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Sourcing Strategies

How Do You Source Candidates and Build a Talent Pipeline? The 10 Best Sourcing Strategies

Published on April 2nd, 2023

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Good talent is hard to find, but it's even harder to find good talent who's actively looking for a job. That's why sourcing candidates and building a talent pipeline is like having a secret weapon in your search for talent.

A strong talent pipeline is like a reservoir of high-quality candidates that businesses can tap into whenever they need to fill open positions. Having such a pipeline benefits businesses in several ways:

  • Reduces time-to-hire: Since there are already pre-qualified candidates in the pipeline, the hiring process becomes faster and more efficient.

  • Lowers recruitment costs: A talent pipeline can significantly reduce the need for expensive advertising and recruitment campaigns, saving businesses money.

  • Improves the quality of hires: A pipeline provides businesses with a pool of candidates who are already interested in the company and have a good understanding of its culture and values, which can lead to better job satisfaction and lower employee turnover.

  • Increases employee engagement: When employees see that their company is actively investing in its talent pipeline, they're more likely to feel valued and engaged in their work.

  • Gives a competitive advantage: In a competitive job market, having a talent pipeline gives businesses a significant advantage over their competitors in attracting and retaining top talent.

Identifying the Talent Needs

Conducting a thorough job analysis is crucial in identifying the skills, knowledge, and experience required for a position. This involves reviewing existing job descriptions, gathering information, identifying job duties and responsibilities, determining necessary skills and knowledge, determining experience requirements, evaluating the importance of each requirement, and writing a comprehensive job description.

A targeted job description is critical in attracting the right candidates for a position. It accurately reflects the skills, knowledge, and experience required for the job, making the hiring process more efficient and effective. The job description should be based on a thorough job analysis that identifies the specific job duties and responsibilities, necessary skills and knowledge, experience requirements, and the importance of each requirement.

The Top 10 Sourcing Strategies

1. Referral Programs

Referral programs encourage current employees to refer qualified candidates for open positions. This strategy can be highly effective because current employees are often the best source of high-quality candidates. Referral programs can also help to reduce recruitment costs and improve employee retention.

Advantages

  • Higher quality candidates
  • Lower recruitment costs
  • Better employee retention

Disadvantages

  • Limited pool of candidates
  • Potential for nepotism or favoritism

2. Social Media Recruitment

Social media platforms like LinkedIn, Facebook, and Twitter are excellent resources for sourcing candidates. These platforms allow recruiters to target candidates based on their skills, experience, and location. Social media recruitment can also help to build employer brands and increase candidate engagement.

Advantages

  • Targeted outreach to potential candidates
  • Improved employer brand
  • Increased candidate engagement

Disadvantages

  • Potential for low-quality or unqualified candidates
  • Over-reliance on social media platforms

3. Job Boards and Job Aggregators

Job boards and job aggregators like Indeed and Glassdoor are popular resources for candidates and recruiters. These platforms allow businesses to post job openings and search for candidates based on their skills and experience. Job boards and job aggregators can also help to increase the visibility of job postings and attract a larger pool of candidates.

Advantages

  • Wide reach and visibility
  • Access to a large pool of candidates
  • Easy to use and post job openings

Disadvantages

  • High competition for candidates
  • High volume of unqualified candidates
  • Limited ability to target specific skills or experience

4. Direct Sourcing

Direct sourcing involves proactively reaching out to potential candidates who match the company's hiring needs. This strategy can be highly effective in identifying and engaging with passive candidates who may not be actively searching for job opportunities.

Advantages

  • Access to passive candidates
  • More control over candidate pool
  • Improved candidate engagement and response rates

Disadvantages

  • Time-consuming and resource-intensive
  • Potential for low success rate in candidate conversion

5. Talent Communities

Talent communities are groups of candidates who are interested in working for a specific company or industry. These communities can be built through networking events, social media groups, or online forums. Talent communities allow businesses to engage with potential candidates and build long-term relationships with them.

Advantages

  • Building long-term relationships with potential candidates
  • Increased candidate engagement and loyalty
  • Access to a targeted pool of candidates

Disadvantages

  • Limited pool of candidates
  • Time-consuming to build and manage

6. Employee Advocacy

Employee advocacy involves leveraging the company's current employees to promote the company as an employer of choice. This strategy can help to build employer brands and increase candidate engagement.

Advantages

  • Improved employer brand and credibility
  • Increased candidate engagement and interest
  • Access to a wider pool of potential candidates

Disadvantages

  • Potential for employee burnout or disinterest
  • Limited reach beyond employee network

7. Recruiting Events

Recruiting events like career fairs and industry conferences provide an opportunity for businesses to engage with potential candidates face-to-face. These events can help to build relationships with potential candidates and increase brand awareness.

Advantages

  • Face-to-face engagement with potential candidates
  • Improved candidate experience and relationship-building
  • Access to a targeted pool of candidates

Disadvantages

  • Time-consuming and resource-intensive
  • Limited reach beyond event attendees

8. Recruitment Marketing

Recruitment marketing involves using marketing tactics to attract and engage potential candidates. This strategy can include targeted advertising, email marketing campaigns, and content marketing. Recruitment marketing can help to build employer brands and increase candidate engagement.

Advantages

  • Improved employer brand and visibility
  • Targeted outreach to potential candidates
  • Increased candidate engagement and interest

Disadvantages

  • Resource-intensive
  • Potential for low ROI

9. Talent Pooling

Talent pooling involves building a database of potential candidates who may be a good fit for the company's future hiring needs. This strategy can help to reduce time-to-hire and recruitment costs by providing a pool of pre-qualified candidates.

Advantages

  • Reduced time-to-hire and recruitment costs
  • Access to pre-qualified candidates
  • Increased efficiency in hiring process

Disadvantages

  • Limited reach beyond existing candidate database
  • Potential for outdated or inaccurate candidate information

10. Diversity and Inclusion Strategies

Diversity and inclusion strategies involve actively seeking out and recruiting candidates from diverse backgrounds. This strategy can help to increase innovation, improve employee retention, and build a more inclusive workplace culture.

Advantages

  • Increased innovation and creativity
  • Improved employee retention and engagement
  • Access to a wider pool of candidates

Disadvantages

  • Potential for tokenism or lack of authenticity
  • Potential for resistance or backlash from existing employees or customers.

Implementing the Sourcing Strategies

1. Referral Programs

  • Communicate the program clearly to your employees and incentivize them to participate.
  • Provide easy-to-use referral tools and systems for employees to submit referrals.
  • Actively promote the program on social media and other platforms to reach a wider audience.

2. Social Media Recruitment

  • Use targeted social media advertising to reach the right candidates.
  • Engage with potential candidates on social media platforms to build relationships and establish credibility.
  • Use employee-generated content to showcase your company culture and attract candidates.

Pro tip: Use tools like LinkedIn Recruiter and HireQuotient’s Easy Source. Combining LinkedIn Recruiter with Easy Source can be a powerful way to streamline and optimize your talent sourcing process. Easy Source is a cloud-based talent sourcing platform that allows recruiters to search across multiple job boards, social media sites, and other sources to find the best candidates for their open positions.

By integrating LinkedIn Recruiter with Easy Source, recruiters can leverage the power of LinkedIn's vast network and advanced search filters to identify and engage with top talent. You can then use Easy Source to expand their search beyond LinkedIn and search for candidates across multiple channels, all from a single platform.

This combination can save recruiters time and effort by providing a unified platform for talent sourcing, enabling them to quickly and easily identify qualified candidates and manage their candidate pipeline. It also allows recruiters to tap into a wider pool of potential candidates, increasing the chances of finding the perfect fit for their open positions.

3. Job Boards and Job Aggregators

  • Choose job boards and aggregators that are relevant to your industry and target audience.
  • Optimize your job postings for search engines and use keywords to increase visibility.
  • Monitor and analyze the performance of your job postings and adjust accordingly.

4. Direct Sourcing

  • Use online platforms and directories to identify potential candidates.
  • Develop personalized outreach messages that resonate with candidates.
  • Follow up with candidates in a timely and professional manner.

5. Talent Communities

  • Develop and maintain engaging content that appeals to your target audience.
  • Foster an active and supportive community by facilitating conversations and sharing insights.
  • Use targeted messaging and personalized outreach to convert community members into candidates.

6. Employee Advocacy

  • Encourage and train employees to share job postings and company content on their social media channels.
  • Develop and share employee-generated content that showcases the company culture and values.
  • Use gamification and rewards to incentivize employees to participate.

7. Recruiting Events

  • Plan and execute events that align with your recruitment goals and target audience.
  • Promote events through various channels and use targeted messaging to reach potential candidates.
  • Collect and follow up with contact information for interested candidates.

8. Recruitment Marketing

  • Develop and promote a strong employer brand that attracts top talent.
  • Use targeted messaging and personalized content to engage with potential candidates.
  • Monitor and analyze the performance of your recruitment marketing campaigns and adjust accordingly.

9. Talent Pooling

  • Continuously source and engage with potential candidates to build a strong talent pool.
  • Use targeted messaging and personalized outreach to convert candidates into applicants.
  • Keep candidates engaged and informed about potential opportunities.

10. Diversity and Inclusion Strategies

  • Develop and communicate a strong diversity and inclusion policy.
  • Use targeted messaging and outreach to attract a diverse pool of candidates.
  • Monitor and analyze the diversity of your candidate pool and adjust strategies as needed.

Measuring Success

Measuring the success of sourcing strategies is crucial to understand what's working and what's not in your recruitment efforts. It helps you identify areas for improvement, adjust your tactics, and ultimately achieve better results.

There are several key metrics to track when measuring the success of sourcing strategies:

1. Time-to-hire

  • The countdown to finding your next superstar employee
  • Measure how long it takes to bring a new hero into the team
  • Helps you avoid feeling like you're stuck in a never-ending recruitment loop

2. Cost-per-hire

  • Pinching pennies while searching for the perfect hire
  • Measure the amount of dough spent on recruitment
  • Helps you make the most of your budget and avoid overspending

3. Candidate quality

  • Only the best of the best need apply
  • Measure the skill level and experience of your candidates
  • Helps you avoid hiring the wrong person and creating a supervillain in your workplace

4. Source of hire

  • Discovering the superhero recruitment strategies
  • Measure which strategies are most effective in attracting top talent
  • Helps you find new ways to seek out and recruit the best of the best

5. Diversity

  • Creating a league of extraordinary employees
  • Measure the diversity of your candidate pool
  • Helps you build a team that is diverse and inclusive, so you can save the world (or at least your workplace)

It is crucial for businesses to implement these strategies to attract and retain top talent. In today's competitive job market, candidates have more options than ever before, and businesses must work hard to stand out. By building a talent pool and actively sourcing candidates, businesses can stay ahead of the competition and ensure that they have the talent they need to succeed. For more interesting information on recruitment follow HireQuotient.


Authors

author

Thomas M. A.

A literature-lover by design and qualification, Thomas loves exploring different aspects of software and writing about the same.

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