Why Strategic Talent Sourcing is Key to High-Quality Hires

Why Strategic Talent Sourcing is Key to High-Quality Hires

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A good hire depends on a number of components and at the top of that list is a well-articulated talent sourcing strategy. We share common hiring challenges and 6 goals that could reshape your sourcing approach

Globally, recruitment is now a highly competitive and dynamic space. Even as attrition numbers continue to grow every year (and the number of tech solutions geared towards addressing it increases), recruitment targets are also consistently revised.

However, beyond mere metrics, hiring as a function is a critical, business-objective linked sector, as opposed to the support function it once used to be. Given this landscape, identifying the right talent for a particular position (with a focus on timelines and hiring quality) is vital to ensure productivity and workplace efficiencies are at their optimum.

Broadly, here are some of the common challenges most recruiting teams face while looking for the most fitting candidates:

  • Sourcing quality, in-sync with organizational expectations – every firm demands the best in quality when it comes to hiring, which means that HR teams must find a unique ‘edge’ against ever-increasing competition;
  • Intersecting job-roles with right-fit applicants – sometimes hiring managers are unable to reach out to the most fitting candidates, as a result of timeline challenges, process complexities, or other clutter-inducing mechanisms;
  • Managing global expectations with localized targets – often large multi-national corporations have to deal with localized hiring rules and patterns, with limited integration with pre-determined global norms. This delays the hiring process, and could lead to missing out on best-fit applicants;
  • Ensuring costs are optimized, for the talent acquisition process – when the searching systems are not effectively maintained and streamlined, HR teams can face rising hiring costs, stretching beyond budgetary plans;

 

What is strategic talent sourcing?

Intelligent candidate sourcing helps to proactively look for and engage with, the most qualified professionals, for a company’s current & future openings.

Recent reports suggest that only a small percentage of the workforce is actively looking for a new position at any given time; however, interestingly, a massive proportion of the employee-base is always willing to talk, discuss possible situations, and learn more on available jobs.

Smart sourcing could help HR teams unravel a hitherto untapped reservoir of talent, that one couldn’t access before – identifying both passive and active candidates, who wouldn’t have applied previously, as they were ill-informed about the position or role. Sourcing helps firms take greater control of the pipeline, and begin conversations leading to the discovery of the talent, one wants.

What’s more, this systematic and concentrated approach will help find applicants who are eager to gather new capabilities, with a focus on efficiency and a personal growth-path. A clear and well-articulated strategy is at the heart of this sourcing blueprint. Unfortunately, a number of companies fail to understand the impact of having a written – and intricately detailed – sourcing strategy in place. Using analytics, via in-house platforms or companies like Joberate, could complement databases and aid sourcing decisions.

One can’t achieve much, unless a game-plan, a set of goals, and a step-by-step achievement trajectory has been locked in, and is ready for implementation. Cutting across all confusion, a strategic sourcing plan would offer defined, measurable and communicated hiring objectives, demarcating what’s important, the specific channels to explore, and the engagement model, recruiters, must pursue.

The lack of the above, leads to teams ‘wandering’ in a layered environment of possible choices and alternatives, extending timeframes and losing those quick-silver movements.

It’s pretty simple, then: set goals help clarify one’s purpose and underlines a navigable chart for accomplishing the tasks:

  1. Evaluate quality in line with volume of hiring targets
  2. Ensure business objectives are maximized via hiring choices
  3. Enable a steady and continuous competitive edge
  4. Enunciate team/hiring manager related targets
  5. Envision strategic and long-term recruitment related targets
  6. Enhance applicant-related targets through recruitment initiatives

A final word

It’s common for recruiters to get completely wound up in their day-to-day operations – addressing knots in the systems or debugging tactical issues – and, as a result, failing to assimilate the strategic impact of their decisions.

This is why, most corporate leaders put out a standard strategic plan every year, and recruiting heads must follow this essential operating practice, as a primary value creator.

Finally, remember that great strategy is borne of a deep understanding of the terrain, a pulse on market ebbs & flows, and core domain expertise. Strategic sourcing seeks to use all of the above, to paint in bold letters, the firm’s vantage point on success, profitability, and all-around employee engagement. Even with a robust platform in place – like end-to-end solution Hunting Gizmo – the data feeding it has to be strategic, accurate, and future-focused.

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