Today: 5 December 2023
Knowing about your source of hire can assist recruiters of a recruitment agency in Bangalore in optimizing recruitment processes and determining which acquisition channels should be used more frequently. Furthermore, it will be extremely beneficial to you when planning and updating your recruitment budgets in 2023.
This article will go over the benefits and challenges of tracking the source of hire as well as the concept of hiring.
To start forecasting your best talent acquisition channels, source of hire data can be a useful data point to gather. This hiring metric can be monitored by assigning a tag to each applicant who participated in your hiring process that specifies the source of recruitment, such as LinkedIn, employee referral, internal, Facebook, Indeed, etc.
Here is a list of typical sources for recruiting:
1. Employee referrals: Current employees can refer people in their personal and professional networks to open positions at their company.
2. Internal talent: Also known as direct sourcing, is when a company first assesses its current employees to see if they are a good fit for the open positions before considering hiring external candidates. Promotions or lateral transfers are two examples.
3. Old Employees: Former employees who are seeking employment with the same company once more are known as “old employees” or “boomerang candidates.”
4. Job Boards and websites: Employers use job boards and job search websites to advertise and post their open positions to candidates. These websites compile and list all open positions (local, remote, and international).
5. Job fairs: These events, which are sponsored by the government and local governments, allow candidates to walk in and be interviewed concurrently. These are typically large-scale hiring events that are appropriate for entry-level positions.
6. College’s recruitment: Companies that recruit students and recent graduates to work for them include universities and colleges. These are also carried out to fill roles at the entry level.
7. Social media: Because LinkedIn and Facebook are so popular, many businesses actively recruit by posting job openings on their company pages or running paid advertisements.
8. Staffing agencies: Recruiters handle end-to-end placement of candidates in exchange for a fee, making them ideal for small businesses without an HR department or those businesses having trouble finding qualified candidates for a specific niche.
It shows the proportion of all hires made by the company who came from each recruitment source or channel. Then, by monitoring this metric, you can examine successful hires. Then you can evaluate which hiring channels have produced the highest calibre candidates.
Keeping an eye on your source of hire has benefits and drawbacks:
In order to continue investing in this source, source of hire can help you determine where your most successful applicants come from. On the other hand, you can stop using sources of employment if they are not producing the results you want. In your source of hire analysis, you can be more specific. For example, if you are getting the most applications through social media, dig deeper to find out if they came from Facebook or LinkedIn. Check to see if Indeed or Glassdoor is the source of the most resume submissions coming from a particular job board.
You should consider the calibre as well as the quantity of candidates you draw from your sources of employment. It is time to increase the budget for employee development, for instance, if you discover that most of the company’s high performers were recruited from within.
You have noticed that a certain school produced most of your best employees. In that case, you might prefer hiring candidates from a particular university and disregard students from other colleges. Alternatively, your management may have recommended the top managers.
In that case, you might be biased, running the risk of losing talent to other sources or ruining the culture of your business. Combining the source of hire with other recruitment metrics will help you avoid biases in your hiring decisions.
Combining the source of hire with other recruitment metrics will help you avoid biases in your hiring decisions. To identify which source draws in candidates of poor quality, for instance, you might combine the source of hire with the quality of hire metric.
If most of your chosen candidates receive low performance ratings, it may be time to revamp your hiring and screening procedures. Alternatively, you could combine the source of hire with the hiring or filling period. By combining these KPIs, you can pinpoint areas where it is difficult to find candidates and fill open positions.
Do not limit your hiring options based solely on prior prosperous experiences. To help them make informed hiring decisions, educate hiring managers and recruiters about unconscious hiring biases.
Understanding your source of hire metrics can assist any recruitment agency in Bangalore in analyzing the recruiting channels that are supplying you with the best candidates so you can increase your resources for the best results and eliminate or modify ineffective hiring channels.