How to maximize Recruitment ROI with Talent Sourcing Tools?

You want to hire better talent and hire them fast. To ensure you don’t leave any stones unturned, you spend considerable time understanding ideal candidate personas, preparing strategies for sourcing relevant candidates, adding them to your pipeline and engaging with them. After weeks of continuous sourcing and connecting with candidates, you hardly recruit a few and are now exhausted. Talent sourcing is not the same as it used to be five years ago. It’s time-taking and quality candidates are hard to hire due to competition – the way to optimize it is by taking assistance from talent sourcing tools and streamlining the process to generate maximum ROI. 

‍

Sourcing candidates is the top priority for over 68% of organizations today. Why? It’s inevitable in today’s talent-centric market where over 90% of employed people are interested in new opportunities but only 36% of them are active job seekers.

The road to redemption is clear. If you want to hire the best people, you need not do hours of hands-on work but shift your focus on the analytical part which is identifying and evaluating people. And numerous recruiters are successfully hiring better talent than ever through this strategy!

‍

What is a Talent Sourcing Tool?

A talent sourcing tool helps recruiters and hiring managers to find, connect and engage with talent with the help of automation. It’s a great addition for teams looking to scale up their sourcing capabilities. So, regardless of your company size or industry, talent sourcing tools could immensely help you to reach new talent pools and hire relevant candidates efficiently.

Why Do You Need a Talent Sourcing Tool?

More than 90% of recruiters reported at the time of survey that they’re hiring for new roles. Hence, sourcing and hiring never really stop for recruitment teams. 

‍

Let’s now find out what are the benefits of a talent sourcing tool and why you really need it.

1. Helps in hiring better talent

The foremost priority of any organization is to acquire great talent. A talent sourcing tool helps you expand your reach as you can discover and connect with 10x more candidates within the same timeframe.

Talent sourcing tools need no manual intervention when it comes to managing the candidate pipeline. As a result, recruitment teams can find more diverse talent pools and ensure quality hires. 

2. Minimizes hiring time and costs

It takes 36 business days for companies to hire a new employee. Sounds too much, right? Automating the candidate sourcing and talent management with a sourcing tool will ensure you cut down the time to hire and hence, the cost to hire too.

‍

The average per hire in the U.S. is $4425. Add up to that the human capital cost in case of latency and inability to find relevant candidates. Talent sourcing tools majorly solve this problem by taking care of all the mundane tasks, so recruiters just need to evaluate and hire.

3. Ensures a full talent pipeline

One of the vital things for hiring efficiently and fast is to have pre-filled talent pipelines with quality candidates. It becomes a lot easier if you maintain a sourced candidates database. Whenever requirements arise for any role, having qualified candidates in the pipeline would ensure you don’t rush and choose the best possible candidate. 

‍

Talent sourcing tools help you fill the talent pipeline a lot faster and you can always keep looking for candidates and add them to your pipeline with a single click

4. Helps in optimizing workforce diversity

Apart from hiring the best talent, passive sourcing also gives a chance to improve your workforce diversity. How? As you are in control of outreaching talent pools at scale – the complete flexibility allows you to make decisions based on diversity.

‍

A talent sourcing tool is specially made for maximising passive candidate sourcing. A large chunk of available talent comprises passive opportunity seekers and hence recruiters can make the best out of it.

What are the Top Features of Talent Sourcing Tools?

We discussed how crucial talent sourcing tools are for efficient and proactive sourcing of candidates. But how do these tools work? What are the features that make them powerful and reliable? Let’s find out.

#1 Find prospects' contact details

The first step of sourcing is to get your target prospect’s contact details. So a talent sourcing tool should be able to extract contact details of your prospects from multiple platforms like LinkedIn, Twitter and job sites with established candidate profiles. 

‍

Users must be allowed to add the contact details to their database and engagement campaigns directly with a single click.

#2 Integrate with your ATS

The next core feature is the availability of integrating your ATS with the talent sourcing tool. An Application Tracking System (ATS) is basically a top-level view of your recruitment pipeline. Each time you find a qualified candidate who is also interested in the opportunity, you can add them to your ATS.

This feature helps you keep track of all candidates and access the status of hiring for each of them.

#3 Automate multi-channel outreach & engagement

As a recruiter, reaching out to hundreds of candidates individually can be a hefty task. And then engaging and nurturing them continuously – it’s just not possible manually. A talent sourcing tool should solve this through automated outreach and engagement features.

As the aim of reaching out to talented candidates is to get a response, you should not compromise personalization. An ideal talent sourcing tool will enable personalized outreach at scale through multiple channels like LinkedIn, emails, WhatsApp and others.

‍

#4 Track performance insights

To make sure you get better with time in your sourcing campaigns, it’s important to monitor and analyze your performance insights. It can be questions like – how much time did it take to hire for different roles, which candidates didn’t respond, which ones did instantly and all the other performance indicators that help you improve your sourcing process.

Given the dynamics of talent sourcing, tracking the KPIs would also help you identify the most productive channels, methods and outreach practices.

‍

Conclusion

Hiring the right talent is only getting trickier with time. But as with every other industry, adaptivity is the key to sustainability in the recruitment space too. Talent sourcing is one of the primary strategies when it comes to recruitment. However, recruiters and organizations have very limited time and talent sourcing tools help are solving this by automating mundane hands-on tasks of recruiters. 

NurtureBox is a comprehensive talent sourcing tool that helps you identify, connect and engage candidates at scale. The tool allows you to add prospects to your ATS, create and launch email campaigns, engage with candidates on WhatsApp and track your sourcing performance conveniently. Our sourcing automation solution ensures a seamless experience for recruiters as well as ensures candidates are in continuous touch with the organization.

‍