What are the key sourcing metrics and benchmarks that you track and report on?

Key metric: Sourcing channel effectiveness ?? Track: Applicants, cost per applicant, applicant quality, source of hire ?? Compare channels to find best performers ?? Allocate budget wisely for hiring goals! ??

1) Measuring the recruitment matrices is a continuous process, as time to time matrices keeps changing as per market dynamics, hiring needs and sometimes based on location as well. 2) We need to check all the aspects but most important one is, from which source most of the joining are happening, as some source may be giving you lots of candidates, but joining % is less. 3) Candidate quality 4) Candidate stability 5) Time to hire 6) Cost per hire

There are three KPI’s when it comes to measuring your sourcing “channels.” 1. “Total Leads Found” that match your search criteria or the criteria you have defined for your Talent Pipelines. 2. “Total Leads Converted”. Otherwise known as your “response rate” to your outreach. It doesn’t do you any good to find thousands of Leads if no responds to your outreach. 3. “Quality of Candidate.” How many of these converted and now screened candidates make it to the Interview stage with your hiring team at your company. Number one metric of sourcing is not Hires, it’s interviews. It’s a number you can measure and motivate for on a daily basis. Think in terms of actual numbers, not percentages.

Key sourcing metrics and benchmarks include Time to Fill, Cost per Hire, Source Effectiveness, Candidate Quality, Conversion Rates, Applicant Satisfaction, Diversity Metrics, Recruitment Marketing Metrics, Time to Acceptance, Sourcing Channel ROI, Offer Acceptance Rate, and Hiring Manager Satisfaction. Benchmark against industry averages or internal historical data for effective analysis.

Time to Fill: Measure the average time taken from job posting to hiring a candidate. This metric evaluates the efficiency of your recruitment process and helps identify bottlenecks that may need addressing to speed up hiring. Cost per Hire: Track the total cost associated with hiring a candidate, including advertising, recruiting, and onboarding expenses. This benchmark helps assess the financial efficiency of your sourcing strategies and informs budget planning. Source of Hire: Analyze the effectiveness of various sourcing channels, such as job boards, social media, and employee referrals, to determine which ones yield the most successful hires. This helps optimize resource allocation and refine sourcing strategies for better results.

Talent pool engagement is pivotal in recruitment marketing as it builds a robust pipeline of potential candidates. Engaging with talent pools allows recruiters to understand candidate preferences and tailor their approach. It fosters relationships, turning passive candidates into active prospects. Continuous engagement ensures your brand stays top of mind for candidates. It reduces time-to-hire by nurturing a ready pool of interested candidates. In a competitive job market, engaging talent pools differentiates your brand and attracts top talent. It's not just about filling current vacancies, but about creating a sustainable recruitment strategy.

Specifically when it comes to SOURCING CANDIDATES, the number one KPI for this is your RESPONSE RATE. How many people did your recruiter/sourcer convert from search results (people we don’t know) to people we do know. Otherwise known as Lead to Contact conversion. It’s really easy to send out a bunch of Inmails or emails, but it’s not so easy to get people to respond. That skill set separates great recruiters from good recruiters. Track both your actual numbers and your percentage numbers. For example, I converted 30 of the 50 candidates I outreached this week which was a 60% conversation rate. This covers "Quantity" and "Quality" of your outreach. Next up...Outreach to Screen numbers. Of those responses, who wants to talk.

There’s a lot of front-end work to capture this data correctly, but it’s worth it. If you are using recruitment marketing through various channels, make sure to allow for the ATS to have options for each channel so you can then see which channel is the biggest source of hires. Be sure to also compare this data with that of passive candidates sourced and others who cold applied.