Advanced Candidate Sourcing. What are the origins of candidate sourcing?
Candidate sourcing is actually very recent. It came along with the widespread use of the internet and more precisely the social networks. With the web 2.0 there are more and more traces and digital footprints throughout the virtual cyberspace making it easier for recruiters to search and find candidates for all kind of positions, even "hard-to-fill" positions.
Prior to this, recruiters relied on a "post and wait" talent acquisition strategy. Companies would post job ads, and wait for spontaneous applications or wait for internal referrals. In any case, positions were filled because candidates were actively looking for a new job. Companies had no other choice but to wait for candidates to apply and job seekers had to wait for the release of a job offering.
The talent market has changed and experts are predicting a talent shortage for the Western world due to the shrinking population. The behavior of our younger generations have changed significantly, they are now connected through networks and social media and do not actively look for jobs any more. A "post and wait" recruitment approach is no longer effective and will not work in the near future.
With web 2.0 and social networks a whole new world of candidate sourcing and candidate researching opportunities has arisen. Now the talent acquisition function can be extended by searching for candidates who are not actively looking for a new job. Serendi considers candidates who are not actively looking but open to new opportunities as "Passive Candidates"- candidates who are happy in their current jobs but interested in hearing about a possible career change.
Studies have shown that the population of candidates can roughly be divided into three groups: the 25% of all potential candidates who are actively searching a new job, the more than 50% who are open for a career change but do not actively looking and 25% who are not willing to consider a job move.
If the recruitment department can add to the 25% of active job seekers another 50% of potential candidates who only need to be found this would triple the pool of candidates for the respective company - a very exciting new opportunity. The big question is how to find these passive candidates?
Talent sourcing means that recruiters or specialized sourcing consultants go into every virtual channel like social networks, open web, databases, newsgroups, blogs, communities (and so on) to search for potential candidates. The purpose is to significantly enlarge the funnel of sourced candidates with the right talent.
The big question is how can a recruitment department do this efficiently and effectively with limited resources.