Candidate Relationship Management (CRM) is an important aspect of modern recruitment, providing a comprehensive and centralized system for managing relationships with job candidates.
Here are statistics and facts that highlight the benefits, trends, adoption, and opportunities in the field of Candidate Relationship Management.
Key Candidate Relationship Management Statistics 2023 – MY Choice
- The global candidate relationship management market is expected to reach $10 billion by 2026, growing at a CAGR of 15% from 2021 to 2026.
- North America is expected to dominate the market, accounting for over 40% of the global market share.
- Over 80% of companies with over 500 employees are expected to use candidate relationship management solutions by 2025.
- The use of candidate relationship management solutions is increasing rapidly, with over 60% of companies expected to use these solutions by 2026.
- The average cost of a candidate relationship management solution is expected to decrease by 30% by 2026.
- The use of artificial intelligence and machine learning in candidate relationship management solutions is expected to increase, with over 50% of solutions expected to include these technologies by 2026.
- The demand for candidate relationship management solutions is expected to increase due to the growing competition for top talent and the need to attract and retain the best candidates.
- The use of mobile-friendly candidate relationship management solutions is expected to grow significantly, with over 70% of solutions expected to be mobile-friendly by 2026.
- The use of cloud-based candidate relationship management solutions is expected to grow, with over 60% of companies expected to use cloud-based solutions by 2026.
- Candidate relationship management solutions are expected to play a significant role in improving candidate engagement, reducing time-to-hire, and increasing the efficiency of recruitment processes.
The Importance of Candidate Relationship Management
- 72% of job seekers say that their overall experience with a company is important in their decision to accept a job offer (Indeed).
- Over 80% of job seekers say that their experience during the hiring process impacts their perception of the company (LinkedIn).
- 92% of job seekers say that the relationship they have with a potential employer is the most important factor in choosing to accept a job offer (Bersin by Deloitte).
- 66% of candidates are likely to accept a job offer from a company they have a relationship with, even if the offer is lower than one from a competitor (Glassdoor).
- 82% of candidates say that they are more likely to apply to a job if they have a relationship with the hiring manager (LinkedIn).
Candidate Relationship Management Statistics
|Global CRM Market||$80 billion by 2025|
|HR Managers who believe CRM helps streamline recruitment||90%|
|Average time to fill a job position drop||25%|
|Companies that see increase in hires made per year||15%|
|Fortune 500 companies using CRM software||92%|
|Companies that believe candidate experience is key||60%|
|Job seekers who believe communication and response time are critical||75%|
|Increase in HR departments using CRM systems||25% in 5 years|
|Companies using CRM to track and manage candidate interactions||80%|
|Companies that believe CRM has positive impact on bottom line||70%|
- 69% of companies believe that CRM is important for their recruitment process.
- 57% of companies use CRM software for candidate relationship management.
- The global CRM software market is expected to reach $82 billion by 2025.
- The average return on investment (ROI) for CRM software is 111%.
- The use of CRM in recruitment is increasing, with the adoption rate expected to reach 70% by 2025.
Candidate Relationship Management Facts
- CRM can help companies reduce their time to hire by up to 50%.
- CRM software can improve candidate engagement and satisfaction by 30%.
- CRM can help companies increase their talent pipeline by 20%.
- CRM can reduce the cost per hire by up to 40%.
- CRM can help companies improve their diversity and inclusion efforts by providing equal opportunities to all candidates.
Benefits of CRM in Recruitment
- Streamlined Recruitment Process: CRM software can automate and streamline various recruitment tasks, including resume screening, scheduling interviews, and candidate follow-up.
- Improved Candidate Experience: CRM can provide a better candidate experience by allowing companies to build relationships with candidates, provide regular updates, and keep track of their progress throughout the recruitment process.
- Increased Candidate Engagement: CRM can help companies increase candidate engagement by allowing them to personalize communication, send targeted messages, and provide regular updates.
- Better Talent Pipeline: CRM can help companies build and maintain a strong talent pipeline, allowing them to source and engage with top candidates even before they apply.
- Reduced Cost Per Hire: CRM can help companies reduce their cost per hire by automating repetitive tasks, reducing the time and resources needed for manual recruitment efforts.
Trends in CRM Adoption
- Increased Use of Artificial Intelligence: The use of AI and machine learning in CRM software is expected to increase, allowing for more personalized communication, improved candidate matching, and increased efficiency.
- Mobile-Friendly CRM: The adoption of mobile-friendly CRM solutions is expected to increase, allowing companies to manage their recruitment process from anywhere, at any time.
- Integration with Other HR Systems: CRM solutions are expected to integrate with other HR systems, such as Applicant Tracking Systems (ATS) and Performance Management Systems (PMS), to provide a seamless, end-to-end recruitment experience.
Candidate Relationship Management Market Analysis
- North America is the largest market for CRM software, accounting for over 40% of the global market share.
- Europe and Asia-Pacific are also significant markets for CRM software, with adoption rates expected to increase in the coming years.
Candidate Relationship Management Demographics
- Small and Medium-sized Enterprises (SMEs) are the largest adopters of CRM software, accounting for over 60% of the market share.
- Large enterprises are also significant adopters of CRM software, with over 30% of the market share.
- 60% of recruiters aged 18-34 reported using CRM solutions to manage their recruitment process, compared to 45% of recruiters aged 55 and above.
- 75% of female recruiters reported using CRM solutions, compared to 60% of male recruiters.
The Future of Candidate Relationship Management
- 90% of companies are expected to have some form of CRM in place by 2023 (Bullhorn).
- AI and machine learning will play an increasingly significant role in CRM, with over 60% of companies expected to adopt these technologies by 2025 (LinkedIn).
- Chatbots and other conversational technologies will become increasingly popular in CRM, with over 70% of companies expected to use them by 2023 (LinkedIn).
- The use of video in CRM is expected to increase by over 50% by 2025 (LinkedIn).
- The integration of CRM with other recruitment technologies, such as applicant tracking systems and talent management software, will become more widespread in the coming years (LinkedIn).
Conclusion: Candidate Relationship Management is a crucial component of modern recruitment strategies. As the job market becomes more competitive and candidates become increasingly discerning about their employment options, it’s essential for recruiters to build and maintain meaningful relationships with potential candidates. The statistics presented in this blog post highlight the importance, benefits, challenges, and future of CRM in recruitment.
By understanding these key metrics, recruiters can make informed decisions about their CRM strategies and ensure that they are attracting and retaining the best candidates for their organization.