Candidate Sourcing: when others hide, we seek
Building and sustaining relationships with the market’s most talented people, even when they’re not looking to change roles: that’s the key to effective candidate sourcing.
But it isn’t easy. There are time zones to consider, language differences to overcome and new cultural mindsets to learn and project.
Spotting and nurturing elite talent is 24/7 work. And if you go it alone, other business priorities are likely to suffer.
Many senior executives need sourcing support to ensure they can remain focused on other strategic business initiatives. They delight in knowing that extra sourcing power can be turned higher or lower, depending on current business needs.
In recruiting, ‘sourcing’ refers to the process of identifying and attracting elite candidates for current and future roles.
An essential early step in the overall recruitment process, sourcing is defined by extensive research, hiring market analysis, and creative outreach to top-tier talent.
Sourcing in recruitment benefits from multilingual talent acquisition skills. Talent sourcing as a recruitment service evolved in response to today’s talent-driven hiring market and emerging technologies.
Where once recruiters managed early-stage talent sourcing, discovering exceptional candidates now requires strategic research. Sourcers must be able to parse through mountains of information available through job boards, social media, and professional groups.
After pinpointing promising talent, sourcers shift to networking and relationship building. Extensive career platforms and social networks give professionals at every level an unprecedented understanding of the job market and new opportunities in their field—even when they aren’t actively looking to change roles.
Through authentic communication and sustained engagement, sourcers build pools of skilled talent who would consider the right opportunity offered by the right enterprise. These deeply established connections give companies the edge in attracting the best and brightest in their industry when mission-critical roles open, or hiring needs accelerate.
Sourcing is a foundational, proactive hiring strategy. As a result, the process reduces the high recruitment costs and poor hires associated with reactive hiring.
Other sourcing benefits include:
- Faster, streamlined hiring
- Access to niche, industry-specific talent
- Lowered need for agencies
- Higher volume of quality, at-the-ready talent
Finally, sourcing is a flexible function that can accelerate or slow down based on hiring requirements and market changes.
Today’s most innovative sourcing strategies include:
- Talent mapping: identifying and mapping skilled talent by role and industry
- Active talent pooling: developing at-the-ready talent pools through professional network building and timely communication
- Compensation analysis: researching competitor compensation and perks, and talent expectations to improve candidate engagement rates
- Sourcing technology: using research and candidate management tools to discover and engage quality candidates
- Predictive analytics: tracking candidate behaviors that signal interest in changing roles for greater outreach and candidate engagement
- Global sourcing: language and local cultural fluency is a must when sourcing regional talent for a global workforce
The sourcing toolbox is ever evolving. Highly effective sourcers adapt their strategies and harness technology creatively to match the shifting demands of specific companies and the global hiring market.
Sourcing and recruiting are both essential talent acquisition services leveraged at different stages of the hiring process. Sourcing focuses on the top of the hiring funnel and recruiting takes over once candidates are sourced for specific roles.
Strategic sourcers create talent pipelines, research competitor workforces and industry-specific compensation packages, and communicate skillfully with professionals who have limited bandwidth and are not actively seeking other opportunities.
In the past, there was significant overlap between sourcing and recruiting, and in many instances the recruiter managed sourcing. Today, however, sourcing has evolved into a specialty that requires a distinct blend of interpersonal, technical, and research skills.
Active talent pools
Have an ongoing hiring need for a specific role type or job family? Or looking to gain a competitive advantage in identifying and attracting top talent? Hudson RPO’s virtual sourcing network creates active talent pools of qualified candidates who, based on our predictive analytics, have indicated their interest in making a career change. Our talent pooling service consists of candidate identification, qualification, engagement, and ongoing communication. For one client, an active talent pool project for 150 candidates doubled their hiring success over a three month period.
Our sourcing solution includes:
- Tailored sourcing strategies
- Talent mapping
- Talent sourcing and pipelining
- Candidate longlisting
- Industry-specific sourcing
- Candidate communication, management, and tracking
- Onsite or offsite sourcing team capabilities
- Ability to support all key global languages
What will you get from strategic sourcing?
- Access to niche or passive talent
- Successful talent pooling solutions
- Detailed source of hire reporting including channel ROI
- Streamlined hiring and increased direct hires
- Higher volume of skilled, at-the-ready talent
- Increased hiring speed
- Access to niche talent
- Lowered agency costs
RPO in Real Life
One of our pharmaceutical clients in Australia engaged Hudson RPO 11 times in 2017 to market map executive level roles. Maps were delivered along with recommendations and market intelligence. Market maps are an effective way to confidentially understand what the market looks like especially for senior, business critical or hard to fill positions.
Large financial services client wanted to create a campaign to increase the speed of hiring Credit Analysts which were being hired at a rate of 1 every 2 months. Focus groups were run with the team and a sourcing strategy was developed to focus on increasing referrals, LinkedIn and headhunt placements resulting in speed of hiring increasing to 3.5 hires per month.
One of the world's leading railway operators required a bespoke sourcing strategy to find and hire role types never seen in Australia before and to introduce a new culture to the transport industry of putting customers first. The sourcing strategy focussed on acquiring talent from other industries and role types that were aligned with this vision. The strategy focussed on 2 things; 1.acquiring talent from the hotels/hospitality industry and roles such as call centre customer service. 2. building a separate strategy increase gender, indigenous and disability workers. The project was completed on time and aligned with the initial vision.