For every 300 or more applicants, only five will be interviewed and only one will be hired. Increasing levels of unemployment are associated with increasing levels of passive application, resulting in a sea of uninterested and uninvested candidates. Implementing the best sourcing strategies in recruitment is an integral part of acquiring top talent.
It is important to note that recruiting and sourcing are not one and the same. Just as vendor management is part of procurement, sourcing is a part of recruitment - specifically, the first stage. Sourcing is the act of searching for candidates to fill either current positions or potential, future positions. Taking this first step requires thorough knowledge regarding what the position entails, specific metrics or qualifications to look for, and how to acquire top talent. This guide details various sourcing strategy examples to recruit the best and brightest in your industry.
1. Trust Referrals
This time-tested technique appears to be a no-brainer. HR professionals know the importance of professional networks when it comes to hiring. There is research to back it up: according to a 2020 Referral Statistics Report by LinkedIn, referred candidates are four times more likely to be hired, and 45% of these referred employees stay with the company for four years or more, leading to a higher return on time investment. Leveraging interpersonal connections saves a recruiter time, effort, and resources.
2. Consider Past Applicants
The runner-up candidates that did not quite make the cut for a previous position provide an opportunity. You told the prospect that you would keep them in mind for future opportunities, and now may the right time to deliver. You have already interviewed them, assessed their qualifications, and found them to be a near-perfect match. By starting with previously interviewed applicants, you are essentially starting three steps ahead.
3. Know Your Touchpoints
The Marketing Rule of three also applies to candidate sourcing. When connecting with leads via cold emailing or messaging, generate three touchpoints over the span of a month to motivate engagement. Building a relationship between the prospect, the recruiter, and the company increases the likelihood that they will apply to a position and enables the recruiter to gauge the personality and qualifications of the potential applicant.
4. Diversify Your Talent Acquisition Search
It is important to cultivate multiple channels of supply rather than clinging to one. In order to uncover the gems hidden in the rough, one needs to stray from the beaten path.
Not every applicant checks LinkedIn religiously. Individuals seeking employment opportunities on LinkedIn are most likely engaging in a passive application strategy, clicking “Easy Apply” on every opportunity listed in their search or suggested postings. Widen your search parameters to position-specific platforms, such as GitHub for developers or Behance for graphic designers.
Another method of diversification is to maintain a company recruiting database. While LinkedIn hosts passive applicants, individuals applying directly through the company website are more invested. For entry-level positions, try visiting college campuses that host department-specific recruitment events. This applicant pool is educated on the latest techniques and research, ambitious, seeking to prove themselves, and eager to work.
5. Do Not Rely on Resume Keywords
Keywords may have been a good method for quickly identifying the required qualifications. According to various recruiting intelligence websites, an estimated 10% of applicants use a resume writing service. Resume writing services embed keywords in their customer’s resumes designed to rank highly on Applicant Tracking Systems (ATS). In other words, your “top candidates” may not be the best qualified for the job, but rather the candidates who paid the most.
Relying solely on an ATS is inadvisable. Build an ideal candidate persona and review resumes, LinkedIn profiles, and social media to assess who is the best suited for a given position.
6. Hire Internally
Why bother combing through 300 resumes if the right applicant is right under your nose?
Up-skilling is an easy way to fill positions with qualified candidates while providing upward mobility to employees. Assess your current staff and analyze whose skill set could be best utilized elsewhere or developed into a different role
Work with a Talent Acquisition Specialist.
Hiring a third-party specialist is an easy way to outsource talent acquisition, saving you money while providing top-talent hires. HCMWorks is a workforce solution that provides HR advisory, talent pool management services, and talent acquisition services. To learn more about how HCMWorks sources quality candidates, talk to one of our experts.