7 Metrics to Measure When Creating Your Sourcing Model

Creating a sourcing model for your business can be a tricky, expensive, overwhelming proposition. Many organizations spend countless hours and dollars developing and implementing this model, which outlines the process by which you hire new talent to your company. But unless you tailor your candidate hiring model to fit the needs of your company, you may be wasting your firm’s time and money.

Qualigence International’s sourcing guide, titled “What to Consider When Building an Internal Sourcing Function,” covers much of the methodology and steps for creating a sourcing pipeline that can work for your company. Qualigence cautions against just copying what has worked for another company, calling it “suicide for most recruiting/sourcing leaders”. “Before you begin the journey of determining your sourcing structure and tools, you must first understand what you need to accomplish both short-term and long-term.” Use the source functions of other companies as a model for your own, but tailor them to fit your company’s unique needs.

When launching your campaign toward a hiring model, one of the most important steps in the process is keeping track of what works and what doesn’t. Qualigence recommends measuring the following seven metrics during the process:

Sourcing Channels. The first and foremost indicator of success is how many hires you make for each source you’re using. Why waste time on an outlet that isn’t producing hires for you? Instead, you can focus on expanding with one that does.

Recruiting Efficiency. How many of your cold calls are returned? How many of those returned calls become candidates? How many candidates become hires? And so on.

Acceptance Rate. How many of the offers you present are actually accepted?

Candidate Satisfaction. Use a survey to measure how happy candidates are with the process.

Manager Satisfaction. Also, what do the managers feel about the process?

Quality of Hire. Measure performance ratings after three to six months on the job, including productivity, and continue to follow progress long-term.

Efficiency Ratio: Total direct recruiting costs divided by total compensation of hires made, or positions filled. You’ll have a better picture of the efficiency of the model than simply measuring cost per hire.

Measuring metrics are a tricky, potentially time-consuming process, but, Qualigence says, one that can lead to the development of a more beneficial sourcing model that can help your company in the long run.

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