Insights

Going Beyond Applicant Tracking: Talent Relationship Management (TRM)

Posted by Reed Flesher

In 2014, Thrive coined the term ‘TRM platform’ to address the gap that existed between between commercially viable software options and the talent relationship management process. Prior to the development of the TRM platform, firms would develop their own platforms, which tend to be expensive and limiting, or they’d used a variety of ATS/CRM systems, which can be dated, difficult to use, and inefficient.

A TRM platform is meant to fold the best elements of applicant tracking and relationship management into a single system. A TRM system goes further than simply tracking the hiring process. It enables recruiters and team builders to deeply connect candidates with search teams and other stakeholders. This is accomplished with real-time search industry collaboration tools such as activity tracking, candidate prioritization, and live communication.

The focus of a talent management system is to cultivate and nurture a relationship with potential candidates and build a healthy talent pipeline in the process. While applicant tracking systems may limit functionality to the sourcing and short-listing of prospective candidates, talent relationship management systems have considerably more functionality and handle a broader spectrum of recruiting processes. A good TRM allows you to segment your talent pool into specialized groups to facilitate matching candidates with whom you already have a relationship to new positions as the need arises. Thus, TRMs generally aid in deepening your talent pool considerably over time.

The TRM platform offers a new approach that upgrades user experience and improves the way hiring teams and others manage talent networks. It’s a completely automated, collaborative client reporting process that brings recruiters, and frankly anyone in the business of talent management, access to better hiring intelligence. In particular, we’ve noticed our clients tend to fall into one of three categories:

Search Firms
A TRM platform allows search firms to spend less time managing a database and more time advising the hiring team.

VC/PE Firms
For VC and PE firms, a TRM helps connect candidates across portfolio companies and build teams faster.

In-house Recruiters
Legacy ATS platforms just aren’t cutting it for high-level management searches. A TRM solves for this.

While there are many recruiting solutions on the marketing today, their capabilities and features vary widely. Some of the most highly variable factors include: ease of use, scalability, integration capability, and network shareability. When comparing talent relationship management platforms, these are a few key attributes to focus on:

  • Process efficiencies: Implementing a TRM should not have to be like reinventing the wheel. Rather, when choosing an talent relationship management system, it is wise to look for one that will work well with your established recruiting, hiring, and onboarding process. Your TRM should be a centralized point for job requisitions, tracking, management of employee referrals and transfer programs, and onboarding initiatives.
  • Scalability: Ideally, your TRM platform should allow for your future growth as an organization. It should facilitate high-volume recruiting in a cost-effective way when needed.
  • Robust reporting capabilities: A state-of-the-art TRM will serve as much more than a simple repository for your active applications. It should include analytics and reporting features that give you a global view of your talent pool in real-time.
  • Collaboration tools: Those involved in hiring decisions should be able to collaborate and quickly come up to speed on every candidate when needed. Your TRM should also facilitate communication with candidates, leading to a better candidate experience and higher levels of engagement.

Additionally, your TRM should be mobile-ready, should integrate well with your website and social media platforms such as LinkedIn and Github, and should simplify your current recruiting process.

Thrive TRM is a talent management system with functionality that goes beyond a typical ATS to document and track the entire hiring process with greater effectiveness. To explore all that ThriveTRM can do to enhance your talent management strategies, schedule a demo today.

Guide to CRM, ATS, TRM Software