Killer Sourcing Strategy: 9 Tips for Getting Perfect Candidates
Effective hiring and global recruitment are essential for an organization to build high-quality teams. But are you struggling to fill open positions? You're not alone. Recruiters often face difficulty getting perfect candidates, which leads to decreased productivity and negatively impacts your organization.
So, you may be wondering how companies can use technology to streamline the hiring process and attract more applicants. Here, we will have a look at 9 Tips for a Killer Sourcing Strategy in 2023.
Reasons for Applicant Shortage During Hiring
There are several reasons why there may be a talent shortage when hiring. Some of the most common reasons include:
1. Skills shortage
2. Lack of Technical resources, such as hiring tools
3. Having to compete with other employers
4. A poor reputation for the company
Consequences of Talent Shortage During Hiring
Here are some of the consequences that you might face if there are not enough applicants for your job openings.
1. Having difficulty filling key positions
2. Existing employees have an increased workload
3. A decrease in the productivity of the company
4. A negative impact on the culture of the company.
9 Tips for a Killer Sourcing Strategy in Recruitment
1. Start your sourcing pipeline
An effective talent pipeline is a very important factor in successful recruitment.
Organizations that have developed a strong recruiting pipeline are 37% more likely to achieve success compared to those that do not, according to research conducted by Deloitte
Start using these strategies to build your talent pipeline, which will help you hire the right candidates quickly.
For instance, Clients or vendors who work closely with your company may have contacts in the industry who are an exceptional talent.
2. Use Interview as a Service platforms
To improve outsourcing, 93% of organizations are considering or have adopted cloud technology.
Video interview platforms such as Tacnique come equipped with a lot of advantages such as Technical skill evaluation, Certified expert interviewers, and features such as recording of cloud interviews.
Such interview services provide access to industry experts who can help you close technical positions quickly and effectively.
3. Reduce your application process time
The hiring process can take anywhere from a week to months. This is quite frustrating for the candidates as they run out of patience when hearing back from an employer.
According to a Glassdoor study, the average length of the interview process in the US is 23.7 days.
Try to reduce the application process time and keep in communication with the applicants. Also, using live interviewing tools will help you shorten the hiring process.
This also creates a good candidate experience which helps boost the rating of your company.
4. Increase the use of the Referral system within your organization
Employee referrals can be considered one of the best Human Resource practices. It is a structured program where a candidate is referred by the existing employees.
According to a study by Jobvite, employee referrals make up only 7% of job applications but account for 40% of all hires. This shows how referrals can be leveraged for getting successful hires.
82% of companies have integrated referrals into their recruiting process so that they can get suitable candidates for their job openings.
Thus, Referrals help you get access to new candidates, which can help you get a successful hire quickly. Try providing a good reward to the employees who refer candidates, and thus, having a referral system in your organization can be extremely beneficial.
5. Have a data-driven recruiting approach
In data-driven recruiting, data and analytics are used to improve global recruitment efficiency and effectiveness. This is quite useful as you can close positions quickly with data-driven decisions throughout the hiring process.
According to a LinkedIn survey, companies that use data-driven recruiting are 2 times more likely to improve their recruiting efforts and efficiently fill roles than those that don't use data
A study by McKinsey found that recruiters that use data analytics are 3.5 times more likely to get more candidates
Multiple industries, such as healthcare, IT, and manufacturing, are leveraging data to improve their recruitment skills.
6. Plan strategically to improve Employer branding
According to Glassdoor research, when offered a position with a company with an excellent reputation, 92% of candidates may consider changing jobs.
A positive online presence can increase the quantity and quality of applicants and reduce the workload of in-house recruiters.
Investing in building a strong employer reputation can yield significant benefits to a company's hiring efforts and overall success.
7. Industry-specific job boards:
Today, 84% of businesses believe that AI will allow them to obtain a competitive advantage.
Industry-specific job boards like Dice, AngelList, and Hired are great resources for finding exceptional tech talent, such as AI developers.
Another benefit of using these job boards is that they often have a more targeted audience, such as engineers looking for specific tech-related jobs.
For instance, if you are looking for Java developers, relevant job boards will help you get candidates suitable for your requirements.
8. Understand your company's strengths
Some companies may be fully remote, which helps rope in the right talent, make your you and team understand what value you can provide.
For instance, Tacnique allows you to attract, hire, and retain top-quality remote engineers around the world.
By assessing your company culture, reputation, and recruitment skills, you can have a competitive advantage in hiring.
9. Boomerang Hires
Boomerang hires are employees who leave the company but return at a later time.
Boomerang hires can be a great strategy for companies looking to improve the hiring process.
According to Workforce.com, 70% of employers reported success with boomerang hires.
LinkedIn is one of the companies that jumped on the boomerang hire bandwagon in 2021 and hired many employees.
Reaching out to former employees who left on good terms and had valuable skills and experience can help you identify exceptional talent who are already familiar with your company culture and values.
In conclusion, effective hiring and recruitment strategies are important for reducing shortage of employees. The process of hiring the right talent can be quite time-consuming and painstaking, but the strategies mentioned above can help you streamline your hiring needs.