How to source candidates: A complete guide

April 19,2024

In the context of recruitment process outsourcing (RPO), payroll process optimization is essential to maximizing accuracy, efficiency, and compliance. Using technology-driven solutions, embracing strategic planning, and implementing best practices may help businesses minimize risks, expedite RPO payroll procedures, and optimize employee potential. 

Recruitment Process Outsourcing Services providers often offer integrated RPO payroll solutions as part of their RPO offerings to streamline the entire hire-to-pay process for their clients.

What is Candidate Sourcing?

Candidate sourcing, also known as talent sourcing, is the proactive approach of identifying, engaging, and evaluating potential candidates for current or future job opportunities within an organization. It involves searching for qualified individuals who possess the skills and experience required for specific roles and building relationships with them to facilitate the hiring process.

How to Source Candidates?

  1. Find Out About Upcoming Vacancies: Identify and list open roles within the organization to save time and filter ideal candidates efficiently.

  2. Research Open Role Requirements: Develop a thorough understanding of role requirements to clarify necessary skills and qualifications.

  3. Search for Talent: Utilize various channels such as job boards, social media, and candidate databases to identify potential candidates.

  4. Contact Candidates: Engage with potential candidates through cold calling, recruitment emails, and networking events to express interest in hiring them.

  5. Pre-screening Phase: Assess candidates' resumes, skills, and qualifications to shortlist them for further assessment.

  6. Handover Shortlisted Applicants to Managers: Pass shortlisted candidates to hiring managers for final assessment and selection.

Sourcing vs Recruiting: What’s the Difference?

  1. Finding and proactively interacting with possible candidates via a variety of channels is known as "sourcing candidates."

  2. The process of finding, evaluating, and assigning candidates involves conducting interviews.

9 Creative Ways to Source Candidates

  1. Source of Candidates Using Social Media: Post job vacancies and interact with candidates on sites like Facebook, LinkedIn, and Twitter.

  2. Using Recruiter Networks for Talent Sourcing: Make use of recruiter networks to network with other professionals and gain access to a larger pool of potential applicants.

  3. Locate Potential Talent Using Candidate Database: To find qualified applicants in a database, use Applicant Tracking Systems (ATS).

  4. Sourcing via Campus Recruitment: Work with academic institutions to hire new employees straight off campus.

  5. Employee Referrals: Encourage staff members to suggest qualified prospects from their networks to source candidates.

  6. Candidate Sourcing Through Online Job Postings: Advertise job opportunities on many websites to draw in interested candidates.

  7. Candidate Sourcing Within the Company: Encourage employee development and progress by publicizing internal job ads.

  8. Offline Methods for Sourcing Candidates: Go to industry conferences and recruiting events to meet prospective employees face-to-face.

  9. Recruiting Candidates More Quickly by Building a Powerful Employer Brand: Create a strong employer brand to draw in top candidates and streamline the hiring process.

Utilizing the benefits of recruitment process outsourcing (RPO) and following Service Level Agreements as guidelines can assist organizations in implementing and perfecting these innovative sourcing strategies.

What are the Best Ways to Source Passive Candidates?

  1. Customize Your Communication: Make your outreach communications to inactive applicants more interesting and pertinent by modifying them.

  2. Utilize Talent Communities: To remain in touch with passive applicants and let them know about job openings, establish and manage talent communities.

  3. Employ Boolean Search: To find and connect with passive prospects more successfully, make use of sophisticated search methods.

  4. Make Use of Your Staff Network: Employee recommendations are more likely to produce great recruits, therefore encourage staff members to suggest suitable applicants from their networks. 

RPO outsourcing companies and RPO AI recruiting solutions can also be leveraged to improve the sourcing of passive candidates through techniques like AI-powered resume mining, automated candidate rediscovery, and personalized multi-channel outreach campaigns.

4 Key Candidate Sourcing Metrics

  1. Sourcing Channel Effectiveness: Evaluate how well various sourcing methods draw in eligible applicants.

  2. Cost Per Hire by Source: To make the most out of recruiting funds, figure out how much it will cost to hire applicants through various sourcing channels.

  3. Candidate Conversion Rate: Monitor the pace at which applicants go through the hiring process to pinpoint areas that need work.

  4. Sourcing Productivity: To increase overall recruiting effectiveness, measure how well sourcing initiatives and activities are working.

RPO tech solutions can also provide more advanced analytics and reporting tools to track them in real-time. Moreover, Compliance and Regulations on sourcing and hiring practices must be monitored closely, especially in regulated industries such as healthcare.

Candidate Sourcing with ATS: Benefits Sourcers Get

Applicant Tracking Systems (ATS) streamline candidate sourcing efforts by allowing recruiters to:

  • Post job vacancies with ease on several platforms.

  • Create and oversee a varied talent pipeline.

  • Organize candidate collaboration and communication in one place.

  • To improve hiring tactics, monitor and evaluate sourcing indicators.

How Do I Plan the Budget for Candidate Sourcing?

  1. Set clear objectives for sourcing and hiring: Determine hiring objectives and needs to distribute resources wisely.

  2. Calculate the Cost of Your Primary Sourcing: Think about costs like hiring fees and job board fees.

  3. Estimate Fixed Expenses for Sourcing Candidates: Take into consideration the expenses related to partnerships, events, and outside organizations.

  4. Determine the Cost of Technology for Sourcing: Add the cost of applicant tracking systems and other hiring technologies.

  5. Add Extra Expenses for Finding Candidates: Set aside money for things like staff referral schemes and improved career sites.

When outsourcing to healthcare RPO companies, factor in their service fees as well. It's also important to understand the difference between RPO and MSP models and their respective cost structures when budgeting for sourcing and hiring initiatives.