Sourcing is an indispensable part of recruitment. There are plenty of benefits to sourcing candidates. However, those benefits can be best utilized only if you have in place a solid candidate sourcing plan. Here we tell you the basics of creating a new recruitment sourcing strategy. For those of you who already have such a strategy in place, this post will help in improvising the same.
What is a recruitment sourcing strategy?
Of all the steps in the entire recruitment process, sourcing viable candidates is the most important one. A recruitment sourcing strategy is the plan that recruiters chalk out to find and identify suitable candidates for fulfilling organizational hiring needs. The recruitment sourcing strategy includes the entire spectrum of different sourcing techniques, and the different types of sourcing that are used in tandem with each other to achieve the end goal; create a constant flow of high quality talent for your recruitment process.
Why sourcing strategy is important?
A sourcing strategy helps in creating a sustainable recruitment process in the organization. The more planned and thought out your approach towards sourcing is, the better is the hiring pipeline. A well chalked out sourcing plan helps meeting contingencies such as a sudden hiring demand in a very limited time. With a sourcing strategy in place, you can effectively reach out to passive candidates, build positive relationships with future prospects, and also improve source to hire ration.
Also Read: How to create a social recruiting strategy?
How to develop a sourcing strategy?
A strategy is a broad plan for how the organization is going to compete with others for the same talent, what its goals should be and what policies should be followed to achieve these goals. Here are the basic steps of a sourcing strategy:
- Create a sourcing strategy format
- Identify recruitment sourcing goals
- Identify key sourcing requirements
- What is your target talent?
- Where to find top talent?
- Check sourcing ideas from competitors
- Conduct regular sourcing strategy analysis
Create a sourcing strategy format
Gone is the time when strategic documents were hundreds of pages. Nobody has the time and patience to go through stacks of paper. If you really want to impress with your strategic document you might want to try a different format, a more visually appealing and less tiresome representation of your strategy. Using Powerpoint slides will help you to present information in small chunks, easy to comprehend and also visually impactful. Also, if you are going to show the strategy to your manager, it will be most likely in a presentation, which makes sense to prepare the sourcing strategy in a slide format.
Identify recruitment sourcing goals
Since every strategy must have an end goal, so should your recruitment sourcing strategy. Sourcing is all about identifying the future talent requirements of the organization, and therefore, your talent sourcing strategy must borrow its end goals from your company’s vision and long term business objectives. By understanding what the company intends to achieve in future and how it plans to do so, you should be able to create a strategy to find the talent that meets those needs. The more clearly aligned your sourcing strategy is with the company goals the easier it would be to justify the allocation of resources required to fulfill those needs.
Identify key sourcing requirements
Once you identify the goals, it’s time to define the requirements and needs that will be essential in carrying out the entire sourcing process. What will it take to maximize your sourcing efforts? What resources will you need? Once you have assessed these, it will be easier for you to make a business case for your sourcing strategy, and gain the approval and support of the management.
What is your target talent?
You can define the targeted talent based on the employment needs of the organization. Are there any specific skill-sets that you will like to hire for? Is your company only looking for students of premium institutes? There are many ways of deciding the target talent. While all efforts should be made to keep any sort of bias at bay, however, every company has their own broad criteria of employees and as a sourcing specialist; it’s your job to find the persona, skills, qualifications, personality traits, aptitude and attributes that your target talent must have, or should have.
Where to find top talent?
Based on all the above consideration, now it’s time to decide on the most appropriate sourcing channels that will give you the right mix of talent. Whether it is social media platforms, job boards, employee referral, or company career page, spend time on identifying the sources that will be most resourceful. Also delve on other aspects of “where” such as the geographical areas they belong to, companies they working at or any particular universities or colleges they have attended in the past.
Check sourcing ideas from competitors
Why reinvent the wheel when you can simply study your competitors and take a leaf out of their sourcing strategy? Competition can be from the same industry or even companies that are from different industry but hunting the same talent. Conduct a thorough research on how they are sourcing, what channels they are using, and what is their future strategy.
Conduct regular sourcing strategy analysis
In the end no strategy is final as improvisation is the key to sustained success. You should consider setting up checkpoints to review the sourcing strategy periodically and improve it wherever necessary. These checkpoints could be based on dates or mini-goals achieved. Also determine the KPIs or metrics that will measure the success of your sourcing strategy. Making continuous performance evaluation and analysis a part of the sourcing strategy will ensure consistent team growth and perfect execution of the strategy.