For the first time in its history, a highly specialized niche pharmaceutical company was launching a new drug, requiring approximately 200 hires within a four month time frame.
Early due diligence uncovered approximately 1,200 candidates who possessed the needed skill sets for the open positions. Hiring 200 of the 1,200 would mean capturing 17% of total talent base.
The company had no prior presence in the new sector it was entering, plus it was a relatively small player in the pharmaceutical arena. Without a robust employment brand to leverage, many of the most desirable candidates didn’t want to take the gamble on a smaller company. When approached, they said “no” immediately.
Adding to these challenges, there was no existing pipeline of candidates. Plus, 95% of the target candidates were currently employed and more than 50% of target candidates were employed by two competitive companies that were actively blocking recruiting efforts.
A strong recruiting campaign with a day and night focus by Recruiting and Management combined with an onslaught of referrals enabled us to make the 200 new hires meeting our goals.
Yet, another storm was brewing.
The recruiting team was very concerned because the company was planning to release another comparative drug in just another four months requiring 100 additional hires; and this one would require the same skill sets and experience. These additional hires were also expected to come from the same talent pool that just said no.
As a result, our largest question was, “Should we recommend to the business that they shoot for less experience to “realistically” meet the new objective”?
Instead, we opted to fully engage our Candidate Relationship Management tool – HireGate – which is an integral part of our talent acquisition management platform. Working closely with the company’s Marketing Department, we created a compelling candidate campaign and ran it consistently leading up to the new launch.
As a direct result of this strategic campaign, 25% of the new hires for the new drug were the candidates who had previously said no.
Beyond reaching the hiring requirements, building the candidate relationship program supplied additional values including:
- Helped fine tune the employee value proposition
- Created a collaborative environment between Human Resources and the company’s marketing team
- Strengthened relationships with business Leaders by incorporating their ideas into the CRM campaigns
- Created significant engagement with the target market of skilled prospective candidates
When talent is sparse and demand is high, executing well planned CRM is not only the best practice but quite possibly the only practice. Effective CRM ensures that you are obtaining the right talent today and tomorrow.