Sourcing Decisions

Hello friends.

 00:00:20

Let us now talk about sourcing. Sourcing, as you will also know from the title, it's all about, how do you get people for the entire recruitment process? Firstly, You have to reach out to people and inculcate them in your talent pool, so that you can take their process forward.

Now if we look at the processes that we had before, such as job analysis, and workforce planning, do you know what things to see in the new hires? What skills, competencies, knowledge etc. a new employee should have. And what's your best sourcing system? It will be the one in which you can reach the maximum number of people. Because as we have talked about this thing in time management, every time the right talent does not reach you. You have to put in the effort, to ensure that you reach that right talent.

Even though they can easily reach you, or can't, you have to make sure that you can reach that right talent because only then will you be able to create a good employee workforce in your organization.

So what is sourcing basically? Sourcing or Candidate Sourcing, basically identifying top talent who possesses a particular set of qualifications, and skills. Their interest, and their experience, match your requirement. And most importantly, they are ready to join your organization. Or if you are a Recruitment Consultant then they are ready to join your client's organization.

So this is the basic way of sourcing. Exactly what is this? Now we further know-how sourcing becomes effective. So basically, a recruiting source is effective if it helps a company meet its staffing goals for a position being filled. If your source is helping you fulfil your goal, then it is an effective recruitment source. And generally, the staffing goals are of any organization, What are they? How quickly we are able to close a position.

But at what cost are we closing it and what is the quality of the new employee? At what level does it operate? What is his presidential role, and responsibility? What is Knowledge Base? What are core competencies? And will they be able to be set up in our organization? So all these things are incorporated into the staffing goals. Now in the hiring goals, in general, we try to bring high performing employees into the organization.

You will be seeing on the screen HiPo I have mentioned. HiPo means high performance and this is what HiPo implements. They should contribute to the business strategy execution, and then attend to the quality of the application pool. Because we want high performing employees to join our organization.

And after they arrive, perform well and support us in business strategy execution. So for this, not only the quantity of applications is more important, what is important is their quality? Because if you have brought people in quantity and not a single person of quality has come out of it, then all your efforts are wasted.

00:04:52

So that's why it is very important that you bring quality with quantity. Now let's talk about the strengths of recruitment sources. We source candidates from different places like portals, colleges, recruitment fairs, referrals, consultants, and so on and so forth. Different recruitment sources have different strengths. Some sources are faster if you have given three days of recruitment period then it may happen that they had completed it in 2 and half days.

Some sources are cheaper like you can organise recruitment fairs or recruit from some portal so we have to see what is cost-effective and some differences come out from there. Then some sources are better at acquiring people who fit in the culture now this happens when we recruit employees through any consultant now the consultant will see whether the person fits into your position, in your culture or not so that is about acquiring people who fit in the culture.

So next is better at acquiring high-quality people and as we talk earlier high performing employee assets for the organisation and they can also be higher again from some consultants and general recruiters, portals on which you can see detailed information about the candidate based on which you higher them. Sometimes we hire candidates through referrals also.

From that too, we can get high-quality people. Some sources help us to acquire people who are more likely to stay for a long time. Some sources hire us candidates which are acquiring experience. Relevant work experience is what we are talking about. A particular experience with this particular profile, if necessary, how far is it matching in that particular candidate pool, then they provide us by matching some recruitment sources perfectly.

Then there are some sources which help us to generate a large pool of candidates. Now like the recruitment fairs that we talk about, there we get a huge pool of candidates there and then we can use our filters to bring people to the initial screening, and then about the final decision, we can consider it. Then there are some sources which are better for fulfilling the long term needs. Like if today, a particular employee should have a particular skillset, so in future, the existing skillsets of that candidate can also be used.

00:08:46

Then there are some sources which allow us to hire for non-core competencies areas. Now, what are non-core competencies? For example, if the competencies of an organization are in manufacturing, but it is not very good with Artificial Intelligence. So there are some sources from which experts in artificial intelligence can easily hire people. Then some sources, help us in hiring diverse applications. What are these diverse applications? And like in general, female employees, differently-abled employees.

Nowadays some organizations are also focusing on generation diversity. So people of different generations should exist in the organization, as in today's date, like millennials, Jain by jensies which bring a different mindset, a different way of working and a fresh perspective in any organization. And then some sources are much better.

Bringing such people who are not actively looking for a job will be a very valuable asset for our organization. So these are different strengths of the recruitment source. And we can pick a particular strength according to our requirements. And accordingly, we can reach a recruitment source. So friends, till now we talked about internal recruitment sources and we also saw a high-level overview of different sourcing strategies.

Now let's see what are the external recruitment sources and how you can use them in a recruitment profession. So first of all, the biggest external recruitment source is employee referrals. It is a very well-known and very popular recruitment source and because of which one can also say this strategy of the top recruiters. You encourage existing employees to refer people from their personal and professional networks to open positions within the organization.

So generally an employer forces program-specific goals and also offers quite different types of incentives. Let's say that you work in an organization X and there is a position there and you know that you have a friend who is the right fit for this particular position. So you can refer your friend to that position. So What’s in it for you? The organization will give you an employee referral bonus if a friend of yours is selected for that position, so it's a win-win.

So for many organizations as well as for the employee, who is offering candidates, if you go to see, then this one particular strategy is becoming very popular. To get the right candidate who fits into the organization's culture and who fits right for the role. Whoever is an internal employee can explain easily what this organization is looking for and accordingly the right referral comes so it makes the entire process, really fast.

00:12:37

Now next, let's talk about the in-house source. Basically, these are employees who rely on their own contacts and research and the organisation's database of potential applicants to source potential recruits. Generally, house sources are useful for developing and maintaining a talent pipeline and their in-depth knowledge of a firm's culture and business strategy can help them generate quality leads. Generally, when we talk about in house sources, we think that this is regular work but no this is not regular work as you have to maintain a network.

Along with that, for every candidate that you have identified, you have to keep them warm at the right time you have to pick them up and bring them to your organisation. What happens is at the right time and at the right place, you bring the right candidate from the pool and by this, you can contribute to your organization. Next, let's talk about recruitment advertisements. Now recruitment advertisements are also a very popular way you must have listened about it so basically this I could way to attract job seekers.

Recruitment advertisements, you can find in newspapers, magazines, employment journals weekly, annual, monthly, newspaper whatever type of journals there could be, you can see recruitment advertisements and them. What happens is, generally when you see recruitment advertisements, and if you are an active job seeker and you are willing to switch from your present job then definitely it is helpful for you.

Along with that, if there comes a lucrative opportunity for you, then you apply for it so these ads can also identify some passive job seekers and attract them. In today's date also there are many firms which fight heavily in recruitment advertisements. You can see the advertisements in newspapers and weekly magazines and also they will utilize online mediums so you can find the advertisements on LinkedIn and naukri.com also.

 00:15:38

Next comes the job fair. The job fair has a very popular name in Hindi "Bharti Mela". Job fairs are places where many sourcing and recruiting events at which multiple employers and prospective recruits meet with each other and discuss employment opportunities. So what happens is suppose if 10 companies come to job fair now, what will they do they will paste those requirements at someplace and if your qualifications meet with requirements then you can visit that particular company's room and submit your candidature.

So your interview and shortlisting start from there. Now job fairs can be an effective way to source recruits. It is also important that people who attend this job fair are appropriately qualified. Now job fairs are a perfect source for entry-level employees or fresher employees.