“Qualified applicants per requisition” is a good indicator of the effectiveness of your sourcing channels. This takes into account not simply the total number of applicants for a position, but the number of quality or qualified applicants. One source may produce hundreds of applications, but maybe only ten of them actually made it beyond the screening questions or minimum requirements. The way that you determine what a qualified applicant means will vary based on the specific requirements that you establish for each requisition, but it is important to establish an average over all requisitions for a specific time period. Ultimately, qualified applicants are the ones that matter and the ones that you will want to keep in contact with for future opportunities.