Sourcing is more than just finding the right candidate for the job. It’s a process – sometimes a very time-consuming one – and processes need to be assessed to make sure they are working efficiently. Here are four sourcing metrics you can use to track how your processes are functioning.
1. Where to Source From
A relatively easy key performance indicator to track, knowing where most of your successful hires are found is an excellent way to save time and effort with future hires. Tracking which social networking sites yield the best results and which publications and websites to advertise with will ensure you get the best bang for your buck. Keep in mind that this metric may vary depending on the type of job you are sourcing for. Look over the successful hires you’ve made over the last few months, and you should have a clear indicator of where your team needs to put their time and effort into finding future candidates for similar roles.
2. Time to Offer
From initial contact to acceptance of an offer, do you know how long it takes a candidate to make it all the way through your sourcing pipeline? Ideally, a fast, consistent process is desired. However, the reality is that some candidates take longer than others depending on the roles, their personalities, etc. Track how many emails/phone calls it takes for you to get responses; how much time does it take a candidate to apply for a role that you present to them; and how long does it take a candidate to move through the screening and interview process. Identifying where delays and hang-ups are on this side of the process will help you and your team pinpoint what needs to be worked on to increase efficiency.
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3. Screening Quality
It’s not about having a lot of candidates in your pipeline, but about sourcing quality candidates. Get feedback from your recruiters about the candidates they are talking to. If they have mostly positive things to say about the candidates they are contacting, then that’s great! If many candidates aren’t making it through the screening process, sit down with the team to make sure the person doing the initial sourcing is on the same page as everyone else and knows what to look for.
4. Interview to Offer Success Rate
The higher the quality of your candidate pipeline, the more offers you will be handing out. If your candidate base isn’t as strong, you may find yourself interviewing several people before giving an offer. This metric helps keep things in perspective on the quality of the candidates you’re sourcing. However, banking up on seemingly great candidates isn’t the name of the game if you only have one job offer to give them, so focus on collecting suitable candidates for roles you are frequently hiring for.