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Best Practices in ensuring Source Effectiveness

Recently I attended an event in Chicago in which we invited staffing and HR leaders to see some of our data and best practices from our work with clients in the hopes that it would stimulate some conversations and begin to change the dynamic in the staffing and HR community.M Jt~)bt H\+YO
I thought I would share with you one aspect of our discussions on source effectiveness. AR6cZdD!@S
But first the data. To data we have is across 6 industries and 10,000 hires in the past year across a Fortune 500 client base. In addition to the data, we also have the wonderful experience of consulting with clients on their own data, partnering, and sharing perspectives and best practices across our client community.
3p5{4@6Lrw)s To date, here is the breakout of the most effective sourcing channels:FV[qg
[b]1.[/b] [b]Company website[/b] [b]- 30%[/b] of hires are coming from this destination)X qI]/y;Kc
[b]2.[/b] Employee Referral </STRONG[b]- 22%[/b] of hires from this source, in some cases this high % of hires comes when the clients do not even effectively market an ERP. For those that do, the return on this source is much higher'jwvCEG
[b]3.[/b] [b]Job boards[/b] [b]- 21%[/b]. This is inclusive of all 3 big boards as well as niche boards. We can do a deeper slice and of the big 3 boards Careerbuilder (17%) is currently outperforming Monster (15%) while Hotjobs comes in last (14%).?K%qy V$u|7^/_
[b]4. Search firm[/b] [b]- 10%[/b], inclusive of contingent and executive search. DQ5GdE1\
[b]5. Newspaper ads[/b] [b]- 6%[/b], amazing but true, ads are still around depending on the industry and market.
1C(Nq&{L(Y6Jw So with that data as a guide we discussed best practices to ensure the effectiveness of sourcing channels. Here’s the top 3:
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h [b]1. Measure the effectiveness, from multiple channels.[/b] As I’ve said before and will say again, you can’t manage or improve what you don’t measure. Now we all know most ATS offerings can provide a window into this data, but in our view the systems don’t go deep enough, with enough drill downs into the multiple sourcing channels. The data from these systems can also be suspect at best. Offering another check and balance view into this data is a nice approach to ensure that the measure is consistent, and trusted.
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W [b]2. Evaluate spend versus return on your channels at least once a quarter. [/b]I know it can be easier said than done but a consistent evaluation of the dollars you spend on your sourcing channels versus their return will enable you to be more proactive at ensuring your deploying the most effective source at the most effective time. If a certain job board is not working for 3 months, shift your spend and energy to another board. If you’re not seeing a high return from certain search firms you’ve been working with, shift the dollars to another firm that’s been begging for your business. You may see higher levels of service and stronger candidate pools.
$_j0J)c"vC8Je [b]3.[/b] Realize that in most studies that exist, the top 2 sourcing destinations/sources are always going to be your careers website and your employee referrals. [b]So drive traffic to your careers website, and market that employee referral program.[/b] In almost any candidate perspective in the digital age during some aspect of their research, application, or offer process they will be perusing your careers site. Passive or active, it doesn’t matter. -w XVBZ~/W5?i/F
Studies have also consistently shown that employees who join through a referral consistently stay longer, are more productive, and more engaged. If your company has an employee referral program that’s great, now market it. Intranets, newsletters, snail mail, the company cafeteria. Just get the message out. Then make sure the stars that refer people the most, or those folks that refer stars are recognized. Publicly, in lights, with fireworks (okay well you don’t have to have fireworks).