With the ever-growing talent crunch and the demand for top talent, recruiting is now a tug of war between companies. An SHRM study finds that organisations are ready to invest in recruiting tools that help find and hire suitable candidates and retain employees.
Against this backdrop, talent relationship management is assuming prominence. Though this trend seems new, it can reshape the way companies win the talent acquisition game.
As we move ahead, let us understand what talent relationship management means. We will also take a deeper dive into why modern-day recruiters must leverage it.
What is a Talent Relationship Management Solution?
The term CRM, the acronym for Customer Relationship Management, is familiar. CRM is known for its efficacy in seamlessly managing end-to-end customer relationships and its critical role in successful sales.
Making an analogy with CRM, a Talent Relationship Management (TRM) solution or software empowers recruiters and HR teams to maintain a holistic relationship with candidates. It offers a lot beyond the Application Tracking System (ATS), one of the so far must-have tools for recruiters.
Features of a TRM SolutionÂ
A TRM solution is more âhumanâ compared to traditional ATS systems. It acts as a centralised repository for candidates and comes with features that let recruiters do more than an ATS does.
TRM software integrates a wide range of recruiting functions such as posting job descriptions, application tracking, managing job offers and resumes, centralising recruiter-candidate social media communications, saving candidate profiles for future openings, and a lot more.
With a TRM solution in place, recruiters can:
- Explore candidates outside the typical hiring process, thus reaching a wider talent pool.
- Nurture a long-term relationship with candidates and build a talent pipeline seamlessly.
- Enjoy a smooth candidate outreach through emails, social media integrations, and InMail tracking.
- Deliver better productivity and focus on vital tasks as TRM automates monotonous tasks.
How do Recruiters Benefit from TRM Solutions?
Recruiting is a never-ending cycle. Searching for candidates, maintaining communication, managing, scheduling interviews, onboarding and retention – every step of hiring is critical to reduce the churn and increase the hiring speed.
And talent management further strengthens the hiring efforts. TRM lets HR teams effectively streamline hiring in alignment with business goals.
Here is how TRM software help recruiters to achieve more:
1. Diversify hiring
Diversity in hiring is a non-negotiable aspect. ATS solutions help diversify hiring. However, with a TRM solution, diversity in hiring will become a breeze.
Talent Relationship Management solutions are enriched with more candidate information and provide a complete view of the candidate. As a result, they help recruiters make suitable decisions to meet diversity norms.
2. Retain talent
Retaining talent is an equal challenge to hiring. TRM software can play a crucial role in talent retention. As they come inbuilt with features of internal mobility, recruiters can effectively bring down the churn rate.
Recruiters can gain suggestions from TRM solutions about the advancement options based on employee profiles. In addition, they can develop retention strategies that will lead to more employee satisfaction and thus boost employer branding.
RM also helps in seeking references from employees. This way, it helps win employee loyalty and find reliable candidates.
3. Speed up executive hiring
Executive hiring is altogether a different game. The role it plays in the leadership building of a brand is crucial. However, effective communication is the secret to maintaining a professional relationship with executive-level candidates.
TRM solutions allow recruiters to achieve this seamlessly and build nurturing long-term relationships with executives.
4. Gain an edge in passive hiring
Passive talent plays a critical role in the success of recruiting. If recruiters can identify the potential passive candidates and create an interest in them towards the open positions, the pace of recruitment gets faster.
Talent Relationship Management solutions empower recruiters to filter and find passive talent giving them an edge in hiring compared to the competitors.
5. Scale hiring
A wider candidate pool imparts competitive advantage to any organisation. With an effective TRM solution, recruiters can build a talent pipeline seamlessly.
TRM solutions allow recruiters to maintain good relationships and communication with candidates. They also help manage the database of former employees and stay in touch with them.
Thus, TRM software reduces recruiting efforts of finding new candidates from scratch and lets recruiters scale their hiring faster.
Itâs Time Recruiters Leverage TRM
The work styles are rapidly changing, and so are the candidate mindsets and preferences. TRM solutions allow recruiters to make their signature in candidate sourcing and hiring.
They extend their benefits to employee retention, passive sourcing and executive hunt. Itâs a time like never before and recruiters must leverage TRM software to stay ahead of the recruiting game.
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