What are your Sourcing Strategies for 2023?
Kristina Calder, Ph.D.
Data Scientist | Researcher | Certified Coach | Women's Health | Author | Athlete
Candidate sourcing is an essential process in the recruitment and hiring process. It helps organizations to attract and identify the best candidates for their open positions, while also building a pipeline of talent for future needs.
Knowing where your hired employees are sourced from is important for several reasons:
1.???Helps to evaluate the effectiveness of sourcing channels: Knowing where your employees are sourced from can help you evaluate the effectiveness of different sourcing channels and determine which ones are most successful. This can help you allocate your resources more effectively and optimize your recruiting strategy.
?2.???Provides insights into the candidate pool: Understanding where your employees are sourced from can also provide insights into the characteristics of your candidate pool. For example, if a significant percentage of your hires come from employee referrals, it may indicate that your employees are highly engaged and satisfied with their work.
3.???Helps to identify areas for improvement: By analyzing where your hires are coming from, you can identify areas where you may need to improve your sourcing strategies. For example, if you are not getting enough applicants from a particular source, you may need to adjust your messaging or outreach efforts to better target that audience.
?4.???Enables you to measure ROI: Knowing where your employees are sourced from can also help you measure the return on investment (ROI) of your recruiting efforts. By comparing the cost of different sourcing channels to the quality of candidates they produce, you can determine which channels are delivering the best results and adjust your spending accordingly.
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Tracking the source of your hired employees can provide valuable insights into the effectiveness of your recruiting strategy and help you make data-driven decisions to optimize your hiring efforts. Sourcing candidates from an applicant tracking system such as TalentNest can help automate various parts of the recruitment process including candidate sourcing.
In a recent analysis, Company X was curious about where their applicants were being sourced from, and what sources resulted in the most hires. To provide this client more insights we also provided National trends for comparisons from our large database.
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All the hires went through an interview and screening process and were considered high quality. The proposed next step for this client would be to use performance metrics with their hired employees to identify if there is a particular source that yields a higher percentage of top performers, and then focus their recruitment and hiring strategies with these insights.
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Whether you already use insights and have a sourcing strategy for 2023; or plan to start tracking sources, here are some potential areas to watch for that may impact sourcing in 2023.
1.???Increased use of AI and automation: The use of AI and automation in candidate sourcing is already on the rise, and this trend is likely to continue in 2023. AI and automation tools can help recruiters to screen resumes, identify top candidates, and even conduct initial interviews quickly and efficiently.
2.???Focus on diversity and inclusion: The importance of diversity and inclusion in the workplace has been increasingly recognized in recent years, and this trend is likely to continue in 2023. Organizations may focus on sourcing candidates from diverse backgrounds and implementing strategies to reduce bias in the hiring process. Equity trends
3.???More emphasis on employer branding: As the job market becomes more competitive, organizations may place greater emphasis on building and promoting their employer brand to attract top talent. This may involve creating compelling job postings and career pages, highlighting company culture and values, and showcasing employee testimonials.
4.???Leveraging social media: Social media platforms such as LinkedIn, Facebook, and Twitter are already popular channels for candidate sourcing, and this trend is likely to continue in 2023. Organizations may increasingly use social media to identify and engage with potential candidates, as well as to promote their employer brand.
5.???Remote hiring and onboarding: The COVID-19 pandemic accelerated the trend toward remote work and remote hiring, and this trend is likely to continue in 2023 and beyond. Organizations may increasingly leverage technology to conduct virtual interviews and onboarding processes, making it easier to source candidates from anywhere in the world.
Overall, these are just a few potential sourcing trends to watch for in 2023, and the specific trends that emerge will likely depend on a variety of factors, including the state of the economy, technological advancements, and changing candidate preferences. For more information on sourcing/hiring trends and data insights, please feel free to send me a DM.