The Ascent of Direct Sourcing

Recent events like the Covid-19 pandemic have changed and are continuing to change life as we know it, including transforming how organizations approach building their workforce. Cost-efficient contingent hiring tops the agenda of many, and so does the hunt for the best ways to achieve it.  

Enter direct sourcing.

Direct sourcing allows businesses to leverage their existing candidate pools to fill openings for contingent roles. Direct sourcing reduces hiring time and costs, widens reach of available talent pools, promotes brand awareness, and improves candidate experience.  

Give our introductory post a read to learn more about what direct sourcing can do for your business.  

Direct Sourcing Adoption Trends

Given the trajectory of today’s agility-driven markets, Staffing Industry Analysts’ (SIA) latest report ‘Achieving Excellence in Direct Sourcing for the Contingent Workforce’ states that the contingent workforce share is anticipated to reach 40% by 2025.  

This upsurge in contingent workforce recruitment indirectly points to a jump in direct sourcing practices. Thereby, the report predicts that the next two years will see a 1.6x growth in implementation of direct sourcing, indicating an adoption rate of approximately 60% and extending beyond early movers.  

As it penetrates contingent hiring processes, direct sourcing is proving to be a positive driving force towards:

1. Fortifying Company-Candidate Relationships

A Harvard Business Review survey found that 65% of 2800 job applicants dropped out in the midst of the recruitment process because they found the work-life balance to be inadequate or didn’t resonate with the organizations’ methods, especially during testing times.

“In today’s large talent market, contingent workers can choose their employers and they want to understand what benefits – in addition to pay – they can expect from the collaboration. In the past, many corporations viewed these workers as “a commodity.” That mindset is outdated. Every organization needs to develop strategies that allow them to attract this highly qualified talent directly – and that’s the sweet spot of direct sourcing”, says Tim Proehm, Vice President of Digital Product Development, KellyOCG.

Direct sourcing gives companies the opportunity to attract candidates on their own merit. This means they don’t have to rely on the picture a third party might paint. But more importantly, they have to actively find ways to connect with candidates, be it through online presence or outreach.

2. Meaningful Curation

It’s not enough to merely have a mixed bag of a talent pool. Direct sourcing’s true advantage lies in proactively and meticulously curating a talent pool that is diverse and skilled before the need to fill an opening even arises.   

More organizations are seeking to build talent containers through direct sourcing that will help them in accessing candidates for continuous hiring and growing talent pools at lesser per-hire costs. Candidates across multiple online and offline sourcing channels are merged within a container, making it much easier and quicker for talent acquisition teams to fill any volume and nature of roles. 

3. Joining Forces to Accelerate Success

On first impression, direct sourcing might be perceived as an entity’s individualistic endeavor, given that the act champions finding talent from within the business, often by the business.  However, while the objective is to make internal contingent hiring more efficient and effective, optimum results are accomplished by partnering with a Managed Direct Sourcing (MDS) provider.   

Companies choose to outsource direct sourcing to an MDS provider because it reduces the pressure to have all the necessary resources in-house. Moreover, handing over the reins to a provider hastens planning and execution, utilizes their knowledge of best practices and industry experience, makes direct sourcing more scalable and trackable, and minimizes chances of friction and risks.

How You Can Implement Direct Sourcing with Prosperix

If you’re ready to hop on the direct sourcing express train, look no further. Prosperix offers Direct Sourcing solutions that will guide you through amplifying and fortifying your recruitment processes.  

Our solutions can help you bring your winning direct sourcing strategies such as attracting talent through brand recognition, harnessing technology and recruitment tools to curate and nurture candidates, and developing talent pools for future roles and hiring needs – to life.

To make direct sourcing a part of your contingent hiring workflow and to learn more about its benefits, schedule a demo now.  

The Power and Allure of Recruiting Automation

What is Recruiting Automation?

The fields of Artificial Intelligence (AI) and Machine Learning (ML) are uncovering new applications for their technologies on a seemingly daily basis. In the field of hiring, recruiting process automation, or recruiting automation, is one of those recent developments. Recruiting automation is now an industry buzzword, and has many wondering what it is and what promise it holds.   

What is recruiting automation? To put it simply, recruiting automation supports the work of talent acquisition teams. It enhances every hiring stage, including planning, strategy ideation, candidate sourcing, screening, and post-hire performance.

17% of organizations have adopted automation for these purposes, and the number is set to rise to 30% by 2022. A further 38% are directing their resources towards AI enhanced talent acquisition. Organizations are increasingly recognizing that paying attention to automation yields exponential returns.   

Why is Recruiting Automation Important?

The myth that automation will replace recruiters is just that – a myth.

If a huge chunk of recruiting time and energy is devoted to manual and housekeeping duties, it leaves a limited amount to concentrate on the interpersonal requirements of the job. On average, 23 hours of a recruiter’s productivity goes towards screening for one hire wherein at least 75% of candidates are unqualified.

When automation is employed to work hand-in-hand with recruiters, it allows recruiters to place an emphasis on enhancing the candidate experience through personalization and high touch points from start to finish.         

Entelo’s report on the state of recruiting trends in 2020 corroborates areas where automation is most useful. 39.6% of recruiters find the most value in sourcing, followed by candidate qualification and interview scheduling equally at 15.8%. Engaging candidates was cited as essential by 11.9% and team collaboration by 7.9%.

How Recruiting Automation Can Elevate Your Hiring Efforts

1. Extend Reach

Less is more in some instances, but not with hiring. In this case, more is more. The larger the candidate pool, the better the chances of finding the right candidate for your role and company.

Automation can simultaneously boost access to external candidate pools while prioritizing internal talent pools. This way, you’ll always be able to leverage the widest range of workers based on skills and diversity.  

2. Reduce friction in pre-hire tasks

There’s only so much that handpicking can get you. And it is more often a bottleneck than a benefit because of how arduous it gets. When manually assessing resumes and shortlisting candidates in high volumes, it’s near impossible to get it right every time.

Employing resume parsing along with AI matching technology allows the intelligence of automation to tackle organizing and evaluating applicants, especially in the initial stages. If combined with digital questionnaires and assessments to validate skills and experience, automation can become a game changer. When the sea of candidates are smartly narrowed down to a handful, picking from the best ones is a lot simpler.

The other major time-draining gripe for hiring teams is setting up and rearranging interviews. Stories of miscommunication and missed interviews resulting from coordinating issues are more common than you would think.

Sidestep such downsides; simply integrate automation tools to take care of candidate assessments, interview scheduling, calendar syncing and other pre-hire necessities. It will free up the manager and recruiter’s bandwidth for conducting the interview and making the right decision.

3. AI-driven matching algorithms

Hiring teams can observe the potential of AI shine through in its capability to pair candidates with jobs almost perfectly. A hiring marketplace like the Crowdstaffing Hiring Marketplace harnesses the capacity of AI algorithms to achieve multi-direction matching between candidates, suppliers, and recruiters, and prioritizing as well as distributing jobs optimally. These dynamic algorithms use a combination of factors like prior success, skills, job priority, geographic expertise, and recruiting scope to analyze job-candidate fit.

The Crowdstaffing Hiring Marketplace also uses AI to produce probability-of-hire scores to reveal the likelihood of securing a perfect hire for every job. It also works to reduce any potential recruiter or manager bias in play.

4. Candidate engagement and nurturing

In a people-centric practice like hiring, recruiters value building a relationship with the candidate and guiding them at every point. The candidate’s experience takes prominence as much as any other facet.

Automation provides you with various communication channels to connect with candidates, and the ability to streamline the tone of communication across all of them. The added advantage of developing relationships with candidates from the start is that it becomes easier to reach out and engage them for jobs as warm leads rather than cold ones. Conversion rates are much higher for candidates that are engaged and nurtured as part of a talent community over time, allowing for on-demand hiring of candidates through an active talent pipeline.

5. Candidate screening and assessments

Every worker that joins the company becomes a member of your corporate family. Automation can help you get to know who an individual is by giving you a full picture of their professional history and how it maps to your company.

Not only are you looking for individuals of merit, it’s also important that they are able to easily embrace your company culture. Moreover, the standards you set for your work clan are bound to be aspirational. Automation can take on the responsibility of verifying capabilities and compatibility based on screening requirements predefined by you.

6. Real-time analytics

Recruiting happens in the real world in real-time, so extracting data three, six or twelve months later is counterproductive to the purpose of analytics; especially to understand what’s effective and what needs to be improved.

Obtaining data that is instantaneous and updated with every change is invaluable. Automation gives you that and the ability to track KPIs like candidate coverage, job performance, and spend management. It also enables talent acquisition teams to recognize efficiency of hiring actions, by gathering comprehensive data using metrics such as hiring scorecards, talent supplier engagement, and pipeline activity, among others.

7. Applicant tracking

Your recruiting endeavours are bound to be more fruitful when you have a strong understanding of how and where they are being used. Applicant Tracking Systems (ATS) can be that crucial component to augment your hiring workflow.

Incorporating an ATS will make all applicant-related and job listing information available in one place, increasing clarity for all involved. Every step of the hiring roadmap is visible through the ATS dashboard, ensuring that recruiters are aware of progress level and areas that need more focus. 

8. Vendor Management

Just as important as paying attention to candidates is managing vendors and suppliers. The matching competencies of automation can ensure that you partner with ideal vendors who align with your organization’s workflow and ethos.  

The Crowdstaffing VMS establishes this using AI algorithms that gauge parameters like skills, success, expertise, and more. Further, the algorithms couple suppliers and jobs based on the 3Ps of each supplier, including their Profile, Performance, and the Pools of talent they represent. 

It doesn’t stop there. Post selection, the VMS takes the weight off your shoulders of vendor information collection, handling agreements, and other onboarding processes. It also equips you with real-time scorecards so you have full transparency and concrete data to bolster hiring results.  

For most businesses, automation tools that address individual elements of the hiring process can be powerful in increasing the productivity and success of hiring efforts. Now imagine how transformative it could be if each of these capabilities were combined and you will understand the design thinking that Prosperix has incorporated by leveraging multiple layers of recruiting automation and AI across an end-to-end workforce solution that addresses the complete hiring lifecycle.

Ready to witness the wonders of recruiting automation? Schedule a demo with us now.

Make Hiring Predictable Using Talent Pools and Talent Pipelines

Picking the most qualified candidate for a job opening is the number one priority for hiring teams, but gathering and maintaining candidate information in advance of immediate hiring needs can help make your hiring program consistently successful. Talent Pools combined with proactive Talent Pipelines ensure greater hiring success. By collecting and enriching candidate information, Talent Pools serve as the building blocks for Talent Pipelines. Talent Pipelines, in turn, allow candidates to be nurtured from cold leads to warm candidates — enabling ‘On-Demand Hiring’.

So, what is a Talent Pool?

Talent Pool Definition

A Talent Pool acts as a repository of candidate information that can be leveraged at any time. Using a Talent Pool, businesses can make their recruitment processes proactive and hire for critical roles quickly. 

A talent pool comprises a list of candidates that have been added to a company’s internal talent database. Typically an internal talent pool consists of candidates who have expressed interest in the organization and whose skills and competencies align with the company’s goals and objectives. The talent pool database includes detailed information about candidates — their skills, domain expertise, level of experience, education, potential jobs they can fill, and more. Your internal talent pools consist of:

  • Candidates that are in your internal database (ATS or Applicant Tracking System)
  • Candidates that have applied through the career website (Applicants)
  • Candidates that were interviewed but not selected (Silver Medalists)
  • Candidates that are referred (Referrals)
  • Candidates that come through an internship program (Interns) 
  • Candidates that have previously worked for the organization (Alumni)

Why Should You Develop A Talent Pool Strategy?

Starting the recruitment process from scratch for every job opening is time-consuming and strains resources. In a fast-paced and increasingly competitive hiring landscape, having access to potential candidates immediately speeds up the hiring process and reduces cost.

Enter Talent Pools.

Talent Pools: The stepping-stone to solid talent pipelines

Talent Pools are a great way to build robust talent pipelines by collecting, filtering, and managing candidate records. Using a talent pool, businesses can stay on top of their recruitment needs by having a steady flow of interested and qualified candidates to fulfill jobs, all tagged with relevant information. Well-managed talent pools don’t just collect information, but also keep it up to date and enriched wherever possible so the records are useful when they are needed. Having a well-managed talent pool gives hiring teams immediate access to potential candidates to fill their open positions. 

A well structured talent pool paves the way for proactive talent pipelines that are strategically designed to meet a company’s current and future hiring needs.

Importance of Talent Pipelines

Creating solid Talent Pipelines is essentially a proactive and predictive hiring strategy. Talent Pipelines help businesses identify upcoming talent needs early and also provide access to engaged and nurtured candidates on-demand to fill positions immediately. Talent pipelines are especially effective for high volume and recurring roles when the similar candidates are often required. In short, by developing talent pipelines, businesses can become agile and proactive in their hiring efforts. 

Apart from providing a stable flow of talent and rapidly reducing the time-to-hire, using Talent Pipelines improves the overall candidate experience. By carefully analyzing your existing talent pool, you can engage different pipelines of talent with personalized content and customize your application/hiring processes to suit specific candidate categories. Catering to your potential candidates’ needs garners trust and reflects positively on your employer brand. In fact, a survey conducted by Careerarc found that 82% of the participants considered employer brand and reputation before applying for a job — a 7% increase in the past five years.

How Talent Pipelines Function

Creating solid Talent Pipelines is essentially a proactive and predictive hiring strategy. Talent Pipelines help businesses identify upcoming talent needs early and also provide access to engaged and nurtured candidates on-demand to fill positions immediately. Talent pipelines are especially effective for high volume and recurring roles when the similar candidates are often required. In short, by developing talent pipelines, businesses can become agile and proactive in their hiring efforts. 

Apart from providing a stable flow of talent and rapidly reducing the time-to-hire, using Talent Pipelines improves the overall candidate experience. By carefully analyzing your existing talent pool, you can engage different pipelines of talent with personalized content and customize your application/hiring processes to suit specific candidate categories. Catering to your potential candidates’ needs garners trust and reflects positively on your employer brand. In fact, a survey conducted by Careerarc found that 82% of the participants considered employer brand and reputation before applying for a job — a 7% increase in the past five years.

Expand Your Talent Pools with Prosperix

Prosperix helps you build a stronger workforce by extending your reach into additional talent pools to find quality candidates in addition to your internal talent pool. Our on-demand talent pool offering includes:

  • Crowdstaffing Hiring Marketplace which consists of a vetted list of suppliers and their talent pools
  • Direct Sourced talent pools
  • Externally sourced talent pools from job boards, LinkedIn, social sites, web destinations, and online marketplaces
  • Local, remote, and offshore talent pools

With more haystacks to search and select from, your ability to find ideal candidates increases exponentially. Use our diverse and expansive talent pool solutions to find the best candidates for your business.