What is Talent Relationship Management?

By Abhishek Kathpal | Updated 12 May, 2023

With firms scrambling to acquire an edge in the extremely competitive race for individuals that excel with specialized skill sets or have high levels of professionalism, there has been a pressing need to attract, develop, and retain talent in recent years. Recognizing that building relationships with top talent is essential for attracting candidates in a candidate-driven market. The statistical reference Guide for Savvy Recruiters by glassdoor, reports that the current market is about 90% candidate driven hence the need for talent relationship management. This is because finding top talent is the goal, not just a means to an end.

What is Talent Relationship Management

Talent Relationship Management meaning and definition

Customer relationship management (CRM), describes the best practices, strategies, and technologies used by businesses to manage and analyze customer interactions and data throughout the customer lifecycle to improve business relationships with "clients. It also supports customer retention and promotes sales growth, which is analogous to talent relationship management.

Talent relationship management (TRM), as used in the recruiting industry, refers primarily to the procedure of locating and keeping talent. It helps to manage relationships with talented people to develop a solid, value-driven alliance that results in their conversion into an employee. In other words, it is a management or sourcing tool made for managing relationships with skilled people by assisting, augmenting, or automating crucial relationships-building and management activities. TRM serves as a way to stay in touch with applicants before, during, and even after the hiring process.

Talent Relationship Management software

TRM often involves a recruiting program that helps preserves these connections through a variety of technologies like talent pools, email nurturing campaigns, sourcing, employer branding, and automation. Usually, this is combined with applicant tracking software, which takes care of more administrative hiring activities like posting job ads, analyzing CVs, and data input. TRM software does the following:

a) It serves as a centralized database for résumés, applications, and applicant information, as well as more complicated data like candidate activity and correspondence with candidates.

b) Automate routine processes in the employment process, such as scheduling interviews, screening resumes, contacting applicants, and contacting applicants.

c) Automate difficult tasks like managing mobile applications, utility reporting, social network integration, and resume processing.

d) By enhancing applicant interactions with your organization, you may boost your employer brand.

e) To connect with applicants more efficiently from a centralized platform and enhance teamwork.

e) Possess tools for fostering applicant relationships both before and after hiring.

Categories of Talent Relationship Management

There are two categories of Talent Relationship Management, namely internal and external talent relationship management.

Internal Talent Relationship Management

Internal TRM typically necessitates deliberate hiring, retention, development, and training of personnel. It refers to the strategies employed by businesses to preserve positive working relationships with their current workforces, ensuring a fruitful and ready talent pool. Here is a simple explanation of these procedures:

a) Employee retention

Maintaining the right culture and working conditions to keep employees engaged and motivated.

b) Internal Recruitment

Internal job postings and reassigning employees to new positions through promotions or transfers.

c) Employee Training

Educating staff members in order to prepare them for new positions or the usage of particular equipment or technology.

Other strategies include designing loyalty programs that honor employees for their dedication to the organization. These strategies should help a company keep its top performers, such as those in high-potential or in-demand professions.

External Talent Relationship Management

The term "external TRM" refers to the procedures used by businesses and recruiters to develop fresh talent, uphold solid candidate relationships, and create talent pools with a variety of skills. When a position opens up, recruiters have a variety of individuals to choose from thanks to applicant pools. This is especially helpful for openings that are challenging to fill. The following are examples of common external TRM techniques:

a) Employer Branding

Maintaining a strong corporate "personality" through true and consistent workplace branding.

b) Sourcing from outside

Determining the knowledge and abilities required for available positions and selecting the best outside applicants to fill them.

c) Talent Streams

Assembling talent pools of qualified candidates for prospective future hiring.

d) Organizational Contact

Keeping in touch with candidates on a frequent basis to foster positive relationships for the future benefits of the organization and candidate.

Benefits of Talent Relationship Managements to Organizations.

a) Improves efficiency of the hiring procedure.Higher retention rates.

b) Keeps in touch with prospective new talent online.

c) Increases the company's reputation for hiring.

d) Ability to identify a gap and take action to close it.

e) Internally collaborates by managing the entire process through a single system.

f) Utilize tools to anticipate future skill shortages and take preventative measures to thwart them before they become serious.

g) Develops ties with potential job candidates in advance.

h) Lowers turnover.

i) Increase the internal and external engagement of the team.

j) Improved recruitment.

k) Reduces the hiring wait time.

l) It facilitates the experience of candidates.

m) The handling of talent data is improved.

About the Author

Abhishek Kathpal

Abhi is the co-founder at Longlist.io. Funded by US based OnDeck, Longlist is currently enabling 50+ businesses to increase their candidate and client reach outs, automating the workflow across stages.

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