When it comes to finding the right employee, a good candidate sourcing strategy is key. This is especially true in today’s candidate-driven market, where jobs are abundant and top-tier talents are often scarce. In fact, according to Goldman Sachs’ survey, 90% of businesses are finding it difficult to find qualified candidates for their vacant positions. Further, a study by Korn Ferry predicted that 85 million jobs could go unfilled by 2030 due to growing talent shortages. With such tight labor market conditions, companies need to up their game to stay ahead in the race for top talent.
What is a sourcing strategy?
Candidate sourcing is the process of identifying, attracting, and engaging potential job candidates for open positions within an organization. It involves using various recruitment methods, such as job boards, social media, employee referrals, and direct outreach, to build a pool of qualified candidates who may be a good fit for the job. Effective candidate sourcing is crucial for any organization looking to hire top talents, as it ensures that the recruitment process is efficient, cost-effective, and targeted.
Why is it important to have a sourcing strategy?
Statistics show that 62% of recruiters find more high-quality candidates through sourcing than inbound applications. This is because sourcing allows you to tap into the passive talent pool and establish connections with high-quality candidates that otherwise may not be accessible using traditional methods. By building relationships with these “hidden” candidates and developing trust over time, you can position your company as an attractive workplace and create a foundation for future growth. Consequently, it provides you with an opportunity to fill your funnel with more high-quality leads and improve your overall hiring process.
7 tips for an effective sourcing strategy
To set yourself up for success, it’s important to develop an effective strategy for finding the right candidates for your job openings. Here are seven essential tips to follow when building your sourcing strategy.
1. Create your candidate’s personas
Just like you create your buyer personas for your customers, you need to create a detailed profile of your ideal candidate. Candidate personas are representations of your target job seekers based on their current or desired qualifications, experiences, and interests. This allows you to target your search and identify the most relevant candidates in your talent pipeline.
Creating a candidate persona involves analyzing the role's requirements and preferences carefully. Then, determine key attributes that define the ideal candidate for the job. These should include factors such as skills, personality traits, employment history, educational background, career goals, and relevant demographic information. Your candidate persona will help you determine the right channel, message, and strategy to engage with them. Consequently, it gives your sourcing efforts a clear direction and improves your overall results.
2. Consider the internal talent pool
Sourcing doesn’t always mean you need to look outside your organization to find the right talent. Often, some of the best candidates are hiding in plain sight. This is especially true for current employees who have been with the organization for a long time and know the business inside and out. People who are happy in their jobs tend to perform better and stay longer in the company. LinkedIn reinforces this in its Global Talent Trends 2020 report, revealing that employees are 41% more likely to stay at companies that regularly hire from within.
Start by reviewing employee data to determine potential hidden gems among your existing workforce. You can identify top talent by looking at factors such as career progression, recognition, and other achievements within your organization. Once you have a list of potential candidates, reach out to them if they would be interested in hearing about an open position in your organization. Candidates who are already engaged in your company tend to be more inclined to accept a new role with the business, accelerating the hiring process.
3. Source talents from your hiring platform
If you are using our recruitment software it will contain a wealth of information about your current and previous hires. The profiles of candidates who applied in the past can serve as a starting point to source candidates for a similar job opening. Typically, an average corporate job opening receives 250 applications. Of these applicants, only one will land the job, leaving 249 unsuccessful yet interested candidates you can use for future opportunities. Take advantage of this information by turning your existing applicant database into a source of high-quality candidates for your next recruitment drive.
Leverage your team’s past recruitment efforts by identifying candidates that have been previously rejected for a job opening but are still highly qualified for the position. While these candidates may have previously been deemed unfit for the position, they may be a great fit for a role with another department or in a new capacity within the business. Re-engage with these candidates to see if they are interested in pursuing another opportunity in the organization.
4. Use sourcing channels where your ideal candidates “hang out”
Most companies have a go-to source of talent through which they consistently fill open positions. According to a survey, 52% of recruiters use their own professional network as their primary source for finding qualified candidates and around 28% use LinkedIn. While these channels are a good place to start, you can broaden your reach and extend your talent pool further.
The best way to do this is by building a list of sourcing channels where your ideal candidates are likely to hang out and engage with your brand. Depending on your industry, these channels could be places like online communities or niche job sites frequented by your target candidates. This approach will make it easier for you to connect with your target audience and get in front of a more qualified pool of candidates.
5. Source for candidates that could fill future roles
Sourcing is not just about getting in front of your next hire right now. You should also have your eyes open for potential candidates who could fit well with your business in the future. These future hires can be a great source of quality talent that will save you time and effort in the long run when you need to fill a position quickly or when you’re going through a period of rapid expansion.
You can start by taking a look at your organization’s growth plans. Based on this, you can identify positions with a high likelihood of coming up in the future and build a pool of qualified people for these roles now. Then, you can tap into this talent pool when you need them the most so you can avoid having to start from scratch when you’re looking to fill your job openings.
6. Tailor your outreach messages for sourcing candidates
No matter how good your sourcing strategy is, it won’t bear fruit unless you’re actually able to connect with your candidates in a meaningful way. This means you’ll need to craft a targeted message that attracts their attention and encourages them to take action on the opportunity you presented. When it comes to crafting effective outreach messages, understanding your audience’s needs is key. Use this information to develop a message that speaks directly to their needs and resonates with them on an emotional level.
Tailored messages can go a long way in boosting candidate experience and building a positive brand image. This makes it easier for candidates to trust your brand and make the first step toward becoming part of your organization. Your outreach should paint a brief picture of the role and the company and how you think the candidate could contribute to the organization. If you don’t hear back from the initial contact, you can send a follow-up message to check in and see if they have additional questions or concerns about the role.
7. Use the right tool
Sourcing involves generating a lot of leads from multiple sources and analyzing each one to determine which candidates are a good fit for the company. This process can be tedious and time-consuming if you don’t have the right tools to manage it effectively. In fact, Entelo’s 2018 Recruitment Trends Report revealed that nearly 1/3 of recruiters’ workweek is spent on sourcing candidates for a single position. Further, almost one in three respondents said they spent over 20 hours.
As you can imagine, this can put a serious strain on the recruitment team’s time and productivity. Fortunately, you don’t have to go through this ordeal alone. Using user-friendly end-to-end recruitment platforms like Jobylon, you can eliminate the hassle of manually managing every step of the hiring process. Consequently, your team will be able to focus on key processes while allowing you to get better results with a fraction of the time and effort.