How can you track sourcing metrics across multiple channels?

Sourcing metrics allow you to track how effective Your recruitment or talent team is being. Want to see how many candidates are applying to one style of advert rather than another or one kind of reach-out message? Measure it! This is usually done by integrating a dashboard through your IT system which can help break down short and long-term trends, the more options to utilise this to your specific needs the better.

Sourcing metrics are important because they can show the path to more great candidates (higher candidate quality) and save time. Many recruiters / talent acquisition partners are stretched very thin with a large workload. Tracking source of hire and adding something like retention or a productivity measure to it, can provide a great roadmap for duplicating those efforts. For example, let’s say tracking source shows that an employee referral tends to stay longer and be more productive. The recruiter would invest time promoting the referral program and asking for more referrals. Above is just one simple example. If you’re new to recruiting, start obsessively tracking your source of hire.

Like any successful business, you need to create KPI's and a gold standard of what needs to be achieved on a micro level so you can achieve what you need to on a macro level. Using metrics for your recruitment team needs to be the same whether it is part of an internal talent resourcing team or you're running a recruitment, consultancy knowing what the average is will help you gauge your underperformers. Seeing the top performer's metrics will enable you to pinpoint t what they are doing that others are not to raise the bar of what good looks like and can be.

Start by determining the key metrics that align with your recruiting goals. This could include sourcing channel effectiveness, cost per hire, time-to-fill, candidate quality, or diversity metrics. Create a centralized system, such as a spreadsheet or an applicant tracking system (ATS), to record and organize your sourcing data. Categorize your different sourcing channels, such as job boards, employee referrals, social media, or external agencies. Assign a unique identifier to each source for easy tracking. Consistently update your tracking system. Share your sourcing metrics and insights with relevant stakeholders to foster collaboration and continuous improvement.

The easiest way to do this is to use an ATS system. There are a lot of different systems out there, some are standard and others customisable. Using a customisable ATS that suits your business along with ensuring you have suitable IT backup support for when things don't quite go right is key to ensuring you are getting the most out of the ATS you choose.

The best way to benchmark is to gather internal data first and then analyse this to find your own benchmark. Each company, business and industry is unique so it will be difficult to gain this information from generalist reports. Set a time-frame, get your benchmarks, and consistently revise and review this as new data come through.