How to Build a Talent-Sourcing Strategy in 2024?

Recruiting talented individuals is essential for your organization's future success. Although this may seem obvious, each company (big or small) is a competitor as every company widens its nets to grab the attention of the best candidates out there, it's time you played your part as well.

To sustain a competitive edge, you must hire only the most skilled individuals and use the best recruitment tactics to reach your goals. As a result, using new talent-sourcing strategies in recruitment becomes essential.

A remarkable shift is evident, with 77% of talent leaders emphasizing total value creation over cost savings—a significant jump from 45% the previous year. This underlines the evolving nature of talent acquisition, as 87% of recruiting professionals affirm its increasing strategic importance.

A good talent sourcing strategy allows HR professionals to identify qualified individuals who can help their organization prosper in the long run. A well-planned strategy can result in more efficient hiring procedures, improved employee retention, and positive candidate engagement experiences.

If you are a hiring professional or work in the recruitment sector, understanding the importance of talent-sourcing strategies and effectively utilizing them can help make your hiring process smoother and more productive for your firm.

In this article, we will explore the significance of talent-sourcing techniques and a good set of the latest talent-sourcing strategies for 2024 you can incorporate into your recruitment process to help your business function more seamlessly.

But first, let's take a step back and start from the beginning.

1. What is talent or candidate sourcing?

Talent sourcing, also known as candidate sourcing, is the process of identifying, evaluating, and communicating with prospective employees to generate qualified job applicants for a specific job opening. During this process, your team will communicate with prospective applicants, who will be added to your talent pipeline to fill any current or future vacancies. The idea is to create a consistent talent pipeline that runs year-round so that the company is well-prepared for any unexpected job vacancy that might show up.

2. Why is it important to upgrade talent sourcing strategies in 2024?

Here are some of the reasons why talent is the most crucial aspect of the whole recruitment process:

Creates a talent pipeline: Creating a pipeline of applicants is the most reliable strategy for managing your company's talent needs. Sourcing allows you to reach out to possible candidates well before the vacancy occurs.
Saves time for the recruiters: As you already have a pipeline of skilled candidates ready to fill roles as they become available, talent sourcing saves time and money. Talent sourcers identify a large talent pool; hence, open positions are filled promptly. This shortens the recruiting cycle and reduces the workload of recruiters.
Improves hiring quality: During the active search for qualified and suitable applicants, you gain a better understanding of the type of person that this specific role may require. This helps improve the recruiting of higher-quality candidates.
Contributes to the growth of the employer's or corporate brand: Talent sourcing helps to grow the employer's or corporate brand. In the recruitment process, having a strong employer brand is important. When your company shows interest in candidates, keep them informed about future vacancies and provide a positive candidate experience. This way, the company becomes more known and trustworthy in the eyes of the candidates.
Helps expand your reach: A candidate Management system can help you reach potential candidates that traditional job posts on job boards or in print media would never be able to reach. Sourcing takes a proactive strategy to recruit candidates through technology, regardless of location, position, or geography.
Diversity and Inclusion: Effective talent sourcing enables organizations to proactively seek a diverse pool of candidates. By reaching out to a broad range of talent, you enhance diversity and inclusion within your workforce, fostering a more innovative and dynamic work environment.
Proactive Succession Planning: Talent sourcing aligns with proactive succession planning. Identifying and nurturing potential candidates before a key role becomes vacant ensures a smooth transition and minimizes disruptions in critical positions, contributing to long-term organizational stability.
Adaptability to Market Changes: A well-established talent pipeline makes an organization more adaptable to market changes. Whether it's sudden growth, industry shifts, or emerging skill requirements, having a pipeline allows quicker responses to changing market dynamics.
Enhanced Candidate Experience: A positive candidate experience is crucial for building a strong employer brand. Talent sourcing allows organizations to engage with potential candidates well in advance, providing a personalized and positive experience throughout the recruitment process, even if they are not immediately hired.
Talent Analytics and Continuous Improvement: Utilizing data and analytics in talent sourcing provides insights into the effectiveness of various strategies. Continuous monitoring and analysis allow organizations to refine their talent acquisition approaches, making data-driven decisions for ongoing improvement.
Global Talent Acquisition: Talent sourcing extends beyond geographical boundaries. Leveraging technology and a proactive sourcing strategy enables organizations to tap into a global talent pool, bringing diverse perspectives and skills to the workforce.
Flexibility and Scalability: A well-structured talent sourcing strategy offers flexibility and scalability. Whether your organization is experiencing growth or restructuring, having a pipeline in place ensures that you can scale your talent acquisition efforts accordingly.

3. Top Talent Sourcing Strategies in 2024 to Hire The Right Candidates

Many HR functions find themselves unprepared for the effective implementation of AI-related initiatives. Organizations and HR leaders are urged to develop evaluation frameworks to assess the adoption of HR tech successfully.

The overwhelming volume and pace of change impact employee well-being. Changes, now continuous and stacked, call for effective change management strategies to mitigate adverse effects.

Let's look at the various strategies which recruiters, talent sourcers, and HR professionals leverage to find high-quality individuals for their organizations.

Despite the need for cost efficiency and agility, with 53% anticipating a flat or reduced recruiting budget, 77% are steering their strategies towards greater agility. This marks an 11-point surge from the previous year, showcasing the industry's adaptability in the face of financial constraints.

A. The candidate’s time is as valuable as yours

Respect suitable applicants' time and become flexible with their schedules when communicating with them. When speaking with a candidate on the phone, first inquire about their availability. Consider specifying the amount of time you require so that you can explain all relevant details about the job opportunity. You can give them several communication options and times throughout the week. It can make candidates feel more valued and improve their perception of the organization.

B. Keep track of your metrics

Hiring managers need to track their metrics after the recruiting phase.

You can review the hiring process to determine which strategy performed best. Evaluate the number of attempts at communication made to generate a response from applicants. Establishing clear, measurable Key Performance Indicators (KPIs) remains paramount. Tracking metrics such as time-to-hire, cost-per-hire, retention rates, and candidate satisfaction provides a comprehensive view of the talent sourcing plan's success.

You can go over the message again and use it during the next hiring cycle. If it does not show a positive response, make changes to improve it. You can also find out which channels brought in the most applications and continue to hire through them.

C. Technology Consolidation and Automation

Tech consolidation is on the rise, with companies investing in more than ten technology solutions for their recruitment functions on average. Notably, 32% seek to replace point solutions to streamline and consolidate providers. Automation is gaining prominence, as 60% of companies have increased investment in automation technologies, reflecting the industry's commitment to efficiency.

Excitement surrounds the integration of generative AI into recruiting, with 68% of hiring professionals expressing optimism about its impact. This signals a growing reliance on advanced technologies to enhance and streamline talent acquisition processes. Recruiters should always be on the lookout to upgrade and build their tech stack with the finest and latest to increase efficiency.

When it comes to predicting effective recruitment, talent sourcing tools like EasySource and AI-integrated software, such as the applicant tracking system (ATS) and candidate management system (CMS), which frequently employ and leverage algorithms, are starting to outperform recruiting managers in the field. The adoption of AI-related initiatives in HR functions is an area of concern, with most HR functions found to be unprepared. Organizations need robust evaluation frameworks to effectively implement AI technologies and leverage their benefits

Furthermore, recruiting software can produce favorable hiring results through automated job advertising, scheduling, and screening options, as well as virtual interviews and pre-employment evaluations.

There are many recruitment tools available online, each tailored to an individual's needs and preferences; some are designed exclusively for start-ups and small businesses, while global corporations use others to handle bulk data and candidate management.

While most sourcing tools have a fee, there are plenty available online that are free to use.

Talent-sourcing software can give projected insights by filtering data from candidates from a range of sources, not just resumes or submitted applications, thereby saving time in the recruitment process and lowering the cost per hire.

D. Employer Branding and Candidate Experience

The intersection of employer branding, candidate experience, and ROI is becoming increasingly vital. In-house recruiting professionals predict a 60% increase in employer branding investments, showcasing a strategic approach to talent attraction. Large organizations are embracing multi-channel touch points, including InMail, email, SMS, employment branding campaigns, recruitment events, and social media recruitment, to enhance the overall candidate experience.

Amidst evolving workplace dynamics, the importance of leader and manager development emerges. Over three-quarters of employees emphasize the increased importance of manager support, highlighting the critical role managers play. However, the burden on managers has intensified, with 76% of HR leaders acknowledging their overwhelm due to a 51% increase in responsibilities. Employee well-being is at risk in the face of continuous and stacked changes, necessitating strategic approaches to alleviate these pressures.

Hybrid work, while providing flexibility, poses challenges to organizational culture. Leaders must be intentional in aligning employees with the organization's values and fostering a sense of belonging. The crux is that employer branding is affected by aspects like these hence it is important to ensure that they are catered to.

Your corporate brand could mean the difference between a candidate responding to or ignoring your outreach.

Candidates are unlikely to respond to your outreach if they hold a negative perception of your employer brand, and an unfamiliar employer brand can also stymie your efforts.

A strong employer brand, on the other hand, is the most effective recruitment tool in your toolbox.

These statistics underscore the pivotal role of strategic planning, cost efficiency, technology consolidation, automation, AI, and employer branding in shaping an effective talent-sourcing strategy for 2024.

E. Maintain a communication bridge between the recruiters and the hiring managers

Communication between recruiters and hiring managers is essential at all stages of the recruitment process, but it is especially critical during the talent sourcing stage. When it comes to finding a strong candidate, the hiring manager and recruiters must operate on the same wavelength. Remain in dialogue with your hiring managers about the job criteria and specifications, and keep them up to date throughout the process, to ensure that no important information is overlooked and there is no room for miscommunication.

Mutual understanding will not only ensure that your team is looking for great, qualified candidates, but effective communication will also allow you to fine-tune your search criteria depending on the hiring manager's feedback.

F. Diversify and expand your sourcing channels

Some recruiters use professional networks, while others might use popular platforms such as LinkedIn to find their candidate pool. The most frequent methods of candidate sourcing are popular for a reason: they seem to work.

However, consider bringing some less common sources into the mix and try to expand your reach. Candidates may be more open to outreach messages on less traditional websites, and profiles on such sites can provide unique information that can be utilized for a more tailored outreach.

In addition to professional social networking sites, job boards and platforms are also effective tools for sourcing talent.

By allowing recruiters and candidates to search and filter through vacancies that match defined keywords and advanced filters, job boards can assist organizations in filling specialized roles in certain industries.

Social media is one of the most popular tools for talent sourcing since it allows sourcers and recruiters to verify applicants more promptly. Despite being under the umbrella of the marketing department, social media can be an important instrument in showcasing a company’s brand and corporate social responsibility.

The use of social media is prominent in most organizations' recruiting sourcing techniques. LinkedIn, Facebook, Twitter, and Meetup are all good places to connect with any prospective candidates.

G. Follow up on all your candidates from time to time

Follow-up emails can be even more effective than your initial email strategy. Send news about your firm to prospects, congratulate them on professional accomplishments, inquire about the status of a significant project, and notify them about job openings that might be relevant to their professional background. Even if these check-ins do not yield immediate results, they will keep you at the top of the minds of the strongest candidates. You'll be the first person they think of when they're ready to look for a new job. And even if the candidate is not interested in your organization, they may be able to refer someone who is.

Polite persistence is a great way to keep applicants informed while staying on their radar.

H. Don't overlook the value of offline recruitment methods

There is no disputing that internet platforms improve your engagement. However, offline recruitment methods continue to be an important talent-sourcing strategy. Going offline and meeting people in person at events is a great way to uncover viable talent.

Attend job-related or industry-specific conferences and events or organize meetings to bring people you want to meet together. Your business will face less competition to stand out, and prospects will be more likely to respond to follow-up communications after engaging with you in person.

I. Emphasize internal hiring and evaluation

Many hiring managers believe that one of the best places to identify suitable applicants is within their organization. You can allow the current employees to apply with their organization and have their performance assessed. You can also transfer or promote existing professionals.

Furthermore, recognizing internal talent can help you make better use of resources and also save time.

Many hiring managers prefer internal hiring of existing employees because they can adapt quickly to the workplace and job position.

J. Focus on building your talent pipeline

Hiring managers gather and save data on all candidates who apply for available roles. The sourcing pipeline is a method of gathering information that allows hiring managers to find people with crucial attributes and qualifications. When a candidate applies for a certain post, put the candidate's information into the database and use it when needed.

Adding important information to the pipeline can help you connect with potential candidates for future openings.

K. Seek out job roles for the future

The most effective talent sourcers are adept at locating talent for positions that are not presently available but could be required by the company shortly. That demonstrates their commitment to their employee recruitment strategy.

Inquire about your employer's five-year business expansion plans.

Researching current job trends to see where the market is headed is one of the best practices for sourcing strategies.

It is critical to plan your approach by deciding when, where, and how many additional roles will be necessary.

You can start creating an ideal archetype for the roles you're attempting to fill once you've ascertained where you need to develop and reached an agreement with HR and Finance on the level and skill set required for the particular job position.

To wrap it up

Keep in mind that different firms, depending on their size, industry, or workforce requirements, need different talent-sourcing strategies. What your organization requires will be vastly different from what someone else desires.

However, talent can be found in many places, and no plan is ever perfect. Some businesses choose the ‘immediacy and quantity’ hiring approach of the internet, whilst others might choose a more direct, human, and loyalty-based strategy.

Whatever situation you are in or the strategy you adopt, embrace the potential around you and be mindful to not leave any stone unturned.

Now that you have utilized the hiring strategies to create your talent pool, it’s time to take the next important step and find top talent among your list of candidates.

HireQuotient could be the perfect tool for the job. HireQuotient provides a variety of pre-employment assessments and virtual interviews to assist your firm in better-evaluating candidates and finding skilled individuals.

For more information, please visit our website.