Talent sourcing is a crucial aspect of recruiting that requires significant time and effort. However, with the availability of advanced tools, sourcing quality candidates no longer necessitates extensive manual labor. Still, finding top talent in this market is more important than ever, and it’s not easy. Besides the fact that 2021 has been a candidate-driven market, many companies have revamped their hiring criteria to find dedicated, qualified employees who are seeking a stable income as well as a healthy work-life balance; all of which means lots of competition.
In the data driven society we now live in, it’s clear that numbers don’t lie. The following statistics further emphasize why more and more talent sourcing professionals have select team members solely dedicated to sourcing passive candidates.
- Approximately 30% of sourced candidates will apply even though they are unqualified.
- According to HR managers, 42% of candidates aren’t good matches for the position they’re applying for.
- As of 2019, it was reported that the #1 concern of executive-level managers was the lack of recruiters finding suitable candidates.
- More than 85% of the candidates qualified for open positions are already employed and not actively searching for a new position.
- The results of a LinkedIn survey revealed that “90% of global professionals want to hear from a recruiter,” even though they’re employed.
There’s no denying that the current market poses challenges for finding highly skilled candidates, but if the pandemic taught recruiters anything, it is to think outside of the box, be creative, and keep pushing through. The key is to develop a sourcing strategy that targets both active and passive candidates fitting the necessary criteria, rather than focusing only on available talent.
What is Talent Sourcing?
Although recruiting and talent sourcing are often used interchangeably, there is a difference. Of course, the end goal is to fill open positions. However, recruiting consists the end-to-end process while talent sourcing focuses on filling each position with someone who is not only qualified but well-suited personality wise too. Further, due to the fact that there are countless candidate profiles on multiple online platforms, the most successful recruiters implement a talent sourcing strategy that targets candidates possessing necessary skills and qualifications, as well as interests and personalities that align with a company’s culture.
The Benefits of Talent Sourcing:
Recruiting passive candidates has many benefits, but attracting the right talent pool takes time and resources. Following is a list of the top benefits derived from talent sourcing.
1. Higher Quality New Hires:
Through the use of talent sourcing, you can pick and choose the preferred queries. That means you can target candidates in a specific location or with certain qualifications, or even individuals who are money motivated. The quantity and type of variables you choose is entirely in your control.
Whether you target passive or active candidates, the results will produce fewer unqualified candidates and a list of better qualified people who likely up to date on the newest tools within their industry.
2. Improves Efficiency:
Statistics indicate that talent sourcing improves hiring efficiency by more than double and reduces overall recruitment costs. Whereas the average time to hire ranges between 36 and 52 days, that is often improved because of talent sourcing as well. This is because talent sourcing focuses on targeting the right talent pool and building relationships with those individuals. In order to identify said target, you must actually learn about those people (i.e. interests, skills, talents, etc.).
Oftentimes, when reaching out to passive candidates, even though they may not be interested in a career move initially, you’ve introduced yourself as a recruiter and shown an interest in them and their professional well-being. That is often enough to persuade them later on, thus making it possible to hire quickly and correctly in the future.
3. Aligns with Workforce Diversity Initiatives:
When you find candidates via advanced talent sourcing strategies, you’re more likely to find highly skilled candidates who otherwise tend to be underrepresented in the talent pool. Advanced strategies also help you avoid simply filling a position by relying on a referral, which rarely works out in the long-term.
Talent sourcing is also a great way to build your brand. Undoubtedly, you’re familiar with the repercussions of hiring the wrong candidate. Besides the loss of time and money on the recruiting side of things, it also costs clients, and results in an unhappy candidate. By implementing the right methods and tools, your efforts will prove well worth it in the end, and the results will speak for themselves. Bonus, I wrote book about creating a full Talent Sourcing Diversity strategy and strongly recommend checking it out further (here)←
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This information was really useful to find highly skilled candidates talent sourcing is really important