How can you measure the success of your sourcing strategy?

1 Sourcing channels

One of the first steps to measure your sourcing strategy is to track where your candidates are coming from. You can use different sourcing channels, such as job boards, social media, referrals, events, or direct outreach, to reach out to potential candidates and generate interest in your company and roles. By tracking the source of each candidate, you can see which channels are generating the most and the best quality applicants, as well as the cost per hire and time to hire for each channel. You can use tools like Google Analytics, ATS, or CRM to collect and analyze this data and optimize your channel mix.

2 Sourcing quality

Another important metric to measure your sourcing strategy is the quality of the candidates you are attracting. You can use different indicators, such as resume screening, phone screening, assessment tests, or interviews, to evaluate the skills, fit, and potential of each candidate. By tracking the quality of each candidate, you can see how well your sourcing strategy is aligned with your hiring needs and expectations, as well as the conversion rate and retention rate for each source. You can use tools like scorecards, surveys, or feedback forms to collect and analyze this data and improve your sourcing criteria and methods.

4 Sourcing efficiency

A fourth metric to measure your sourcing strategy is the efficiency of the process and the resources you are using. You can use different measures, such as time spent, cost incurred, or return on investment, to evaluate the productivity and profitability of your sourcing activities. By tracking the efficiency of each source, you can see how well your sourcing strategy is utilizing your budget, time, and team, as well as the value and benefits of your sourcing efforts. You can use tools like spreadsheets, calculators, or benchmarks to collect and analyze this data and streamline your sourcing efficiency and effectiveness.

5 Sourcing satisfaction

A fifth metric to measure your sourcing strategy is the satisfaction of the stakeholders involved in the process. You can use different methods, such as ratings, reviews, or testimonials, to gauge the satisfaction of your candidates, hiring managers, and recruiters. By tracking the satisfaction of each stakeholder, you can see how well your sourcing strategy is delivering a positive and consistent experience and impression, as well as the loyalty and advocacy of your sourcing partners. You can use tools like NPS, CSAT, or CES to collect and analyze this data and boost your sourcing satisfaction and reputation.

6 Sourcing innovation

A sixth metric to measure your sourcing strategy is the innovation of the tools and techniques you are using. You can use different sources, such as research, trends, or best practices, to explore and experiment with new and emerging ways of finding and engaging candidates. By tracking the innovation of your sourcing strategy, you can see how well you are adapting and evolving to the changing market and talent needs, as well as the competitive advantage and differentiation of your sourcing approach. You can use tools like blogs, podcasts, or webinars to collect and analyze this data and foster your sourcing innovation and learning.