We may live in a fast-paced world of emails, texts, and social media. However, regardless of the type of communication, what holds true is the importance of building and sustaining relationships. To succeed, companies can no longer rely on the quality of their products and services alone. They must prioritise developing and promoting meaningful relationships with customers, partners, employees, and stakeholders. Research has shown that customer-centric companies tend to be 60% more profitable and almost all (90%) compete based on customer experience.
Chelsea Rosario – Pontoon’s Global Head of Customer Experience
In this article, we will explore why relationship management is important and how it can drive growth, innovation, and long-term sustainability for successful talent outcomes.
Transparency and trust are the core of successful business relationships. Trust forms the foundation for all interactions, transactions, and collaborations. Trust is earned through consistent and reliable interactions and integrity in your business dealings.
“Building trust is critical for any business. Casting the web wide – by which I mean building relationships and trust with a wide range of stakeholders – is also mission critical.” – Karin Selfors-Thomann, Pontoon’s Global Segment Head for Consumer Products, Life Sciences, and Industrials
This includes managing relationships with talent. Effective relationship management fosters a positive work environment and drives employee engagement. Businesses with highly engaged teams show 21% greater profitability. Building strong relationships with employees can significantly reduce turnover rates and improve performance. Employees who feel their voice is being heard are 4.6 times more likely to do their best work.
These external research findings align well with the results of Pontoon’s latest Global Workforce of the Future report that suggest beyond all doubt that long gone are the days when salary was the main retention tool. The prevailing trend underscores the importance of fostering strong collaboration and nurturing positive employee relationships. In today’s dynamic landscape, success in talent retention hinges on creating an environment that cultivates teamwork and meaningful connections with the workforce.
When it comes to talent strategy, success is not a static achievement but an ongoing journey. Striving for transparent and respectful relationships with clients is critical. Building these relationships involves getting an in-depth understanding of the challenges the customers and their candidates might be facing.
“The key to effective relationship management with our customers is to create a trust foundation early in a relationship so that both parties can be transparent and grow together as needs and expectations evolve. This creates the bedrock for exchange of information, acting in an advisory capacity as needed, and for Pontoon to provide expertise and knowledge to support the goals of the client.” – Anne Monaghan, Pontoon’s Portfolio Leader
At Pontoon, we advance transparent and open lines of communication to proactively address client concerns and fortify the foundation for successful talent acquisition. Our teams continuously listen to our customers’ feedback to ensure we improve their recruitment processes for better hiring manager and candidate experience. We implement AI-powered technologies and other solutions that save work hours and reduce email volumes for our clients.
For one of Pontoon’s customers, candidate feedback highlighted frustrations with multiple handoffs and siloed management of background checks, contract issuing, and payroll queries. To address this, we orchestrated a collaborative effort to streamline and automate the onboarding journey. The objective was to enhance both client and candidate experience. The approach involved key technological upgrades, a real-time support chatbot, interactive verification through video recording, and accurate client data reporting. Candidates benefited from a single point of contact for onboarding, background screening, contract management, extensions, and post-commencement care. The client experienced reduced onboarding times, improved Customer Experience scores, and a more efficient contingent labour hiring process.
Today’s talent market is dynamic and volatile. Strong relationships provide the flexibility and agility needed to adapt to these shifts. Staying aligned and building trust with customers, candidates, suppliers, and tech partners, allows business to pivot when necessary, and seize new opportunities as they arise.
Embracing the power of relationships not only paves the way for overall business success but is particularly instrumental in navigating the intricacies of talent management. By prioritising transparent and meaningful connections, businesses can cultivate the trust necessary to attract, retain, and develop top-tier talent.
At Pontoon, we always aspire to be our clients’ partners rather than just service providers. By researching company culture, industry nuances, and specific requirements for both contingent and permanent roles, we can offer personalised services tailored specifically to your business.
Ready to learn more? Do not hesitate to contact us.
