How to Master Talent Sourcing: Definition and Strategies

Talent sourcing is considered as one of the most difficult HR tasks in the modern workplace. Hiring managers depend on this process to find the right candidates for job opportunities within their organizations.

Salary.com's Consulting Service can help your organization develop and master the talent sourcing process to make informed hiring decisions.

What is talent sourcing?

Talent sourcing is the process of identifying and engaging potential candidates to fill current and future positions within a company. It involves various talent acquisition methods to build a talent pool of individuals who fit the ideal candidate persona.

This process ensures that hiring managers have access to the best talent available, including 37.3% of highly skilled, but passive, job seekers that are not actively applying. For example, a company looking to fill a senior software engineer position might use a talent recruiter to find candidates through employee referrals, engaging with passive candidates who are not actively applying but have the right skills and experience for the job.

With Salary.com's Consulting Service, you can streamline the talent-sourcing process through innovative and efficient data-driven solutions.

Talent sourcing vs. recruitment

Talent sourcing involves identifying potential candidates for current and future positions. It uses various methods, such as job boards, social media, and employee referrals, to build a talent pool of qualified candidates.

Recruitment, on the other hand, is the process of engaging and hiring these candidates. Hiring managers work closely with talent sourcing specialists to ensure the best talent is chosen for open positions, focusing on writing job descriptions and conducting interviews.

The key difference between talent sourcing and recruitment lies in their focus. Talent sourcing is about finding and engaging prospective candidates, while recruitment is about selecting and hiring the right talent to fill specific positions.

Best talent sourcing strategies

Sourcing potential candidates can come from multiple channels and unexpected places. Once you have a clear sourcing process in place, it's time to executive it effectively. Here are a few candidate sourcing strategies that organizations can consider:

Boost your employer brand

A good employer brand attracts top talent by highlighting a positive company culture and strong reputation. Promoting your brand through effective marketing and addressing online feedback can make your organization a preferred choice for potential candidates.

Collaborate with hiring managers

Hiring managers have valuable insights into the specific skills and qualities required for various roles. Partnering with them can fine-tune your talent acquisition process and ensure that you attract the most qualified candidates for current and future positions.

Reconnect with previous applicants

Past applicants represent a pre-screened talent pool that has already expressed interest in your company. Re-engaging these candidates can streamline your recruitment process, helping you quickly identify relevant candidates for new job openings.

Maximize employee referrals

Employee referrals often produce high-quality candidates, as current employees understand the company culture and job requirements. Encouraging and rewarding referrals can enhance your talent pipeline with individuals likely to fit well within your organization.

Implement an applicant tracking system (ATS)

An ATS can optimize your hiring process by pre-screening candidates and integrating various job boards. This candidate sourcing tool saves time and ensures that only the most qualified candidates move forward in the recruitment process. Workforce Planning can help create a future-ready workforce and move your business forward.

Diversify online talent sources

Relying solely on online platforms may limit your reach. Explore various online job boards and niche communities to discover passive candidates and underrepresented talent, expanding your sourcing efforts.

Engage in in-person and virtual events

This strategy offers valuable opportunities to connect with potential candidates face-to-face. These interactions can reveal more about a candidate's personality and soft skills, which are often missed in digital profiles.

Personalize candidate outreach

Generic outreach is less effective in engaging passive candidates. Customized and spaced-out communications can drive candidate engagement, making them more likely to respond to your job opportunities.

Evaluate and adjust your strategies

Regularly tracking key metrics like cost-per-hire and time-to-fill helps assess the effectiveness of your recruitment methods. If results are unsatisfactory, adjust your tactics and collaborate with hiring managers to improve your sourcing efforts.

Methods of talent sourcing

Companies take advantage of talent sourcing methods to connect with potential candidates for job positions. Popular talent sourcing methods include:

Networking events

Networking events enable hiring managers to partner closely with industry professionals at job fairs and career events to source talent from the right talent pools and find the ideal candidates.

Social media advertising

Utilizing social media platforms to advertise job opportunities and promote a strong employer brand allows companies to attract active candidates online.

AI and recruiting software

These talent sourcing tools help track potential applicants, manage talent pools, and identify the best candidates efficiently. This ensures that the hiring process is both effective and efficient.

Employee referral programs

This method taps into your workforce's networks to source new talent, often resulting in finding top talent that fits well with the company culture and job description.

Job board postings

This talent sourcing method attracts job applicants actively seeking new positions and can also spark interest among passive talent. This increases the pool of potential candidates and helps retain talent in the long run.

Common challenges in the talent sourcing process

Candidates that look good on paper may prove to be incompatible with your organization. Recruiters may not find their desired candidates if they fail to look beyond metrics. Here's a list of common challenges in the talent sourcing process:

1. Aligning job description with hiring manager expectations: Hiring managers often struggle to clearly communicate their expectations in the job description. This mismatch can result in wasted time and resources interviewing candidates who are not suitable for the role.

2. High market competition: Given the competitiveness of talent acquisition today, sourcing talent with the exact skills and experience required can be challenging. Inability to attract the ideal candidate can lead to talent shortages and increased time-to-fill positions.

3. Managing salary expectations: Balancing competitive compensation to attract top talent with the company's financial constraints requires careful negotiation and strategic planning. New Hire Pay Practice can help assess the competitiveness of your new hire offers.

4. Evaluating cultural fit: Ensuring cultural fit is crucial for long-term success and employee retention. Neglecting to assess cultural fit can result in hiring candidates who may not integrate well within the team or organization.

How to master the talent sourcing process

Now that you understand how the talent sourcing process works, here are some simple steps to develop and master a customized process that suits your organization's needs:

1. Step 1: Understand the job opportunity

   Thoroughly understand the job description provided by the hiring manager. Identify the key skills, qualifications, and experience required to define the ideal candidate profile and job description.

   Job Description Composition will help you build new job descriptions that reflect current duties, skills, and responsibilities.

2. Step 2: Define the ideal candidate

   Create a clear picture of the ideal candidate based on the job description and the hiring manager's input. This ensures alignment between job descriptions and the specific needs of the role.

3. Step 3: Strategic sourcing

   Utilize various channels such as job boards, social media, professional networks, and industry-specific platforms to source candidates. Customize your approach to each channel to maximize reach and engagement.

4. Step 4: Take advantage of talent sourcing tools

   Make use of tools like applicant tracking systems (ATS), candidate relationship management (CRM) software, and AI-powered recruitment platforms to streamline the sourcing process and identify potential candidates efficiently.

   Job Architecture will help you streamline your job design process.

5. Step 5: Improve the screening process

   Implement a rigorous screening process to evaluate candidates against the defined criteria. This includes reviewing resumes, conducting initial interviews, and assessing skills and competencies.

6. Step 6: Proactive talent recruiting

   Actively engage with potential candidates to develop interest in the job opportunity and the organization. Provide relevant information about the role, company culture, and career development opportunities.

7. Step 7: Make informed hiring decisions

   Collaborate closely with hiring managers to review and evaluate candidates objectively. Don't forget to consider factors such as cultural fit, skills match, and potential for growth to make informed hiring decisions.

   Companies that have a properly structured talent sourcing process enable their hiring managers to have access to the best talent available. They often take advantage of strategies and tools to prevent unnecessary delays and manage their talent sourcing budget efficiently. Salary.com's Consulting Services can help your organization make informed hiring decisions and solve your talent sourcing challenges.