Talent sourcing may be a new term however growing thought within the world of recruiting. It is a technique of generating candidate flow, finding, and networking with prospects eventually geared towards changing people into mortal or providing extra referrals. A lot of individuals concerned in talent acquisition are still discovering sourcing for the very first time and aren’t yet quite certain what it is. Here at Pragna Technologies, our goal is to be one of the best sourcing tools out there, and in order to do that, we know we have to help newcomers gain a better grasp of what sourcing is.
What is Talent sourcing?
Talent sourcing involves proactively searching for and engaging qualified talent to fill your company’s current or future positions, and it’s more important than ever. Only 36 percent of the workforce is actively trying to find a replacement chance at any given time; however an incredible 90 percent is willing to speak and learn a lot. Sourcing opens you up to large swaths of the talent pool you didn’t have access to before – among each passive candidates, and active candidates who otherwise wouldn’t apply because they don’t realize your company or open opportunities. Sourcing permits you to take control of your pipeline and initiate conversations with the talent you actually need.
What’s more, recruiting benchmarks analysis found that sourced candidates are more than two times as efficient as candidates who apply. One in each 72 sourced candidates, on average, is hired, compared to 1 in each 152 for candidates who apply. That figure is even a lot impressive when you consider that applicants are actively interested, whereas sourced candidates might not be.
Why it matters
Based on the definition above, Talent sourcing brings a neat combination of predictability, reduced risk, efficiency, and quality to the hiring process. That’s music to every business leader’s ears.
How do those advantages play out in practice? For example, the Sourcing team can build forecasts spanning several months based on current talent pipelines. That allows hiring managers, recruiters, and human resources staff to plan for interviewing time and resources, on boarding, pieces training, ramp-up times, workload, etc.
The term talent sourcing might be new for few but it’s of great use to the recruitment industry (RPO). Talent sourcing not only reduces the overall hiring time; it also makes sure that the candidates fit into the role exclusively. It increases the overall hiring process efficiency and customize the hiring process.
If you’re curious about RPO, we’d always encourage you to do a demo. When it comes to Recruitment and Talent Sourcing, there’s nothing quite like it. You can start your free trial here