How can you measure the effectiveness of your talent sourcing?

1 Quality of hire

Quality of hire is the ultimate measure of how well your talent sourcing aligns with your organizational goals and values. It reflects the impact of your new hires on your business outcomes, such as productivity, retention, performance, and culture fit. To measure quality of hire, you need to define the criteria and indicators that matter most for your organization, such as skills, competencies, feedback, engagement, and turnover. You also need to collect data from multiple sources, such as hiring managers, employees, customers, and HR systems, and analyze it over time to track trends and patterns.

3 Sourcing channel effectiveness

Sourcing channel effectiveness is the measure of how well your different sourcing channels, such as job boards, social media, referrals, or events, contribute to your talent pipeline and hiring goals. It reflects the quality and quantity of candidates that each channel generates, as well as the cost and effort involved. To measure sourcing channel effectiveness, you need to track the source of each candidate, as well as the conversion rates, hire rates, and cost per hire of each channel. You also need to optimize your sourcing mix and budget based on the performance and ROI of each channel.

4 Diversity and inclusion

Diversity and inclusion is the measure of how well your talent sourcing reflects and supports your commitment to building a diverse and inclusive workforce. It reflects the representation and participation of different groups and identities in your talent pool and hiring process, such as gender, race, ethnicity, age, disability, or sexual orientation. To measure diversity and inclusion, you need to collect and analyze data on the demographics and characteristics of your candidates, as well as the hiring decisions and outcomes. You also need to ensure that your sourcing practices are fair, unbiased, and inclusive, and that you address any gaps or barriers that affect your diversity goals.

5 Candidate experience

Candidate experience is the measure of how well your talent sourcing engages and satisfies your potential candidates throughout their journey with your organization. It reflects the perception and impression that your candidates have of your employer brand, culture, and values, as well as the communication and interaction that they receive from your recruiters and hiring managers. To measure candidate experience, you need to solicit and analyze feedback from your candidates, such as surveys, reviews, or ratings, at different touchpoints of the hiring process. You also need to monitor and improve your candidate satisfaction, responsiveness, and retention rates.

6 Sourcing analytics

Sourcing analytics is the method of using data and insights to measure and improve your talent sourcing. It involves collecting, organizing, and visualizing data from various sources, such as your applicant tracking system, your CRM, your social media, or your web analytics, and using it to inform your sourcing decisions and actions. To use sourcing analytics, you need to define your sourcing goals and metrics, and align them with your business objectives and challenges. You also need to use the right tools and techniques to analyze and interpret your data, and to communicate and report your findings and recommendations.