How do you track the ROI of global sourcing?

2 Use the right tools and systems

To track the ROI of global sourcing, you need to have the right tools and systems in place to collect, analyze, and report data. For example, you can use a global applicant tracking system (ATS) that can handle multiple languages, currencies, and regulations. You can also use a global sourcing platform that can help you find and contact candidates from different sources, such as social media, job boards, or referrals. Additionally, you can use a global analytics dashboard that can help you visualize and communicate your global sourcing performance to your stakeholders.

3 Evaluate your sourcing channels and methods

Another way to track the ROI of global sourcing is to evaluate the effectiveness and efficiency of your sourcing channels and methods. For example, you can use metrics such as the source of hire, the conversion rate, or the candidate satisfaction to assess how well each channel or method is delivering qualified candidates. You can also use metrics such as the cost per source, the time per source, or the effort per source to assess how much resources you are spending on each channel or method. By evaluating your sourcing channels and methods, you can identify the best practices and optimize your global sourcing strategy.

5 Adjust and improve your global sourcing strategy

Finally, to track the ROI of global sourcing, you need to be flexible and adaptable to changing market conditions, candidate expectations, and business needs. You need to regularly review your global sourcing goals, metrics, tools, systems, channels, methods, and candidates' experience and feedback. You need to identify the gaps, challenges, and opportunities for improvement. You need to test new ideas, experiment with different approaches, and learn from your successes and failures. By adjusting and improving your global sourcing strategy, you can maximize your ROI and achieve your talent acquisition objectives.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?