The components of an effective sourcing strategy. What they are. Why they matter. And how you can put them to work for you.
There are no secrets to building an effective sourcing strategy. No proprietary process. No secret sauce. The fact is, an effective sourcing strategy consists of 6 basic components. But getting them right is anything but basic. Let’s take a look at each component to help identify what you’re doing well and where you need to improve.
1- Do you have an accurate brand?
This question is much more complicated than it sounds. If your employment brand is off-base (and it often is), your strategy will be too. But it’s not enough to know how your team views their employment experience. You must ensure your recruitment message matches the truth of your brand. Failure to accurately depict your employment experience authentically builds turnover into your entire strategy. This not only decreases effectiveness but generally increases your annual advertising spend. While it can take time to fix, the reward of doing this well will allow you to build your sourcing strategy on a foundation of strength.
2- How well is your employee referral program doing?
An employee referral program is a must when it comes to sourcing, so we’ll go ahead and assume you already have a program put together. The question we’re asking now is whether that program is performing as well as it should be. Are you seeing a 30% hire rate? If not, what kind of results are you getting? Many of your best hires will come from personal recommendations from current employees. These individuals assimilate into the culture more quickly, often reducing turnover.
3- Have you conducted a media habit survey?
In other words, do you know where and how your key hires are looking for a job? What sites are they using, what trade associations do they belong to? Knowing where your candidates are going to look for a job is half the battle in and of itself. Once you know where to find them you can ensure that you have a strong presence on those platforms. Provide your candidates with value, share links to learn more information about the role – a website or splash page that’s role specific. Be where your key hires are. Simple as that.
4- How strong is your digital employment marking presence?
When candidates research your company what will they find? Do you keep your social media pages current by regularly updating it with consistent, relevant postings? How is your Indeed rating? Glassdoor? If your ratings are poor, what are you doing to correct that? This is where the most work happens. Keep tabs on the various digital platforms where your candidates are looking. Make sure your presence is strong and any potential issues are being addressed.
5- How do you define success?
With any strategy or initiative, it’s important to hash out the Key Performance Indicators (KPIs). What kind of yardstick will you place next to your strategy to make sure it’s measuring up? This is going to depend on which platforms you end up utilizing and how easy it is to measure your KPIs on those sites. No matter what, when you buy specific media you need to make sure it’s optimized. By that we mean, buy what you need (and what actually works) not what the media wants to sell you. Each media has a number of “products” they offer. Be sure the add-ons are necessary and be sure they have a track record, both for your industry and with other companies.
6- Are you checking your applicant tracking system?
We would be remiss to leave out the untapped talent pools you already have. Candidates who have previously applied and may not have been your first choice and those that have been rejected. It’s important to remember that you have a wealth of candidates in your applicant tracking system database. These applicants could be valuable for future requisitions so source them here – it’s your tool. These individuals have already shown interest in your company and should be included in monthly email communications so your organization stays top of mind.
No matter where you are in the sourcing strategy journey, getting the answer to these foundational questions will provide insight into your pain points so you can properly address them. Having an expert guide you through each of these questions and the thousands that come up in-between is paramount in elevating your strategy. Give our experts a call, we’d love to show you what we can do!