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How to Develop a Strong Recruitment Sourcing Strategy to Improve Your Hiring Success

image of employee interviewing candidate using recruitment sourcing strategy

The demand for top talent continues, and sourcing qualified candidates is expected to remain a prominent recruiting challenge for companies around the globe. A Grant Thornton survey reveals that 62% of respondents said they expected to have difficulty attracting and retaining the right talent even if the economy takes a downward turn.

With geopolitical disruption and a looming recession, organizations are looking for ways to develop strong strategies to attract and retain the talent that will help carry them successfully into the future.

Hiring has always come with its fair share of challenges. But the uncertain economic horizon is putting even more pressure on organizations to to optimize their recruiting and hiring. 

What Are the Benefits of a Recruitment Sourcing Strategy?

Recruitment sourcing strategies are the methods and approaches taken by organizations to proactively and strategically source qualified candidates to fill open roles. Developing strong processes around hiring has a number of advantages, including improved efficiency, better candidate experience, enhanced talent planning, and progress on DEI.

  • Improved efficiency – Anyone involved in the recruitment process knows that sourcing qualified candidates is time intensive. The process can be streamlined and optimized, however, by aligning recruitment goals and objectives with the values and needs of the organization. Gaining alignment upfront allows everyone involved in the hiring process to be able to work from the same playbook—and ultimately reduce the time and cost it takes to make a new hire.
  • Better candidate experience - A lengthy or over-involved application process can affect a candidate's dropout rate and perception of your employer brand. Companies are competing in a war for talent where the best candidates are off the market in just 10 days. Being consistent in your approach to recruitment sourcing enables you to review and assess processes and sourcing methods, gain valuable feedback, and tweak as needed.
  • Enhanced talent planning – When your organization has a reliable strategy for sourcing qualified candidates, you’re better equipped to plan for your talent needs of the future. Recruiters can begin to pre-empt the talent needs and proactively source applicants, giving your organization a head start on the hiring process when the time arises to bring on new team members.
  • Progress on DEI – To make progress on your Diversity, Equity, and Inclusion initiatives you must be intentional about your recruitment sourcing. By having a plan in place that reduces bias in the hiring process, you can widen your talent pool and ensure you’re bringing on the most qualified candidate based on their verified skills—not outdated proxies or subjective human predictions.

5 Tips for Implementing an Effective Recruitment Sourcing Strategy

infographic with text "5 Tips for Implementing an Effective Recruitment Sourcing Strategy"

1. Identify your recruitment goals

Developing a successful strategy should start with your goals in mind. What does improved hiring look like to your organization? You may be looking to reduce the time to hire, improve your candidate dropout rate, establish a wider talent pool, or more.

Set clear goals for your recruitment sourcing strategy by working with stakeholders across the organization. Understanding what you’re trying to achieve upfront will help you track your progress, benchmark success, and amend processes as necessary.

2. Focus on skills-based hiring

Skills-based hiring is on the rise as organizations realize placing a greater emphasis on skills versus academic qualificationsresults in stronger, more equitable hires. In fact, research from global HR and payroll expert, Remote, has revealed that skills-based hiring is up 63% in the past year.

Adapting your recruitment process to focus on verified skills—and using a talent matching tool to digitally verify these credentials—will enable you to optimize your search and tap into a pool of engaged, qualified candidates.

3. Align your talent strategies

Future-focused organizations understand the importance of predicting the skills and competencies needed in the next one to ten years, and using workforce insights to build effective recruitment, engagement, and retention strategies. Part of your talent planning efforts should involve alignment between recruitment teams and the teams who oversee your workforce planning.

Gaining clarity on your future workforce needs allows you to determine which gaps can be filled with upskilling and reskilling, and when you’ll need to turn to external talent acquisition.

4. Leverage data to source qualified candidates

In order to streamline your hiring process, it’s critical that you put a focus on sourcing candidates who are legitimately qualified to succeed in your open roles.

Cast too wide of a net, and you risk recruiter burnout from having to sort through hundreds of unqualified resumes. But rely on outdated applicant tracking systems, and you could miss out on potential top performers who have the skills but may lack a keyword-optimized resume.

Leveraging modern, AI-based recruiting technology such as Talent Match allows you to identify the specific skills your role requires for success, and access a list of engaged candidates who match your criteria—reducing your time to hire and improving hiring success.

5. Use assessments to move the best candidates forward

Validated, legally-permissible hiring assessments allow recruiters to use science to efficiently evaluate the best-matched candidate. According to research from SHRM, 79% of HR professionals who use pre-hire assessments said that the skills evaluations are just as or more important than traditional hiring criteria.

TalentLens provides a wide-range of range of trusted and scientifically validated talent assessments to measure a candidate’s personality, cognitive abilities, critical thinking, motivations, and more. Adding this insight to your recruitment sourcing strategy allows you to obtain a clear view of a candidates' job fit—to help you advance the right individual quickly and accurately through the hiring process.

Bonus: Measure your effectiveness

You can only manage what you measure, so tracking the success of your recruitment sourcing strategy is critical to optimizing it.

Identify the metrics that support your stated goals around recruitment and monitor them so you can make necessary adjustments. Below are three main measurement areas to get you started.

People Outcomes: Assess your goals against key metrics such as: retention/turnover, employee engagement, absenteeism, time to productivity, and career pathing. Analyzing these areas can help you track hiring success and performance.

HR Outcomes: Many companies measure cost per hire as part of their recruitment and hiring process. This measure can be used alongside time to fill, completion rates, and onboarding engagement for data-rich insight into the success of your recruitment process and tools. Also consider measuring feedback from candidates and hiring managers and identify gaps in your strategy to help you plan for the future.

Business Outcomes: The outcomes of a successful hiring strategy also depend on your business. What specific business outcomes might be a direct indication of your hiring success? Measuring your customer satisfaction or retention rates could be a sign you’ve been successful in filling your customer-facing roles, as an example.

Future-Proof Your Business With a Strong Recruitment Sourcing Strategy

With a looming recession and many companies implementing large layoffs and/or hiring freezes, it's more important than ever to be intentional about hiring the best of the best. Intelligent recruitment tools help you make sure you're strategically hiring key players who will make the biggest impact on your business.

Schedule a demo to learn more about Talent Match and TalentLens and see the power of hiring technology in action.