Job seeking and recruitment have changed in major ways in recent years. With a recession behind us driving hiring and more employees leaving the workforce than entering it, the recruiting dynamic is shifting in favor of the employee. With this in mind, it’s imperative for employers to adapt a more employee-centric recruiting strategy.
At the heart of the modern recruiting strategy is the sourcing report. With this valuable tool in hand, employers can use their HR software to figure out how to attract top talent, move the best candidates quickly through the hiring process, and hire recruits that are likely to stay with the company longer. Sourcing reports can be used in a few ways to accomplish these goals.
Identify Effective Sourcing Channels
The first step to hiring great candidates is to connect to those candidates. Savvy companies use several different sources, such as job boards and social media sites, in order to advertise open positions and search for qualified candidates.
Sourcing reports help to identify which sourcing avenues are most effective by providing information like:
- How many candidates applied from each source
- Which sources supplied the most qualified candidates
- The percentage of candidates hired from each source
Evaluate Time to Hire
A long hiring process can cause candidates to move on to other companies, while also costing the company resources as vacancies go unfilled and hiring team staff spends labor hours on recruitment activities. Reducing time to hire can be tricky, as it’s still important to keep hiring standards high.
Sourcing reports can calculate time to hire, which can then be used to strategically speed up time to hire without compromising quality. Hiring managers can regularly review reports to see how changes have impacted time to hire, while also monitoring acceptance rates and retention rates to ensure that corners aren’t being cut.
Calculate Cost per Hire
Recruiter fees, labor hours, advertisement fees, careers page management costs, and onboarding costs should all factor into cost per hire. These costs may not be tracked as a standard part of sourcing reports, but it may be possible to calculate costs based on other information included in the reports. You may also be able to add the information and formulas so that fields will be automatically populated in future reports.
Review Acceptance Rates
It can be frustrating to move all the way through the hiring process and offer a great candidate a position, only to have that candidate turn the position down. Sourcing reports can help you to see how often this happens so that you can evaluate potential problems that may be dissuading candidates from applying. You can then work to figure out whether the issue is with your salary and benefits, or if it’s something more subtle like company culture.
Analyze Retention Rates
Retention rates are a measure of sourcing and recruitment effectiveness, so these should be considered within sourcing reports. It may be hard to use overall retention rates for sourcing optimization, but new hire retention can be a little easier to correlate. While you can never anticipate all of the reasons that employees will turnover, viewing retention rates from a sourcing perspective may help you to reduce new hire turnover.
Compare to Other Companies
Sourcing reports can be helpful in optimizing company recruitment, but they can also help companies to see how they stack up to the competition. By viewing sourcing reports side by side with other companies’ sourcing reports, employers may spot patterns that can help to stay competitive within the industry.