August 03, 2021
Talent sourcing is the process of discovering, exploring, and interacting with prospective job candidates in order to generate qualified job applicants for a particular position. Ultimately, successful talent sourcing aims to generate highly-skilled, qualified, and available candidates for a specific position that results in a successful hire.
Further, according to Lever, sourced candidates are approximately twice as efficient and effective as candidates that apply without talent sourcing strategies. This has pushed companies into leveraging talent sourcing strategies, software, and tools that utilize a data-driven approach. This article will explore talent sourcing strategies, tools, processes and will unpack the differences between talent sourcing, acquisition, and recruitment.
As we approach a new era of work that involves predicting workforce trends, evaluating human capital, and sourcing high-quality candidates from an increasing talent pool, companies are realizing the importance of a successful talent sourcing strategy. Further, the quality of talent companies employ is a direct indicator of financial success, projected company growth, and brand health.
Expanding on the above-mentioned talent sourcing use cases, there are various benefits talent sourcing and talent sourcing data provide to companies. For instance, in a recent study of 250,000 hires by the National Bureau of Economic Research, researchers found that talent sourcing algorithms are able to predict the success of hires more accurately than a majority of hiring managers. Beyond enhancing the ability to predict the success of hires, talent sourcing also boasts the following benefits:
As mentioned previously, talent sourcing involves a variety of processes that must work together seamlessly to generate highly qualified candidates in a saturated arena of prospective job candidates. Over the years, the talent sourcing process has expanded from simply advertising job openings to data-driven methods involving social media, algorithms, and talent sourcing software. Let’s take a look at the variety of strategies recruiters, HR professionals, and talent sourcers leverage to discover high-quality candidates.
As mentioned previously, talent sourcing softwares, which typically employ and leverage algorithms, are beginning to out-perform hiring managers when it comes to predicting a successful hire. Likewise, recruiting softwares are able to generate positive hiring results through automated job postings, scheduling, and filtering options. Some talent sourcing softwares are able to provide predictive insights by filtering data from candidates from a variety of sources, not just resumes or submitted applications. This is a good option for companies that are rapidly expanding and looking to streamline their hiring process.
As the influences of social media spill into professional settings, talent sourcers and hiring managers are turning primarily to professional social networking websites such as Linkedin, Behance, GitHub, and more. For instance, a recent CareerBuilder study found that more than the majority of employers utilize social media sites for talent sourcing and recruiting. Professional social media sites provide recruiters with more detailed information about potential candidates that might get overlooked in resumes, such as personal interests, education, and certifications.
In addition to professional social networking sites, job boards and platforms are other successful tools for talent sourcers. Some examples include Glassdoor, Indeed, ZipRecruiter, and even Craigslist. Job boards are beneficial for companies looking to fill niche positions in specific industries, as they allow recruiters and candidates to search and filter through positions that match unique keywords and advanced filters.
While this option has seen a decline over the past few years due to global health concerns and travel limitations, career fairs and expos have provided sourcers with opportunities to have high-quality interactions with potential candidates. Additionally, job seekers are able to utilize fairs and expos to speak directly with recruiters, learn more about their industry, and even discover companies that might not have been on their radar.
Lastly, a key component to successful talent sourcing is internal hires and referrals. Internal recruiting and referrals are valued by many companies, as current employees require less onboarding and reduce hiring costs, and referrals from reliable employees indicate that a potential candidate will be a high-quality hire, as there is personal interest in the referred applicant to succeed in the company.
In addition to the various strategies companies employ to efficiently source high-quality candidates, it is also essential that companies create and regularly update their overall talent sourcing process. A successful talent sourcing process typically follows these six major steps.
Before posting the position, hiring teams should have a clear budget and ideal candidate profile for all of the positions they are looking to fill. This will help clarify the job description, salary expectations, sourcing strategies and provide organization to the sourcing process.
This step involves employing one or more of the above-mentioned talent sourcing strategies such as recruiting software, professional social networking sites, job boards and platforms, career fairs, and internal hires. Many companies utilize multiple sourcing strategies, as it can help speed up the hiring process.
After applications have been submitted, resumes have been collected, or softwares have identified potential candidates, recruiters must then create a candidate shortlist. A shortlist should include a fair amount of potential candidates, from a variety of different backgrounds to ensure that all aspects of the role are being screened for in the interviewing process.
This step typically requires the most time in the talent sourcing lifecycle, as interviewees and employers have to coordinate sometimes multiple rounds of interviews. A recent hiring trend has found that virtual interviews are on the rise and here to stay, at least for first-round interviews, due to the impacts of COVID-19.
Once an offer has been accepted, new talent must be onboarded into the company. This might include additional company-specific training, general role-based training (such as learning modules), as well as a hefty amount of legal and financial paperwork.
It is important to note that the talent sourcing process doesn’t simply end with a successful hire. In order to become more efficient and effective in the talent sourcing process, employers should ask for feedback from hires about the process, as well as provide feedback requested by qualified applicants that weren’t hired. This builds trust between the company and new hires, as well as maintains a professional networking connection between the company and highly-qualified rejected candidates.
While they all seem to achieve a similar goal, successful hires, talent sourcing, acquisition, and recruiting all have slightly different purposes and definitions. To start, sourcing, as defined above, is the process of discovering, exploring, and interacting with prospective job candidates in order to generate highly qualified job applicants. This differs from recruiting as job recruiting is defined as the conversion of job applicants and candidates into employees. Connecting the two, talent acquisition is a term that defines the larger process of hiring and filling available positions.
As mentioned, talent sourcing is a subset of talent acquisition, as acquisition is defined as the larger process of creating and maintaining a long-term approach for fueling exceptionally skilled candidates that result in high-quality and sustainable hires. While sustainable strategies for both terms are vital, it is important to differentiate between these two terms as they exist in different business and hiring timelines, short-term and long-term, respectively.
Ultimately, developing an efficient and effective talent sourcing strategy is a key component of a company’s success. The ability to source high-quality candidates and convert successful hires can make or break a company. In order to stay ahead of the competition, companies are turning to data-driven recruiting and sourcing strategies that rely heavily on alternative data sources and providers, such as Coresignal.
In order to be a good talent sourcer, one must be able to conduct and organize vast amounts of research and knowledge, both about prospective candidates and the future employer. By deepening one’s understanding of the company and its candidates, talent sourcers are able to generate the right candidate for a job more effectively.
A talent sourcing specialist’s role is to discover prospective candidates for a variety of positions at a particular company. Typically, companies have internal sourcing specialists within their HR department or they outsource talent sourcing to recruitment agencies.
A talent sourcing tool is a software or application that helps talent sourcing teams find new talent, reach untapped talent, or locate candidates for hard-to-fill positions (either due to a supply and demand imbalance or due to highly specialized job requirements.
Some sourcing strategies involve an individualized and highly specific hiring approach designed to generate qualified candidates. One example of a sourcing strategy is the application of targeted job advertising on certain social media sites and other platforms that tend to attract individuals looking for jobs.
Some tips include regularly reviewing your hiring process, staying engaged with potential hires and communicating clearly about roles and responsibilities, and providing a clear brand image surrounding company culture, benefits, growth opportunities, and more.
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