Sourcing talent, at its most basic, is the identification of both internal and external candidates using various channels, tools, resources, and technologies. Recruiters do this by creating candidate pools (also referred to as “talent pipelines”) of active and passive candidates. And many recruiters spend the majority of their time trying to fill open positions, by scouring databases and constantly networking to find candidates.
Recruiters from different companies and industries employ many different sourcing strategies to attract and engage top talent for their organizations. However, as you might expect, some sources are more effective than others for finding the highest-quality candidates. How should organizations prioritize their sourcing channels?
Our recent study of 11 common sourcing channels found that employee referrals are the number one source of high-quality candidates, according to 51% of our survey respondents who were asked to choose their top three sourcing channels (see Figure 1). Employee referrals have long been touted as an effective sourcing channel but did you know that as a channel, employee referrals provide excellent bang for the sourcing buck, accounting for only 7 percent of sourcing spend but 12 percent of hires?
In terms of the next highest quality sourcing channels, employee referrals are followed by professional networking sites (42%) and internal candidates (40%) as the next two sources of highest quality candidates.
As I mentioned in my last blog, A Look Ahead at Talent Acquisition for 2016/2017, one of the major research areas we’re covering this year is how organizations can optimize their sourcing channels. I’m pleased to announce the publication of three new Bersin reports focused on sourcing talent:
- Strategic Talent Sourcing: Improve Blend of High Quality Channels (Part I): Describes how TA functions can optimize their sourcing strategies, including percentages of spend and yield of candidates for each of 11 channels
- Strategic Talent Sourcing: Assess and Build Maturity (Part II): Explains how TA functions can assess and build their sourcing maturity and defines the results of higher sourcing maturity
- Strategic Talent Sourcing: Incorporate Leading Practices (Part III): Reveals the top leading practices in sourcing today, including redesigning job descriptions, reevaluating candidate communications, developing diverse candidate pools, refocusing on social sourcing, and exploring cognitive technologies in sourcing
Not a Bersin member? Download the executive summary, Reignite Talent Sourcing WhatWorksBrief.
Interested in the rest of the high-quality sourcing channels or the results of sourcing maturity? Join me for Reignite Your Talent Sourcing Strategy: Finding Higher-Quality Candidates Faster, a complimentary Bersin webinar on Tuesday, February 21, 2017 at 11:00 am ET – register here.
So what do you think? Is sourcing a challenge in your organization? As always, I’d love to hear from you. Feel free to add a comment below, connect with me on Twitter @RAEricksonPhD, or by email at email@example.com
 Strategic Talent Sourcing: Improve Blend of High-Quality Channels, Bersin by Deloitte / Robin Erickson, PhD, 2017.
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