As a recruitment professional, you will already know why sourcing is so important. That said, winning the financial support you need to get the time, tools, and staff needed to effectively source isn’t always so straightforward. In order to get the budget you want, you will need to present your case in a way that ensures the executive(s) in question can clearly understand how investing in talent sourcing will help achieve their corporate goals. Whether you are vying for specialist sourcing software – like Hello Talent 😉 – or simply more staff and/or training to bolster your department’s effectiveness, your ability to construct a coherent picture of how sourcing can help make the entire organization more competitive will be crucial.
By focusing on a few key areas, you can construct a persuasive answer to question nearly every manager will ask you:
How will increasing the sourcing budget add value to our organization?
Hiring better candidates
A company is only as good as the people working for it, and the people who will approve or reject your budget will understand this to some degree. However, they might not understand how strong the competition for highly skilled workers is. In order to demonstrate the benefits of sourcing you can share numbers related to vacancies with low rates of qualified applicants. Then you can demonstrate the costs of such vacancies in terms of lost work, time to fill, recruiter fees, etc. Once you’ve made this clear it will be possible to show how sourcing can help you find the exact types of candidates that are currently not applying for open vacancies. If you want to take things a step further you can use internal HR data to demonstrate the difference that highly skilled employees have made for some teams. The argument is that having a sourcing budget will allow you to find more people who are hard to find and/or clearly have a positive impact.
Improve recruiter productivity
An important pain point to highlight is the time the recruiting and HR teams spend sifting through CVs that have been submitted via application. Many candidates that apply for open positions are unfortunately unqualified and your team will lose a lot of time to screening each of these candidates out. Sourcing on the other hand, allows you to engage in a targeted search to ensure you find people who meet the exact criteria you have in mind. Because sourcing is based on developing a database of candidates who already meet your requirements, at least on paper, you can refocus your efforts on finding ideal candidates, building relationships, and hiring them. Your productivity argument will also be connected to the metrics mentioned in the previous section. The better these metrics become the more money the organization will save. By investing in sourcing, and thereby improving productivity, the company can save money in the long run.
More efficient recruitment cycles
Sourcing can help you to not only find great candidates, it can help reduce the time it takes to fill jobs and improve overall retention. Time-to-hire and retention figures can be used to justify investing in sourcing because it allows you to pull candidates from your talent pool rather than start from scratch each time. You can also use metrics about your industry or competitors to highlight how things compare.
Many people in management won’t know what sourcing is when you first talk to them, much less understand the value it can add. If you come prepared with key statistics and examples of how souring can help you’re much more likely to get the budget you need to make sourcing a success within your company.
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