In a perfect world, your talent pool would always be deep and vast, filled to the brim with top talent ready and eager to work with your VC firm. In the real world, though, your talent pool may resemble the kiddie pool instead. What can you do to pump up the volume and keep a network of talented professionals at the ready when you need them? Leveraging advanced tools and technology can play a vital role. Accurate Talent Forecasting the First Step Building a broad talent pool requires accurate talent forecasting. Josh Bersin, talent acquisition strategist with Bersin by Deloitte, defines talent forecasting as “a process during which organizations consider different variables that affect the future supply and demand for talent, such as strategic plans … and limitations on access to qualified talent. Talent forecasting is much more than a simple headcount analysis.” In other words, you must explore the skills, education, and experience your VC firm needs in order to function smoothly now and in the future. The result of this exploration should be the creation of an organizational roadmap that evolves over time and informs your recruitment strategies. Talent forecasting cannot be a mere set-it-and-forget-it endeavor. Rather, it is a continuous process of aligning your talent management strategies with your overall VC firm objectives. Talent management solutions like ThriveTRM provide powerful analytics to help you see where you are and where you are headed more easily. Looking In-House for Top Talent The eco-system created by your VC firm’s portfolio companies may be a rich source of talent. Recruiter’s“7 Ways to Build Effective Talent Pools” notes: “In almost all instances, sourcing and recruiting gets more challenging, more expensive and takes longer, the higher up the ladder the position is. Internal talent pools save on almost every resource that recruiting for these positions can cost the organization. External hires have been reported to be 61 percent more likely to be fired from a new job than an internal candidate. This can be attributed to how internal candidates are already part of the company culture. They also have extensive training and they already have a certain degree of familiarity with the position.” VC firms may face a challenge when sourcing internally. When individual portfolio companies are using siloed applicant tracking systems, it is impossible to get a bird’s eye view of your entire eco-system. Thrive’s “Why Your VC Firm Needs Talent Management Software” observes: “Inherently, VC firms need access to talent management capability across their entire firm ecosystem. Talent management software enables you to connect the dots, gaining a global view of open positions and your talent pipeline. In this way, your entire portfolio profits from shared human capital resources.” Leveraging Social Media Social media is becoming an increasingly effective venue by which to fill your talent pool. SHRM’s “Talent Pools Must Be Interactive to Be Effective” notes: “A talent pool, used effectively, is not for one-way transactions where the employer reaches in and grabs a resume whenever there’s a vacancy.” Instead, effective talent pools today rely on the two-way communication afforded by social media to keep candidates, both active and passive, engaged with your brand. Social media allows you to extend your recruiting message and fosters a new level of intimacy between your VC firm and potential candidates. A strong talent management system incorporates social media communication and keeps your message firmly in front of candidates. eBook: Using Social Media for Executive Search – Learn how to leverage social media more in your executive search process more effectively. The Takeaway Cultivation of a deep talent pool helps to ensure the continued health of your VC firm. By utilizing new tools and technologies such as ThriveTRM, you can address deficiencies in your talent pool more effectively. Accurate talent forecasting, along with cultivating the talent in your VC firm’s eco-system and leveraging the power of social media broaden your reach and extend your talent pool ever deeper. Contact us to discover solutions for your VC firm today.