What is Candidate Relationship Management?
Candidate relationship management (CRM) is a method for managing and improving relationships with current or potential future job candidates. CRM is used to automate the communication process with the candidates, encourage their engagement, and improve candidate experience. Building relationships with candidates is necessary on three levels: with current candidates, with past candidates, and with potential future candidates. Glassdoor says that it costs $4,000 and 24 days to hire a new employee. We know that it sometimes takes months to fill a position and that just adds up to the loss in revenue from keeping an important position unfilled. Getting to know these candidates better and staying aware of their current employment status is essential for effective CRM.
The great candidate relationship management process is made up of five key functions:
This is the stage at which you find potential talent through a variety of channels. When you announce new positions and place them in your CRM solution, it should be able to bring up old candidates and should be able to bring forward passive candidates you kept for future reference. A CRM solution should also be able to record all your interactions with these candidates so that new team members are able to pick up where you left off.
You use this phase to promote your employer brand through demonstrating the organization’s participation in corporate social responsibility initiatives, new hires, or major events happening at your organization. At this stage, you are also reaching out to passive talent that can turn into applicants through your recruitment marketing strategies.
Interested candidates are filtered and an engagement strategy is put in place. Regular communication, company updates, and a streamlined recruitment process can be initiated. This includes sending them feedback on whether they were selected or not. Your CRM should have readymade email templates that address candidates at every step of the journey.
Should candidates not make it through the round of interviews, they are still considered as potential candidates for other positions in the future. They can be recommended about what they need to do to get the position, get regular emails to let them know of what’s happening in the company, and even have their birthdays remembered to keep them engaged. These relationships, when nurtured, can easily translate into a potential relationship when needed.
Your nurtured leads are now ready to be hired whenever the need arises. With a nurtured relationship, you already know what you are getting into, and the candidate knows exactly why they want to be with your organization.
The CRM process can help you hire top talent through a thoroughly vetted pipeline. Network ESC is concerned with more than helping you to land your next position. Our mission is to serve as a resource for you to develop the career that you’ve always dreamed of. Our team will partner with you, just as we do our clients, to discuss options, make recommendations, and put forth a sincere effort to identify professional opportunities that are consistent with your requirements, expectations, and goals.