Talent acquisition costs play an important role in determining the success of your recruitment process. Whether it is about filling an existing position due to some internal turnover, or it includes switching of jobs during the mid-season, your recruitment strategy should work in accordance with the talent acquisition costs. Most of the expenditure involved in talent acquisition is related to the process of sourcing (including the money spent on recruitment advertisement as well as HR consultancy fees, etc.). As per a study, companies invest more than $124 billion per annum to source candidates to achieve this end. Taking a share out of HR department’s budgeting costs, these costs are a big concern for every company.
Keeping in view the advancements in terms of new technologies and the emergence of innovative practices, smart sourcing has evolved to cater this urgent need. Recruitments can be now quicker, and at a larger platform than before. Apart from the obvious benefits of cutting down the price, smart sourcing can also prove to be of crucial importance in fostering stronger relationships with both the active and passive job seekers. Consequently, this method offers higher return on your investments, making this a popular choice for all recruitment professionals.
Below mentioned are some of the best practices for smart sourcing that you can employ to search for the best person for a particular job while reducing the involved costs and the time to hire:
Automating the Job Boarding Processes
Using predictive ranking and optimization capabilities, you can derive the most of your job board investments. By automating, you are not just gaining in terms of cost and time to hire, but also can cut down every possibility of human error. Automating the job boarding processes increases the likelihood of attracting the most talented and qualified candidates for the jobs.
Building distinct Talent Pools
One of the barriers in reducing the talent acquisition cost comes in the form of managing the exhausting resume databases. You can improve on that and then move ahead with building mutually beneficial relationships with qualified candidates so that when you have a job opening, you know exactly where to look for the best match.
Having a consistent candidate relationship database will minimize the cost of sourcing and will work towards improving your employer branding as well.
Social network and the power of being connected
Pew Research Internet Project reveals that close to 73% of online adults are regular users of social networking sites. With the increase in the popularity of social networking sites such as Twitter, Facebook and LinkedIn, job seekers and job recruiters both have taken sincere notice of the power of social networking. You can generate better leads and gather more information by targeting these sites to get more qualified candidates connect with you.
As the competition for talent increases and skill shortages worsens, these new practices will continue to emerge and innovate within recruitment firms that have a bigger goal before them. Modern HR practices have gained new momentum with smart sourcing methods. Given that you can execute smart sourcing intelligently, these key strategies can play as major differentiators in the market space. Ilona Andrews quoted somewhere that “if the sky could dream, it would dream of dragons“; smart sourcing is the new way you can control these dragons of immense opportunities.