Recruitment: how to prepare for economic recovery with Candidate Relationship Management?
Uncertain economic situation and recruitment challenges: what should we keep in mind?
In 2023, Fosway conducted an international study (mainly in Europe and the USA), "HR Realities Research", which takes a full look at the HR world today. The report focuses on the link between the economy and strategic recruitment choices, and more specifically on the role of CRM in this complex ecosystem. For more details, please consult :
👉 The Fosway study report: Adapting to skills shortages: the power of CRM in economic turbulence
👉 The webinar Fosway / CleverConnect: The Role of CRM Amid Economic Challenges
For Fosway, the situation is clear: “Organizations are competing for the best talent against a background of a shortage of qualified candidates”. For these experts, this is a predominant problem for organizations. "Skills availability" ops the list of business challenges mentioned in the study. It is a major challenge for 73% of companies, a rate which exceeds that of overall profitability (64%), agility (50%), cost reduction (38%) and customer satisfaction (36%).
Without qualified employees, the risk is high for companies of all sizes and in all sectors. Recruitment and performance are becoming increasingly correlated.
Today, Europe faces a triple challenge:
- quickly recruit quality profiles at a time when the talent shortage is already well established
- dealing with a labor market impacted by a slowing economy, shuffling the deck in terms of talent acquisition
- ensure that each new employee recruited is loyal and stays with the company for a long time, or risk having to initiate a new recruitment process.
"Traditional "post and pray" recruitment, consisting mainly of posting job vacancies on a platform and hoping to receive relevant applications, is less and less suited to today's market" explains Fosway.
Proactive recruitment: strategies that must be put in place to cope with economic tensions
We need to stop waiting for the right candidates to come along. This approach no longer works, or in any case is no longer sufficient. We need to look even further ahead than the positions to be filled at the moment, and prepare for future recruitment.
This approach maximizes your chances of reaching more qualified candidates, including the almost inexhaustible source of passive candidates. These profiles, who are not actively seeking employment, may be open to the opportunities you offer. Under certain conditions, however.
Being proactive also means multiplying the number of sourcing channels you use, so that you're sure to reach nearly 100% of candidates, wherever they are.
The economic crisis is the right time to prepare for the recovery, because it's when the economy picks up again and you're recruiting even more, that you'll have the benefit of a complete talent pool that can be activated effortlessly. And this talent pool takes time to build up. Of course, it can go faster if you use the right tactics and tools to help you.
Candidate Relationship Management (CRM): tomorrow's recruitment strategy?
"Organizations that have been using CRM for a number of years now are able to access different sources of potential candidates. For many of them, proactive recruitment is a miracle cure", says Fosway. And not for nothing.
Candidate Relationship Management, also known as CRM, takes the relationship between candidates and recruiters/organizations to the next level. Using marketing-inspired techniques, recruitment experts make contact with potential candidates and build real relationships with them to generate preference in terms of employer brand.
👉 Discover our platform, made to create the perfect environment to speed up your Talent Acquisition strategy
