What is Applicant Pool?

Time and resources are significant factors companies must manage effectively for optimum productivity, and the recruitment process is not left out. Traditionally, recruiters hasten the recruitment process by hiring qualified candidates as they apply, leading to a loss of more qualified applicants. In modern times, however, recruiters use an applicant pool to enhance decision-making when outsourcing talents to fill job vacancies. As a result, companies can use an applicant pool to balance filling up roles fast and recruiting skilled talents using minimum resources.

How Is an Applicant Pool Used in HR?

An applicant pool is a collection of potential employees who may be hired for a particular job. It is used in human resources to streamline the hiring process. With a pre-existing pool of candidates, HR can quickly and easily find the best fit for a position. This saves time and money, as HR does not need to advertise the job or review resumes from unqualified candidates.

However, the disadvantage of not having an applicant pool is that HR must spend more time and money finding qualified candidates. In addition, without a pre-existing pool of candidates, HR must advertise the job and review resumes from a potentially broader range of applicants.

How Does an Applicant Pool Differ from a Talent Pool?

An applicant pool is a group of people who have applied for a job. On the other hand, a talent pool is a group of people with the skills and experience the company is after. The main difference between an applicant pool and a talent pool is that an applicant pool potentially includes people who are not qualified for the job. In contrast, a talent pool only has people who are qualified.

What Are the Benefits of an Applicant Pool?

Companies use an applicant pool system to manage the applicants they have for open positions. By tracking applicants in a database, companies can more easily find the best candidates and make better decisions about who to hire. There are several benefits to using an applicant pool.

1. An applicant pool allows you to easily keep track of all the candidates you are considering for a position.
2. You can compare candidates easily and make better decisions about who to hire.
3. It aids in finding qualified candidates more quickly.
4. The time it takes to fill open positions is reduced.
5. You can improve your chances of finding the best candidate for the job.
6. You can save money by not having to advertise open positions.
7. You can build a talent pipeline for future hiring needs.

How Can You Create an Applicant Pool?

The purpose of an applicant pool is to make the recruitment process easier and more efficient. Here's how you can create and maintain an applicant pool:

1. Decide what type of candidates you are looking for.
2. Identify the sources of candidates.
3. Collect candidate information.
4. Screen candidates.
5. Contact qualified candidates.
6. Conduct interviews.
7. Make a decision.

Applicant Pool Case Study

To better understand the applicant pool concept, consider this example. Say a company is hiring for a new position. They will likely post a job advertisement to find the best candidates and receive hundreds of resumes.

Instead of going through all of those resumes, the company can draw from its applicant pool. This is a database of candidates who applied for jobs previously (or were interviewed for a job but didn't get it.

The company can search this database to find the best candidates for the new position. This saves them time and energy and ensures they hire the best candidate for the job. Therefore, the applicant pool can be a metric for companies to track and measure how active their job market is and how competitive their industry is.

The applicant pool can be affected by several factors, including the economy's state, the industry's level of competition, and the availability of qualified candidates. When the applicant pool is low, it can be more difficult for companies to find the right candidate. As a result, they may need to offer more competitive benefits and salaries to attract talent.