A Guide To CRM: Its definition, Process, Solutions and Best Practices
The dynamic of the hiring process has changed in the past few years. The landscape of the candidates has shifted from the seeker to the desired. Eventually, the candidate-driven market rose and fortune 500 companies invested in candidate relationship management(CRM).
So, what is Candidate Relationship Management? In simple terms CRM is the process of attracting and engaging candidates to develop an authentic relationship with them over time. As a recruiter, you must engage in continuous candidate relationship management for the growth of the organization.
Being an imperative component of the success of an organization, we therefore, bring to you a complete guide on CRM. At the end of the article you will be able to know what Candidate Relationship Management is, what its role is, its importance and some of the best practices.
Candidate Relationship Management: Its definition
The simple definition of Candidate Relationship Management or CRM is the method through which recruiters define the overall experience of the candidates. It draws the level of the interaction of a candidate with the employer during the recruitment process. According to a report by Glassdoor, US $4,000 and 24 days are invested to hire a new employee. But however, it may take months to fill in a position that only adds up to loss in the company's revenue and performance. Thus, CRM plays a huge role in speeding up the recruitment cycle.
CRM helps the recruiters to manage the talent hiring that ensures the smoother hiring. The talent pipeline keeps a tab on active candidates, passive candidates and former candidates who haven't worked out earlier but have a high probability of working in the future. Additionally, it also identifies hourly candidates, remote workers, gig workers, and full-time employees.
CRM plays a huge role in attracting new talent. An effective CRM aids the interaction between the recruiter and candidates to make them aware of the current employment status. Try to visualize this: a campus recruitment drive in your college. You are a recruiter and you've met some promising candidates. Now, it is obvious that you can't hire all the eligible candidates. So, in this case, an efficient CRM solution will solve your problem. Using CRM methods, you can keep the promising candidates engaged for the future. Later, when there are other openings, you can easily reach out to these leads. Another advantage of CRM is that you can categorize the potential candidates into segments. For example, marketing professionals or content writers. Now, in future you could easily carry out your recruitment drive by looking at the different categories.
CRM thus, offers automated solutions to help you attract, nurture, and hire high-value candidates. Even though there are many advantages of CRM, not every company uses them. Atleast, not yet. If you are among those who don't, the next section tells you exactly why you need a CRM solution.
Why Candidate Relationship Management Is Important?
Here is a fun fact: if a company builds a good relationship with the candidates in the recruitment process, it is likely that the selected candidates will perform with high efficiency when they become permanent employees. The simple reason behind this is because the engagement level and experience will be the first interaction with the employer and the company.
Moreover, the experience of candidates and employees can be equated with the customer experience. Just like the customers are an organization's clients, so are its potential employees and current employees. Employees do, after all, define the ultimate customer experience. And this is why candidate management is critical.
1. CRM identifies the highest-value candidates for hiring.
Imagine a situation: a competitor recently laid off its several employees. Now, the ball is in your court because using the solutions provided by CRM, you can easily create an environment to attract the potential candidates from that organization. Because you already have been prioritizing the relationships through personalized marketing and following their career trajectory, you can get in touch with the talented candidates to utilize them as a high-value employee for your organization.
2. CRM allows you to make your brand worth remembering The employer brand has a great importance in the hiring process. Why? Because when a candidate applies in an organization, the first thing they look for is the employer reviews. That’s where they also go when a recruiter contacts them for a job. Through the methods laid out by CRM, you'll be able to build an employer brand worth boasting about.
Maintaining a healthy relationship with candidates employees will prove to be a great asset in the future. With good interactions, candidates will be convinced that they are headed to the right place that values their skills, work and matches with values and ethics. At the last, you will get the assurance of having the best talent in your organization.
3. CRM helps in building a high potential team Here's a fact: if you hire employees through CRM practices, they have a high probability of becoming successful once hired. They become more engaged, more involved and more passionate about their responsibilities.
The simple reason behind is that when you try and build a good connection right from the start, the candidates will be more intrigued and interested.
4. CRM tells you at what stage of the recruiting cycle you lose talent
There are many instances where the best candidates drop out of the recruitment process. A smart CRM will tell you where the problem is and the solution to solve it. You will be able to identify the exact point of the recruiting journey that is at fault.
Also, the effective technology used by CRM allows you to record every communication touchpoint with the candidates. Later, CRM analyses the data and tells you the event that led to the dropoff of a potential candidate.
5. CRM builds and nurture potential candidates for future In the hiring process, it is obvious that you're not able to hire everyone. However, those talented brains shouldn't be forgotten. CRM here plays an integral role by keeping in touch with such candidates. CRM will assure the candidates that they will be considered for future opportunities at the company. Also sometimes, the good connections, makes the candidates switch their profile and come back for a different job profile at the company.
6. CRM analyzes the diversity of your candidate pool. This is important as you ensure that your talent pipeline is made up of diverse skill sets and a wide demographic. If not, you can proactively make changes to the pool and target your recruitment marketing efforts towards more specific candidates. A CRM solution allows you to segment your candidates, so you can get a one-stop overview of what your current talent pipeline looks like.
“STAY TECHNICAL!!”
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