Sourcing is the second highest origin of hires after direct applicants, so a lot of attention is being paid these days to metrics and tools to improve this crucial function.
Here are 7 metrics about sourcing that every talent acquisition professional should know summarized in an infographic below.
Metric #1: Every 1 in 72 sourced candidate is hired
According to Lever, candidate sourcing is one of the most effective ways to hire. On average, one in every 72 sourced candidates is hired compared to one in every 152 applicants.
Metric #2: Sourcing takes up 1/3rd of a recruiter’s work week
Entelo’s data found on average, a recruiter spends ⅓ of their week or about 13 hours sourcing candidates for a single role.
Metric #3: 72% of recruiters believe automated sourcing would increase their productivity
Entelo’s survey further found the vast majority of recruiters – 72% – would welcome sourcing automation to increase their efficiency and performance.
Metric #4: Average response rate for an initial sourcing email should be between 30-50%
According to Greenhouse’s internal numbers, the initial email response rate will vary from role-to-role but ideally should fall between 30-50%.
Metric #5: Average candidate conversion rate should be between 15-20%
The conversion point from prospect to candidates happens when a prospect agrees to take an interview with a recruiter.
Greenhouse aims for a conversion rate of 15-20% from candidate to prospect.
Metric #6: Only 30% of candidates in an ATS are in an active pipeline
Lever’s data finds less than a 1/3rd – 30% – of candidates in a typical ATS are in an active pipeline. That’s a lot of resumes in your ATS sitting idly.
This is why rediscovery is considered one of biggest innovations in candidate sourcing: the ability to mine your ATS database for prior candidates that are good matches for a current req.
Metric #7: Sourcing outreach can involve a cadence of up to 6 months
When it comes to engaging and nurturing candidates, Lever suggests finding an effective cadence that works for you.
For example:
- Initial contact (email, text, or call)
- Follow up 1: 1 week after initial contact
- Follow up 2: 2 weeks after initial contact
- Follow up 3: 3 or 4 weeks after initial contact
- Follow up 4: 6 months after initial contact