Unfortunately, there’s a big leap between this initial idea and a sourcing operation that’s humming with efficiency. Sourcing as a concept might be simple, but if you’re not monitoring your team’s performance and keeping an eye on crucial sourcing KPIs then you could be in for a couple of nasty surprises down the line.
Traditional recruiting metrics don’t give you the level of insight into the sourcing process that you need. If you want to understand how you’re really performing, try tracking these 5 sourcing metrics:
1. Best sources for new candidates
Where do the best candidates come from?
It might not be a question that you can answer right now, but after tracking your sourcing process for a few months, you should have a very clear idea of where to find great candidates for different roles.
Superstar sales reps could be lurking on LinkedIn, top designers on Dribbble. You might find that all of your best technical candidates come from attending meetups.
Make sure you keep track of the source of every candidate in your spreadsheet or CRM and keep an eye on the most effective talent sources. If you can build up a clear picture of where top talent is hiding, then you can optimise where your team spend their time and resources.
2. Your pipeline speed (time-to-hire for sourcing)
A slight alteration on the classic ATS time-to-hire metric, tracking the speed of your pipeline will show you how long it typically takes for candidates to go from the “first contacted” stage to “hired”.
A sourced candidate’s time to hire needs to be tracked from the moment that you first contact them, not when they enter your ATS like normal.
This is because there is an entire process of outreach, nurture and qualification that a sourced candidate goes through before they’re ready to apply. By tracking pipeline speed you’ll get insight into how efficient and effective your team are at this side of the process.
This sourcing metric will show you:
- How many messages it takes to get an initial response from a candidate
- How long it takes to nurture a candidate and convince them to apply for a role
- Whether candidates that you’ve sourced move through the screening and interview process faster than general applicants
- And much more
3.) Sourcing productivity
Team productivity is paramount to the success of your sourcing team. You need everyone firing on all cylinders if you’re going to compete for the best talent effectively.
To make sure that they’re always operating at peak capacity, the best teams track sourcing metrics like:
- Number of candidates sourced
- Number of emails sent
- Number of calls made
- Number of candidates progressed to screening
There are 3 key benefits to tracking these particular sourcing KPIs:
As a manager, it’s good to know your team are getting on. Tracking productivity as a KPI lets you make sure that everyone is pulling their weight.
It’s important to strike a balance here, no one wants to feel like they’re being micromanaged. If you can help your team understand how they can be more efficient, you’re well on your way to success.
ii) Conversion rates
Tracking these sourcing metrics will show you the conversion rates you can expect at every stage of your sourcing process. For example – the percentage of candidates sourced that reply to your first message.
This helps make the sourcing process far more predictable and helps you set clear goals for your team. For example, increasing the percentage of candidates that respond to your first message from 25% to 35% would encourage your team to write more personalized messages and result in a significant increase in candidates.
If you know how many calls, inmails and emails it takes to produce the required number of qualified candidates, then you can forecast far more effectively and make your sourcing process far smarter.
4. Quality of screening feedback
Sourcing is a quality not a quantity game.
It doesn’t matter how many people your team add to your pipeline every week if the standard is poor. To make sure your team are identifying the right kind of candidates, you should focus on metrics that indicate quality.
A simple way to measure quality? Track screening feedback.
Candidates that your team sources have already been vetted to some degree, (you’ve reviewed their information on sites like LinkedIn, Github and Dribbble), and should be a great match for open roles (you’ve cherry-picked them, they aren’t untargeted applications).
If your team are finding the right kind of candidates, then you’ll get positive feedback from recruiters that are handling screening.
On the other hand, if the candidates you’ve found can’t make it through the screening process, then you need to take a good hard look at your sourcing process and maybe even sit down with your team to ensure that they know exactly which persona.
5. Candidate experience
It isn’t just your applicants that you have to worry about.The candidate experience begins from the very first touchpoint someone has with your brand. Click To Tweet
Whenever your sourcers engage new candidates, they’re representing your organisation. The only real window into your company that a candidate has is provided by the way your sourcing team treats her.
As humans we form first impressions fast. It takes about 1/10 seconds for us to make up our mind. Online there’s little difference. If you get an InMail from a company that has clearly done no research, and has no idea if you’re actually a good fit for their role, you’re probably not going to think too highly of them!
Here are a 3 very simple rules to ensure you provide a good candidate experience when sourcing:
i) Send personalized messages. Don’t spam.
ii) Do your research on each candidate
iii) Follow up, but make sure you get your follow up strategy right (more on that here)
None of these rules are rocket science, but they can help you make candidate experience a key part of your sourcing process.
If you want to actually measure the candidate experience as a sourcing metric though, your best bet is to actually ask the candidates you’re speaking to! You’ll be surprised at the time that people will take to provide candid feedback on how they feel their experience has been.
The easiest way to do this is to send simple surveys to candidates that let them rate your process and leave feedback.
There are plenty of great survey tools out there, but here are a few I’d recommend:
i) Typeform: slick surveys with plenty of customisation options.
ii) Survey Monkey: the traditional option, still got plenty of legs.
iii) Beamery Surveys: candidate experience surveys, integrated with your CRM.
Sadly none of these 5 sourcing metrics are silver bullet. What you will find though, is that if you track these sourcing KPIs for a month or two you’ll start to get real insights into your process that you can apply to improve your results.
How to engage candidates: the complete guide
Getting your engagement strategy right is crucial when it comes to actually contacting candidates.
We’ve created a step-by-step guide to help you craft recruiting emails that candidates actually want to open, click and reply to. You’ll learn:
- Unconventional tactics to get passive candidates to reply