Sourcing talent is a crucial component of any candidate acquisition strategy – according to a Recruiting Benchmarks report from Lever, sourced candidates have a much lower applicant-to-hire ratio (1:72) when compared to traditional applicants (1:152). The data of over 4 million candidates and 1,000 companies were analyzed over the course of 1 year, so the results are quite dependable.
A low applicant-to-hire ratio is an important recruitment metric for any HR manager to pay attention to. Slow hiring damages your company in the long run, as you’ll lose out on revenue and productivity when vacancies are open for too long. If you are ready to build your talent source strategy and generate a steady stream of highly-qualified applicants, read on for our top tips.
What Is Talent Sourcing?
At its core, talent sourcing is the process of finding, analyzing, and engaging with potential candidates with the end goal of converting them into applicants.
Talent Sourcing vs. Recruitment
There is a symbiotic relationship between talent sourcing and recruiting – they depend on each other but are not exactly the same. Talent sourcing aims to convert passive talent into applicants, whereas, with recruitment, it is necessary to convert applicants into employees. Think of talent sourcing as the launching pad of the recruitment process and a way of building a noteworthy talent pipeline.
Typically, recruiters will source talent for assigned vacancies through many sources, including job boards, LinkedIn, and social media platforms. The recruiting process is handled from end-to-end by recruiters, and they collaborate with talent sourcing representatives as needed.
A talent sourcer, on the other hand, works closely with hiring managers and recruiters in order to generate leaders for assigned requisitions. Sourcers have the objective of searching for talent and building interest in vacant positions. Talent Sourcing vs. Recruitment
The Talent Sourcing Process
Every company should create a sourcing process that is custom-tailored to their own needs. However, in general, there are five main steps to the talent sourcing process.
Step 1: Plan
When you begin talent sourcing, you must establish a clear plan to help you hone your focus in on areas where many desirable candidates can be found.
Step 2: Source
After you have put a talent sourcing plan into motion, it’s time for you to identify potential candidates and engage with them.
Step 3: Assess
After generating a pool of talented applicants, analyze the makeup of the pool. Identify the candidates who are best suited for the job requisition and who are also aligned to the company’s values and brand.
Step 4: Hire
After interviewing the most suitable candidates, you will extend a job offer to the top one, negotiate their employee contract’s details, and hire them on.
Step 5: Onboarding
This is the last step of the talent sourcing process, which facilitates the introduction of the employee into the company and ensures maximum productivity during the transitionary period.
Talent Sourcing Tips
In order to develop an efficient talent sourcing strategy, you must have a good eye for details. Here are some tips to help you along the way:
Identify talented candidates based on your company’s growth needs. For sourcing talent to be the most effective, you shouldn’t just find candidates who are great at their existing jobs. You must find ones who are compatible with your company’s culture and needs.
Keep your needs in mind while writing a job description. One of the simplest ways to find talent that is congruent with your organizations’ needs is to write job descriptions that are transparent. Explain what qualities you are looking for in an ideal candidate.
Create a profile for your ideal candidate. In this profile, answer how much work experience the candidate should have, what skills are required vs. preferable, what the salary range should be, any desired personality traits, and any other relevant details.
Take advantage of the best talent source platforms. Once you have developed a profile, you can focus on specific job platforms – but, for this, you’ll need to have a good understanding of where your desired talent candidates are concentrated.
Engage with your leads. Create a strategy on how you will interact with potential candidates. Make sure to personalize the messages that you send out to your leads. If you send one initial personalized email with two follow-ups, your chances of receiving a response will be maximized.
Respect your candidates’ time. When you first contact a prospective candidate, do not solicit an application or a resume! Your goal should simply be to set up a phone call to discuss the position. After the call, you can encourage the candidate to apply.
Take passive leads into consideration. When you source talent, keep in mind that it is a long-term strategy. You need to communicate with passive leads at least twice a year and keep them up to date on the company’s progress.
Don’t be afraid to change things up. Analyze your existing strategy and make adjustments.
If you incorporate the tips listed above, you are well on your way to developing an excellent talent sourcing strategy and bringing the best candidates into your talent pool. Follow our blog for more tips on how to cultivate a steady stream of top-tier, engaged candidates.