If you are actively engaged in recruiting or talent acquisition, you have likely heard and read much about the importance of building “talent communities”. Depending upon where you are getting your information, the definition of the term can vary somewhat.
In its most basic form, a talent community is an organized group where employers can interact with current and prospective employees. Recruiting.com states that a talent community “is a hub where candidates can submit their information to your company without committing to a specific position.”
The evolution of applicant tracking systems and talent management platforms has made it possible to build talent communities more readily. With tracking capabilities across multiple social media platforms as well as job posting forums and recruiter platforms, robust talent management solutions help VC firms keep the lines of communication open and nurture relationships with top talent continuously. Forrester notes: “Ultimately, at the end of the day, we believe that Talent Communities are really just a form of ‘inbound marketing’ for great candidates.”
What are the advantages of creating a strong talent community for your VC firm?
1) Two-Way Communication and Increased Insight
Via social media platforms, top talent can now engage in a two-way interaction with your VC firm. Both active and passive candidates can connect and learn about your corporate culture, experience your employer brand, and gain insight into what your VC firm is really all about.
How does this benefit you? When a candidate is hired from your talent community, he or she comes to you with some knowledge and insight about your culture and your firm’s values. The more transparent those values are, the more likely an incoming candidate is to be a good fit for your firm.
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2) Higher Engagement Levels
Passive candidates who regularly consume content disseminated by your VC firm are more likely to engage when they become active candidates. A talent community draws those who are predisposed to an interest in your industry generally and perhaps in your VC firm specifically.
One of the most appealing aspects of cultivating and maintaining a strong talent community is that such a community allows you to engage with candidates even if there is not a specific position available currently.
3) Proactive Talent Acquisition and Strategic Planning
Rather than relying on old-style applicant tracking systems of the past that only allowed you access to active candidates, a talent community lets you cast a wider net to find candidates who may not be the best fit right now, but have real potential to be a great fit later.
This more proactive approach to recruitment and talent acquisition enables you to shore up a long-term strategy for attracting top talent in your field.
4) Expanding Your Reach through Referrals
Lumesse notes another significant benefit of cultivating a strong talent community, stating: “It is also a great way of expanding the reach of your business through referrals. Community members are encouraged to share the network with relevant peers and promote the value of the organizations beyond traditional means, saving thousands on recruitment costs.”
Leveraging Technology to Build a Talent Community
The rewards of building a thriving talent community for your VC firm are many. Such a community attracts top talent that will engage with your firm actively. By enabling strong two-way communication, you can nurture relationships with top talent even when there is no current opening in your firm and encourage referrals that lead to even more potential candidates in short order. Those relationships you foster will pay off in terms of proactive talent acquisition, meaning that when matching positions do become available, you have talent ready to fill those positions quickly.
To build a thriving talent community, you need an applicant tracking system that will accommodate collaboration and communication with both active and passive candidates. ThriveTRM is a talent management software system that can help you build a vibrant talent community. Contact us today to explore talent management options for your VC firm