Talent Relationship Management (TRM) has a huge influence on the number of high quality candidates you are able to present to clients.
Actively managing relationships with talent allows you to strengthen candidate relationships over time, increasing the likelihood that they will engage in a job opportunity and become a successful placement.
To better understand Talent Relationship Management (TRM), it’s helpful to think about Customer Relationship Management (CRM) and the best practices for building strong relationships with customers.
Just like CRM tools help you build, grow and capitalize on value-driven relationships with leads, TRM tools help you to build, grow and capitalize on value-driven relationships with candidate contacts.
Before we go any further, here’s our definition of Talent Relationship Management:
As you can see, TRM is both a strategy for creating more candidate relationships that convert into hires and a tool that supports this strategy with sourcing and communication management tools.
CRM works because better lead/customer relationships lead to more sales.
TRM works because better contact/candidate relationships lead to more hires.
While both TRM and ATS tools act as a centralized database for candidate information, there are some key differences between the two technology types.
To sum it up, TRM is like an ATS that has been optimized for starting, building and managing candidate relationships instead of just tracking candidates as they move through your company’s interview process.
TRM tools help you manage relationships with talent, but you still need to put your best foot forward with candidates and use candidate communication best practices.
It can take a long time to build trust with candidates, especially executives, and your focus should be on nurturing and strengthening candidate relationships over time, not badgering contacts to fulfill your current contract.
By playing the long game, candidate relationships become stronger and you become a trusted source of information instead of just another recruiter.
Then, when an opportunity arises that’s great for one of your contacts, you can use this strong bond to engage them in the opportunity and make a top-tier hire for your client.
TRM platforms give you the tools to build these long-term candidate relationships, but these best practices are still required for effectively managing and nurturing talent relationships.
Talent relationship management has always been essential for executive recruiting, even before there were TRM tools to assist in managing talent relationships.
Executives have worked hard to get to their current role, and getting an executive candidate engaged in a job opportunity can be challenging unless you have excellent rapport with them and an excellent understanding of their career goals.
Executive career transitions can involve a large number of moving parts and, as you may have experienced, can involve competition between many well funded companies.
TRM is essential for executive recruiting because:
Because of these challenges, managing relationships with executives over a sometimes extended period is essential for converting contacts into successful placements.
Loxo was built to give recruiters an all-in-one platform for building and managing candidate relationships.
Loxo’s suite of marketing automation tools help you nurture and engage passive talent by personalizing and automating your outreach, letting you to cut through the clutter and connect with people who matter.
By automatically sourcing candidates and populating their profiles, Loxo frees you up to focus on building the strength of talent relationships and providing a better candidate experience than your competition.
From the very start of a new talent connection, Loxo gives you the tools needed to create connections with talented candidates and keep them up to date on opportunities that are right for their career. This way, when the time and opportunity is right, all you have to do is give them a call.