can bridge the gap between traditional banking practices and the digital landscape.
Here are some of the critical careers in the Banking Technology and Fintech sector:
Fintech Product Manager:
a. Responsibilities: Developing and managing innovative Fintech products and services, analyzing market trends, conducting competitor analysis, and collaborating with cross-functional teams for product implementation.
b. Skillsets: Strong product management skills, knowledge of Fintech trends, understanding of customer needs, and data-driven decision-making.
Data Scientist in Banking:
a. Responsibilities: Analyzing complex financial data, building predictive models, identifying patterns and trends, and providing data-driven insights to enhance decision-making.
b. Skillsets: Proficiency in data analysis, statistical modeling, machine learning, programming languages (Python, R), and finance domain knowledge.
Cybersecurity Analyst:
a. Responsibilities: Protecting banking systems and customer data from cyber threats, conducting risk assessments, implementing security measures, and responding to security incidents.
b. Skillsets: Knowledge of cybersecurity frameworks, ethical hacking, threat detection, incident response, and continuous monitoring.
Digital Marketing Manager:
a. Responsibilities: Developing and executing digital marketing strategies, managing online campaigns, analyzing customer behavior, and optimizing customer acquisition and retention.
b. Skillsets: Digital marketing expertise, data analytics, knowledge of marketing automation tools, and understanding of customer journey mapping.
Blockchain Developer:
a. Responsibilities: Designing and developing blockchain-based solutions, implementing smart contracts, and ensuring the security and scalability of blockchain networks.
b. Skillsets: Proficiency in blockchain platforms (Ethereum, Hyperledger), innovative contract development, cryptography, and decentralized application development.
Prominent Companies Hiring for Fintech Roles and Requirements
Several prominent companies are actively hiring professionals with Fintech and banking technology expertise. Companies like PayPal, Square, Coinbase, Stripe, and Robinhood are at the forefront of the Fintech revolution, offering various roles ranging from product management to software development. These companies prioritize candidates with a solid professional grounding in finance and technology and a passion for innovation and customer-centricity.
Industry-Best Practices for Tech Talent Selection, Training, and Nurturing
Selecting, training, and nurturing tech talent is crucial for fostering innovation and staying competitive in the rapidly evolving Fintech sector. Industry-best practices include:
Proactive Recruitment: Identifying potential tech talent through internships, hackathons, and industry events and nurturing relationships with top talent early on.
Continuous Learning: Providing ongoing learning opportunities to tech professionals, including workshops, certifications, and access to online courses to upskill and stay updated on emerging technologies.
Mentorship Programs: Implementing mentorship programs that pair experienced professionals with junior employees, fostering knowledge transfer and career growth.
Cross-Functional Exposure: Encouraging cross-functional exposure and collaboration to enhance understanding of different banking functions and the overall business.
Innovation Culture: Cultivating an innovation-focused culture that encourages employees to experiment, explore new ideas, and challenge the status quo.
Conclusion
The last five years have witnessed a transformative global journey for the banking sector, driven by Fintech advancements. The industry requires professionals with unique expertise and technology understanding to navigate the complex future. Fintech product managers, data scientists, cybersecurity analysts, digital marketing managers, and blockchain developers are some of the critical roles shaping the future of banking technology and Fintech. Prominent companies like PayPal, Square, and Coinbase are actively hiring for such positions, emphasizing a combination of finance and technology expertise. Organizations can continuously upskill their workforce and stay ahead in this dynamic and competitive landscape by implementing industry best practices in selecting, training, and nurturing tech talent.
About Maveric
Starting in 2000, Maveric Systems is a niche, domain-led Banking Tech specialist partnering with global banks to solve business challenges through emerging technology. 3000+ tech experts use proven frameworks to empower our customers to navigate a rapidly changing environment, enabling sharper definitions of their goals and measures to achieve them.
Across retail, corporate & wealth management, Maveric accelerates digital transformation through native banking domain expertise, a customer-intimacy-led delivery model, and a vibrant leadership supported by a culture of ownership.
With centers of excellence for Data, Digital, Core Banking, and Quality Engineering, Maveric teams work in 15 countries with regional delivery capabilities in Bangalore, Chennai, Dubai, London, Poland, Riyadh, and Singapore.
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