2019 is here! And now that the New Year is upon us, it’s a great time to think about how you will leverage recruiting analytics to measure the success of your candidate sourcing efforts. Sourcing is one of the core recruitment marketing process areas as part of the award-winning EVOLVE Maturity & Efficiency Framework, and should be used in helping your organization find candidates across multiple sources to build a proprietary talent database.
Today, many recruiting organizations are bringing sourcing activities in-house, but doing so requires a fundamental understanding of the value of sourcing and the most effective ways to measure it. So to start this New Year off right, let’s take a look at the top nine candidate sourcing metrics that you should use to measure the success of your sourcing efforts in 2019, in context of the core recruitment marketing process areas:
Sourcing & Relationship Management
#1: Number of Candidates Added to Your Talent Pool
Optimizing your sourcing function requires that your organization develops a centralized talent pool that you can leverage for ongoing sourcing of current and future roles. This means sourcers and recruiters should actively add candidate profiles into your proprietary talent database, typically known as a candidate relationship management system, or CRM. Make sure that your sourcing function is supporting the goal of adding candidates to your talent pool as they source for open positions.
#2: Number of Candidates Reviewed
Once you start building a robust talent pool, you must ensure you are nurturing candidates and building relationships with individuals you have information on in your database. Just including candidates in your CRM does little to support your goal of developing a rich source of future applicants. Make sure your sourcers and recruiters are evaluating and segmenting candidates as they look for talent. This means you must actively measure how many candidates are reviewed, tagged and pipelined as a key indicator of the vitality of your sourcing function.
#3: Number of Sourced Hires
Measuring the total number and percentage of sourced candidates that are actually hired is one of the most important metrics for evaluating the effectiveness of your sourcing efforts. It’s the true measure for both quality of sourced applicants and the alignment between each of your sourcing, recruiting and hiring managers.
#4: Number of Candidates Targeted Through SMS/Text
Leveraging your segmented talent database for developing and delivering targeted marketing outreach is essential in reaching sourced candidates. And one of the newest ways to do this is through SMS/Text. This new technology offers a highly effective way to communicate with candidates and provides a frictionless process throughout the entire candidate journey. The award-winning Talemetry Talent TXT is part of the enterprise recruitment marketing platform from Talemetry, and provides SMS/Text functionality natively, wherever it fits across the recruitment marketing spectrum for enhanced mobile communication with candidates you've sourced.
#5: Number of Candidates Invited to Apply
One essential role of sourcing is directly reaching out to candidates and inviting them to become active applicants. Understanding the number of candidates who are regularly invited to apply is a key metric in determining how well your sourcing activities are working.
Candidate Engagement & Conversion and Outcomes
#6: Number of Applications
Another metric to determine the value of your candidate sourcing function is the number of new applications created by your sourcing activities. By focusing on applications rather than just applicants, you can incentivize your sourcers to access past applicants for open positions. For example, when recruiters and sourcers have access to silver medalists in your CRM, they can access previous runners-up for new positions and encourage them to apply again.
#7: Application Conversion Rate
You should also measure the percentage of sourced candidates invited to apply who fully complete their application. This metric identifies the effectiveness of your outreach channels and recruitment content to engage and convert candidates into applicants. Since partnering with Talemetry, CDW, a leading Fortune 500 technology solutions provider, has achieved application conversion rates of over 83 percent, far outperforming the industry average of just 20 to 30 percent. Remember, higher conversion rates mean better candidate engagement throughout the entire talent journey.
#8: Sourced Applicant to Interview Conversion Rate
Measuring the quality of applicants generated from your sourcing activities is also an important metric for determining how effective your function is. However, if you only measure sourcing effectiveness by the number of hires generated, you won’t get a full picture of the value your sourcing function is adding. But if sourcers repeatedly hand off applicants who don’t get hired, you clearly lack alignment across your recruiting function. Instead, evaluate the number and percentage of candidates who reach the interview stage to identify the quality of candidates originating from your sourcing function.
#9: Quality of Sourced Hire
While there is not a prescriptive, one-size-fits-all way to measure quality of hire, the most popular methods include overall retention rate, hiring manager satisfaction and new employee performance ratings. In fact, SHRM terms quality of hire as the Holy Grail of recruiting metrics. Whatever method you use, make sure you are incorporating quality of hire with regard to sourced candidates to determine the quality of your contributions.
Measure, Analyze, Improve, Repeat
With a new year, you have a new opportunity to prove the value of your efforts. And when it comes to measuring the effectiveness of your sourcing function, you can start to show the performance of a critical component within your recruiting operation. Remember, your goal in sourcing is to continuously improve your activities so you can create a sustainable function for uncovering talent and nurturing them across the entire recruiting process. When you have solid candidate sourcing strategies, defined processes and the leading candidate relationship management and sourcing technology, combined with the right recruiting analytics, sourcing will become a core recruiting activity for your organization in 2019 and beyond.
If you want to learn more about optimizing your sourcing function or what it means to EVOLVE recruitment marketing in your organization, take the free online EVOLVE Self-Assessment. Knowing where you are currently based on the EVOLVE Framework, you can more effectively begin connecting the core recruitment marketing process areas and capabilities in your recruiting organization.