How sourcing analytics can benefit your talent acquisition strategy

Leaders across the talent space are trying to maximize the value they receive from an ever-more-expensive tech stack. As I wrote for Transform recently, everyone is feeling the pressure to “get more from less” while taking their organization’s talent acquisition strategy to the next level.

With the launch of Sourcing Analytics Essentials last month, Findem has taken meaningful steps to show how sourcing analytics fit into a successful talent acquisition strategy. With the right approach to sourcing analytics, you can make adoption easier, simplify reporting, and encourage collaboration. 

In this blog, I’ll go over 3 ways sourcing analytics can help unlock your data and benefit your talent acquisition strategy. But first…

What’s holding teams back from using sourcing analytics?

The data you need to drive adoption and success with a multichannel sourcing strategy is out there, but it can be tough to track down. 

For some teams, it’s a technological roadblock. According to Deloitte, 67% of talent leaders are struggling to access data and insights in tools that are often overly complicated to use and difficult to navigate.

It’s even more frustrating for recruiters and practitioners, who spend the most time in their organization’s point solutions. According to the same report, 84% of frontline workers view the current software experience as “poor.”

Talent teams are ready to dig into data, but struggle to find answers in disconnected dashboards and reports.

Before joining Findem as the lead value consultant for reporting and analytics, I tackled these challenges as a manager of people analytics and business intelligence. I know that team leaders have to feel confident about analytics to take action, but it can be difficult to build that trust.

Here are 3 things every sourcing analytics solution should do, and how they can benefit your talent acquisition strategy.

1. Collect and analyze the right data about adoption

As I’ve talked to prospects and customers, I’ve noticed a familiar, frustrating pattern with adoption. 

Talent teams will invest in technology with the promise of future quality and efficiency gains. Upon signing, the technology vendors place the burden on the customer to determine whether their teams are successfully adopting the tool. Without clarity on how and where their recruiters should be engaged, these customers may never realize these promised gains.

We built Sourcing Analytics Essentials to guide the adoption conversation and provide answers to these questions in a clear, simplified format.

At the top of our Right Start dashboard, we put the three metrics that have the biggest impact on adoption: user engagement, time to first contact, and candidates contacted. With this information easily accessible from the start, you can see immediately if your team’s work is having an impact and if your team is gaining value from the new technology.

2. Compare outcomes across channels

It’s difficult to take a “big-picture” approach to talent acquisition when you’re tracking every interaction. How are candidates in the ATS responding to specific outreach? Is this better or worse than the response rates for referrals or externally sourced candidates?

Findem comes pre-built with sourcing utilization and performance dashboards that immediately surface this information, consolidated with data across all of your hiring channels. There is no need to compile data from multiple systems and tools. A single view makes it easy to compare channel results so your team knows exactly where to spend their time and energy.

The benefit is twofold. When your team can easily find, digest, and communicate sourcing success, they are more inclined to adopt and continue using the tool. When that information is available in one place, teams are empowered to spend more of their valuable time on the people-focused activities that matter.

3. Collaborate with greater efficiency

Talent acquisition team members often work in silos. The time and attention required to meet individual goals can make collaboration a luxury. Findem makes it easy for teams to review outcomes and share wins and opportunities across the entire organization.

I’ve seen firsthand how they’ve used this reporting to track key candidate response metrics like reply rate, interest rate, and time to reply across every hiring channel. With insights into the best practices being used across the team, you can more easily develop new and exciting outreach tactics based on the campaigns and activities that drive the highest response rates. 

By breaking down barriers and access to celebrate the people, identify the projects, and uncover the locations driving the most success, teams can better work together with a shared goal in mind. As I continue to observe the novel ways in which our customers engage with these new views, I am excited about the future opportunities to shape these dashboards and provide even greater value in the future.

Make sourcing analytics part of your talent acquisition strategy

While sourcing analytics are just a piece of your talent acquisition strategy, they’re essential to your organization's success. The data you need is out there, but it’s not always easy to collect, compare, and act on it.

How do you know what tactics and techniques are driving success for your talent acquisition strategy? By cutting out the noise and creating clear signals for your team, you’ll know better what success looks like and how to effectively hire top talent for your business.

If you’d like to see Sourcing Analytics Essentials in action, be sure to check out our Findem Live replay.