Sourcing channel or source of hire simply refers to the efficacy of the different job boards or media a company uses to publicize its current job openings. The reason for tracking this metric is simple – there are hundreds of options for sourcing candidates, but depending on your industry or your specific organization, certain sources will prove to be more effective or provide higher quality candidates than others. Once you know which sources provide the greatest number of candidates, you can start looking at which sources produce the best quality candidates over time. Then you can focus your energy and resources on these channels.
66.3% Source effectiveness should take into account the following data when ranking each source:
• Applications received
• Number of applications that screened in
• Number of applicants hired
• Screened-to-hired ratio
• Percentage of total hires
Companies with smaller budgets will find this especially helpful so they are not wasting time or money on expensive job boards when perhaps they receive their best candidates from employee referrals or social media sites.