Talent Relationship Management Process

In the current competitive scenario, it is imperative for organizations to build and maintain strong ties with talent. Organizational evolutionary practices are shifting from an existing hiring process to an effective Talent Relationship Management (TRM).

This intends to cultivate relationships with future, current, and past employees to create sustainable talent pipelines and drive long-term growth. An ideal TRM program ensures businesses attract, engage, and retain top talent efficiently while aligning workforce goals with business needs.

In this article, let's find 7 steps to implement a highly effective TRM process, helping companies develop meaningful relationships, improve recruitment strategies, and provide a phenomenal employee experience.

What is talent relationship management?

Talent Relationship Management (TRM) is a more strategic approach to building and maintaining long-term relations with employees. As opposed to general traditional talent acquisition, TRM nurtures talent throughout the journey with an organization so that the employee stays engaged, trusted, and committed.

Talent Relationship Management uses tools, processes, and technologies to create communication channels and personalized experiences for job seekers and passive talent. By creating meaningful relationships, it helps companies reduce hiring time, cost-per-hire and improve retention. 

Why is Talent Relationship Management Important for Organizations?

Talent Relationship Management (TRM) efficiently attracts, engages, and retains talent in a highly competitive job market. It is not about filling a role; it's a long-term relationship management approach that contributes to building a sustainable talent pipeline.

A well-laid TRM plan: 

• Keeps organizations connected to the best candidates during a fast-changing business scenario.
• Helps companies nurture passive talents that offer steady opportunities when needed anywhere in the organization.
• Improves the experience of candidates and employees through personalized communication.
• Builds trust and loyalty among the workforce. 
• Breeds better employer branding, retention, and a strong workforce prepared for future business challenges.
• Aligns demand and supply to keep the business agile, competitive, and ready for the future.

Benefits of Talent Relationship Management

Here are some significant advantages that TRM offers:

• Stronger Talent Pipeline: A TRM helps organizations build and maintain a qualified talent pipeline, offering access to top talent when recruitment opens.
• Enhanced Candidate Experience: Personalized communication and engagement during the recruitment cycle help create a positive candidate experience, boosting the employer brand.
• Improves Quality of Hires: TRM offers more time and opportunities to identify and engage with high-potential applicants, translating into better hiring decisions.
• Reduced Time and Cost to Hire: A ready-to-access talent pool ensures shorter hiring cycles, lower recruitment costs, and efficiency across processes.
• Increased Employee Retention: TRM creates strong bonds with employees by focusing on relationship building, providing better engagement and retention.

Talent Relationship Management Process

Here are the crucial steps that companies can adopt to create a talent relationship management process:

1. Identify Talent Needs

The first step in creating a talent relationship management process is to understand the company's overall current and future talent requirements. Work closely with leaders and managers to identify skills gaps, workforce demands, and organizational goals. By conducting a thorough skills gaps analysis, the existence and lack of necessary skills can be identified to work further on mapping and talent development.

‍2. Sourcing

The next step is to bring a strong sourcing pipeline. This can be done by creating a talent pipeline that requires both active and passive candidates proactively. Companies can use job boards, referrals, and networking events to attract candidates. Businesses can also connect and engage with alumni networks and talent communities to source candidates with high potential.

3. Assess Candidates

A correctly done candidate assessment goes a long way to ensure that the organization gets the top talent. In this situation, skills assessments, automated video interviews, and behavioral evaluations help assess candidates' capabilities. Organizations should also align candidates' skills with job-specific requirements. AI-supported skills assessment, like the one offered by iMocha, can be used to ensure fairness and accuracy.

4. Onboarding

Smooth onboarding enhances employee engagement and allows new individuals to settle down quickly. Organizations should offer a structured onboarding program with clear expectations and resources. Offering mentoring and training can help accelerate adaptation tremendously. Companies should also gather feedback frequently to improve the entire onboarding process.

5. Develop and Grow Talent

The TRM journey doesn't stop at talent acquisition. Companies must provide employees with adequate growth opportunities to nurture and retain them. Internal talent development can be supported by offering career pathing opportunities, training programs, skills development workshops, and certification courses. Integrate career development plans to align employees' capabilities with overall company goals. Encourage upskilling and reskilling for future needs.

6. Retain Talent

Engaging top talent, recognizing their skills and achievements, and providing growth opportunities are some of the best ways to retain talent. Recognize and reward high-performing workers to sustain their motivation. Create a positive workplace culture conducive to work-life balance and mental well-being. Provide continuous feedback, performance reviews, and mentoring programs to retain the best employees.

‍7. Measure and Optimize TRM Strategy

Lastly, continuous measuring and improving the TRM process ensures effectiveness. For this, periodically monitor key metrics, such as time-to-hire, candidate engagement, and employee retention rates. According to the analysis, determine the TRM strategy's Return On Investment (ROI). Optimize the process based on insights from the data to increase results and maintain agility.

Conclusion

Implementing an effective Talent Relationship Management process ensures that the organization is ready to deal with future changes with developed and engaged skilled employees. The steps mentioned above can be used to create an effective TRM strategy. In this situation, iMocha can easily assist with managing the TRM strategy.

The AI-powered skills intelligence platform provides skills assessments, analytics, and gap analysis, allowing organizations to identify, develop, and retain top talents. iMocha streamlines recruitment and helps create a clear pathway for employees, ensuring that the TRM strategy aligns well with the organizational goals.

FAQs

How can TRM support long-term workforce planning?

Talent relationship management helps identify skills gaps, forecast talent requirements and build a pipeline of skilled professionals. It helps support long-term workforce planning by ensuring the right talent is available for the company's future business requirements.

What tools are used for managing talent relationships?

A variety of tools can help with talent relationships, such as iMocha, CRM, and ATS tools that allow candidate sourcing, skill assessment, and nurturing during the lifecycle of the candidate.

How does TRM help with internal talent mobility?

TRM helps assess employees' skills, track their development, and help establish growth opportunities. It helps with internal mobility by aligning employees' strengths to the available role, improving retention and fulfilling organizational needs efficiently.