How can companies build up functional talent pools with a reasonable amount of effort? How do modern Talent Relationship Management solutions work? Pascal Hoheisel, Head of Sales at myVeeta, goes into depth on these and other questions regarding the TRM trends of 2019 in a guest article in the topical magazine TRAiNiNG, issue 01-2019.
Just a few years ago, Talent Relationship Management, which is the conscious and early establishment of a relationship to potential future employees, was reserved for a select few companies which were usually very large. The reason for this was the high costs and the level of effort implicated by the implementation and operation of a company’s own Talent Relationship Management (TRM) solution.
However, in recent years, a new generation of TRM systems has entered the market, one that makes use of modern technologies and social network approaches in order to considerably reduce the effort and costs associated with TRM. This means that for the first time, small and medium-sized companies now also have the possibility to build up their own, effective talent pipelines using few resources.
A modern TRM can support the search for staff in three areas in particular:
- Passive candidates: Companies are able to build up their own pool with passive candidates who are interested in the company, and use this as an additional recruiting channel.
- Maintaining contact with talent: Companies can maintain contact with internal talent – apprentices, interns, students or departing employees – in the long term, and can therefore contact them again at an appropriate opportunity
- Standing out from the competition: By addressing their talent in an individual and personalized manner, companies are able to distinguish themselves from the competition and position themselves as attractive, interesting employers.
Almost everyone has potential talent
Up until now, it was common to only accept “high potentials” into talent pools, due to a lack of resources. However, at this stage it is absolutely no problem to manage a large number of people in a company’s own talent pool thanks to new TRM systems and approaches. And this makes a lot of sense. After all, you rarely know the direction in which a person will develop, or which new positions might need to be filled in the company in the future. The more talent there is in a company’s pool, the greater the chance of finding suitable, available candidates when necessary. Here, modern and precise search functions make it possible to find the right people even in large talent pools. “Talent”, therefore, is no longer just the top 5% of your applicants and trainees. Instead, it includes all those who are interested in your company and who could be suitable employees at some point.
The talent pool is always at hand
Contact is made with these potential future employees in the most varied of places. Be it the dedicated intern during the closing interview, the interested student at the career fair, the lower-ranked applicant who received a rejection, or the motivated visitor on the factory tour. Today, with a modern TRM system, you have the option of inviting talent to join your talent pool in any and every situation without additional effort. In the online area, simply placing a link on websites or sending out emails generally is enough, whereas when it comes to personal contact, QR codes are frequently used – on flyers, posters or various giveaways.
If a talented candidate follows a link such as this in order to sign up for the talent pool, registration needs to be as simple as possible. Nowadays, this is usually just a matter of a couple of clicks and a CV or a Xing, LinkedIn or Facebook profile – the manual entry of data is no longer necessary. And that is a good thing, since the more effort a talent pool registration requires, the more candidates abandon the process. And precisely those candidates who are particularly sought after in the job market usually are the earliest to abandon the process.
In certain cases, requesting a CV should actually be avoided entirely. Many professional groups, especially in the blue-collar sector, do not have a CV and do not normally require one: requesting a few pertinent details with a corresponding input field is often absolutely sufficient.
The talent pool comes to life
The great potential of talent lies in their ongoing development: students become young professionals, rejected applicants gain experience and perhaps even go on to become top candidates. But in order to be able to track their developments, companies continuously require the latest CVs from their candidates. Up until now, acquiring these CVs was a huge challenge that each company had to tackle alone. However, in the meantime, several TRM manufacturers have decided to address this issue and now take on the task of reminding the talent to keep their CV up to date with the companies. Ideally, this is not done by means of standardized mass emails, but rather with individual information and messages tailored to the respective person.
Personalization is key
The age of general newsletters is a thing of the past. By now, consumers are used to receiving personalized, relevant information. This is true both for the private area of Facebook, Amazon and others, as well as the professional area of platforms such as LinkedIn or Xing.
And when addressing one’s own talent, individual communication that is tailored to them is essential. After all, it’s all about establishing a relationship and standing out as a particularly attractive employer. This is only possible with information that is relevant and of interest to the respective recipient. The good news is that by now, the majority of TRM systems support a corresponding segmentation of their talent. It is possible to address each desired target group (e.g. accountants, sales staff, Java developers, etc.) individually, and send them customized messages.
WhatsApp is the new email
Global mega-trends do not stop for talent: communication and internet use are becoming ever more mobile. Anyone who believes email is still the most important channel of communication is this day and age is seriously mistaken.
When communicating with talent and applicants, it is worth selecting the right channel. What good is the best personal message if it gets lost in an inbox full of emails that are barely read? When candidates are given the choice, today up to 60% opt for contact via WhatsApp or text message. And this tendency is on the rise. This is why more and more TRM systems are enabling the easy use of alternative channels of communication.
Individuality instead of international
While just a few years ago, salary, prospects for promotion and company size were seen as the decisive criteria for the selection of a position, today individuality, flexibility and work-life balance play a much stronger role.
This is why when dealing with talent, it is of even greater importance to show the personal, individual side of a company. Looking for technicians? How about this: invite your talented technician candidates to an open day in your technical department. Want to inspire prospective managers? Then simply raffle off an evening with your CFO or director. The more personal and individual, the better.
Would you like to find out how TRM systems are used in practice by companies of varying sizes and from a diverse range of industries? Simply contact us for a non-binding online demo!