What to Think About When We Think About Sourcing?
Within the recruitment process, sourcing is known to be the act of proactively acquiring candidates with matching qualifications to fill in a position in a company instead of just looking through job applications that have been submitted.
What makes active sourcing more effective than passive sourcing?
Instead of waiting for candidates to submit job applications for vacant positions, you are in control of collecting talents that you deem are most qualified to be a part of your company. This includes those that didn’t submit a job application. Among other possible reasons, this could be because they didn’t engage with your employer branding and were therefore not interested in applying. Based on LinkedIn Hiring Statistics, 70% of the global workforce consist of passive talent which means they are not actively searching for jobs. Sourcing can help your company access and benefit this idle talent pool.
Other than allowing broader access to the talent pool, sourcing can also minimize the time to look for the right candidates. One of several ways is by implementing algorithms as a tool to vet and screen for the most suitable candidates for your company. The algorithm can filter candidates almost immediately thus, helping recruiters select a few most qualified people based on data, rather than tediously screening every applicant.
Most importantly, sourcing can help you locate and hire talents that would be more productive and efficient compared to their unsourced counterparts. Research conducted by lever.co shows that sourced candidates are at least two times more effective than candidates who applied. Further studies show that one in every 72 sourced candidates is hired compared to one in 152 candidates who applied. This statistic highlights that sourcing could help eliminate candidates with lackluster qualifications.
The importance of effective sourcing
Getting the right talents to work for your company is a crucial part of your business strategy that can determine your company’s future. It has a long-term impact on the company’s productivity, efficiency, and competency, especially as we continue ploughing through in turbulent times. Sourcing can be a way to ensure that you are hiring the best candidate. Below is an infographic on considering sourcing as part of your recruitment process.