THE HIREOLOGY APPLICANT SOURCING PLAYBOOK

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1 THE HIREOLOGY APPLICANT SOURCING PLAYBOOK Build Your Best Team and Drive ROI Across Sourcing Channels

2 THE HIREOLOGY APPLICANT SOURCING PLAYBOOK TAKE INVENTORY OF YOUR SOURCING CHANNELS When it comes to hiring, it s important to have a diverse sourcing strategy to increase the likelihood of attracting quality candidates. Compelling job descriptions for open positions should be posted across many channels, rather than limiting your reach to 1-2 applicant channels. Top Candidate Sources Compare your current applicant sourcing channels to the descriptions below and mark whether or not you re taking advantage of each channel maximize the impact of your recruitment efforts. Career Site - A well-built career site is often the top source for quality candidates. Top candidates turn to career sites rather than simply clicking apply through a job board, as they re deeply invested in their professional growth and want to better understand potential career opportunities and workplace culture. Use your career site to share an overview of your company s workplace culture, career progression and total rewards to help top candidates see the opportunity your team offers. Drive traffic from other channels to your career site by linking to your career site in the job description. This will give candidates a better feel for the role and your culture and weed out candidates who might not be a fit. Job Boards - Job applicants who don t have specific employers in mind tend to do broader research to find out about new job openings using job boards such as LinkedIn and ZipRecruiter. With job boards, you can broadly distribute job openings to many applicants but they might not be as engaged as other channels which is why it s beneficial to ultimately drive applicants back to your career site. Identify general hiring job boards as well as niche, industry-specific job boards that make the most sense for your business and open roles. Referrals - Top employees can be your best recruiters, as they tend to have extensive networks and can quickly spread the word of any new job openings. Referrals enable you to receive recommendations from employees you trust and can save your business time and money. To encourage referrals, consider implementing an incentive program such as cash incentives and gift cards and adjust the inventive based on the level of each open role. Ensure you remind employees of your referral program throughout the year to always stay top of mind with your top networkers. Social Media - Posting open roles on social media channels such as LinkedIn, Twitter and Facebook enable you to reach a small, targeted pool of applicants who have likely already connected with or engaged with your business. Link back to your career site in all social postings, and encourage your employees to share the link with their networks. When your employees share openings, it can increase the reach by hundreds of connections in their network and even lead to more employee referrals. Leveraging social can be a cost-free way to engage with top applicants. 2

3 MEASURE QUALITY AND ROI BY SOURCE Once you have a strategy in place to source candidates across channels, make it a part of your hiring process to measure key performance metrics. Ensure complete visibility into each of your candidate sources, including total ROI by paid source, to help you continuously improve your sourcing strategy. To understand your candidate ROI, divide the total costs of each channel by the number of quality applicants delivered meaning applicants who were qualified enough to make it to the candidate stage. This will give you a cost per candidate, which is helpful for comparing different job boards and other networks that might have different pricing models. Going beyond pricing, if you re noticing certain job boards or channels do not result in quality candidates or eventual hires this is a clear sign you should reallocate your budget to other, more successful sources. Do you currently have a process in place to measure which applicant channels are in place and the ROI of each position your organization hires? Do you currently track and compare your recruitment ROI across hiring managers, positions, and locations? Think about each of your sourcing channels to calculate the total cost per hire using the table below. SOURCING METHODS SPEND APPLICANTS HIRES CONVERSION RATE COST/HIRE ACTIVE STRATEGIES Channel 1: Channel 2: Channel 3: PASSIVE STRATEGIES Channel 1: Channel 2: Channel 3: 3

4 THE HIREOLOGY APPLICANT SOURCING PLAYBOOK CONTINUOUSLY IMPROVE YOUR SOURCING STRATEGY When you have a clear understanding of what s working and what s not, you can outline actionable next steps for improvement. An easy way to do so is by identifying actions you need to start, stop and continue to improve the results of your sourcing strategy. START POTENTIAL OBSTACLES TARGET COMPLETION DATE STOP POTENTIAL OBSTACLES TARGET COMPLETION DATE CONTINUE REASONING/WHY 4

5 KEY TAKEAWAYS AND NEXT STEPS Following an effective, measurable sourcing strategy can help your build your best team while saving your business time and money. Make sure you have a diverse sourcing strategy that includes job postings across your career site, job boards and social media. And regularly measure the percent of quality applicants received by source to continuously improve your sourcing efforts. TAKEAWAY/NEXT STEP WHO IS RESPONSIBLE? A strong sourcing strategy is just one piece of a powerful hiring process. Hireology helps organizations of all sizes develop a hiring process to build their best teams. Learn more and get a demo at Hireology.com. 5