Successful hiring demands a lot more than candidate search and onboarding. Amidst the candidate-driven market, recruiting teams must rely on only the best hiring strategies to attract and retain talent. Here is where talent relationship management becomes the focal point for organizations for successful hiring.
This post talks in detail about:
- What is talent relationship management?
- The difference between talent acquisition and talent management.
- The difference between application tracking systems and talent relationship management.
- Benefits of talent relationship management.
What is talent relationship management?
Talent relationship management (TRM) is a holistic approach to maintaining relationships with candidates. It encompasses candidate search, networking, onboarding, creating and nurturing relationships with passive candidates and talent pool. TRM can comprise recruiting strategies or software and tools that help build a reliable workforce with a minimal churn rate.
Analogous to CRM and its role in making customer relations successful, TRM can impart a competitive advantage to companies in winning the recruiting game.
Difference between Application Tracking System and Talent Relationship Management
Amidst the ongoing recruitment automation, application tracking systems are familiar recruiting tools.
According to TechTarget, ATS software enables recruiters to:
- Post job openings on the company website or job portal.
- Automate the screening and ranking of resumes.
- Track individual applicants.
- Send email interview requests to candidates.
- Generate screening questions.
- Track responses and interview performance.
In other words, ATS systems help manage the bulk volume of candidates and their details in a streamlined way from sourcing to onboarding. They save recruiting time and help meet compliance norms for companies.
On the other hand, TRM solutions achieve a lot more. Putting it simply, an ATS is a subset of TRM. The latter comes with features that are more ‘human’.
While ATS focuses on creating and maintaining the candidate database, talent relationship management empowers HR teams to focus on talent retention.
Primarily, a TRM solution builds a relationship between candidates with the organization. Its focus lies on building employer brand, creating a talent pool and scaling hiring.
In addition to performing all functionalities that an ATS does, a TRM solution does the following:
- Integrate social media communications with candidate profiles.
- Provide tools for mobile application management.
- Create a candidate-centric platform that simplifies and speeds up future hiring.
- Enables email marketing, resume parsing, and utility reporting.
- Smoothens communication with candidates even after the completion of the hiring cycle.
Benefits of talent relationship management
The changing work styles and the demand for talent certainly impact candidate expectations. Recruiters need to utilize state-of-art recruiting strategies, and this is when talent relationship management steps in.
With a well chalked TRM strategy in place, organizations can enjoy the following benefits:
Explore passive talent
Passive talent can be a well of opportunities for recruiters. TRM solutions empower recruiters to find potential candidates and establish a nurturing relationship with them. It can be significant in executive hiring and filling roles in the leadership levels, where communication and earlier professional relationship matters.
Boost employee retention
One of the primary advantages of talent relationship management compared to ATS systems is employee retention. A TRM solution guides HRs about career advancement strategies that fit an employee profile and empower them to assist in their career growth. They also hint recruiters about the employee references and thus speed up hiring and allow the brand to enjoy employee loyalty.
Elevate employer brand
Building an employer brand comprises careful consideration of many vital factors, of which employee engagement and candidate experience are crucial. TRM solutions help HR teams to align the hiring and employee engagement strategies with the brand’s core principles. They help make the first impression on the candidates and boost employee engagement, thus elevating the employer branding.
In the world of automation, employers must embrace and empower their recruiting teams with the latest recruitment tools. Talent relationship management helps recruiters to accomplish successful hiring. Talent pipeline building, employee engagement and retention, elevating employer branding and cutting down on hiring time and cost are just some of the multiple benefits of talent relationship management. Is your organization ready to embrace it?
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