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March 14, 2017

5 Reasons to Implement an Evidence-Based Sourcing Strategy

Finding the right candidate to fill an open job position is becoming increasingly important as the race for talent heats up. The job market is continually expanding, and a growing number of students are graduating each year, making the pool of potential hires almost overwhelming. While hiring managers have more options, the sourcing strategies used to find the right candidates are no longer cutting it.

Focusing on the information listed on a resume, including GPA or alma mater, is not a great approach to finding the next great hire. It leaves the company with costly blinders on regarding who is considered for a position, and who’s resume is set to the side. Shifting your hiring practices to include evidence-based sourcing is a far better means to the hiring end because candidates are selected according to their proven work in the past, not outdated metrics of success in school.

Here’s what evidence-based sourcing strategies do for you, your company, and the hires you bring on to the team.

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  1. Increased Quality of Hires – Looking to evidence of previous projects completed and proven skill sets as opposed to focusing on a candidate’s GPA or degree from a certain school gives a far better picture of what that hire is capable of in his or her new role. GPAs are only an indicator of the ability to follow instruction in a classroom setting, not necessarily an accurate gauge of how they perform on the job.
  2. Initial Cost Savings – Sourcing hires based on evidence they can complete the work you need also helps reduce costs across the board. According to Dun and Bradstreet, the expenses associated with replacing a hire who does not fit can be as high as $90,000 when recruiting, sourcing and training are added into the mix. Getting the right hire the first time, based on skills, personality, and alignment with the company’s mission takes away these costs.
  3. Long-term Retention – Employees brought into a company who are a strong fit with the organization are more likely to stick with the job for an extended period. Turnover in today’s workforce is high, but that can be greatly reduced when hires are continually engaged in the work they perform. That starts with evidence-based sourcing.
  4. Increased Diversity – Taking off the sourcing blinders, specifically when it comes to alma mater and GPA minimums, opens up your candidate pool immensely. Finding quality hires outside of these limiting metrics improves diversity within the company, ultimately strengthening the culture and bond between employees and managers.
  5. Improved Candidate Experience – Individuals who are hired to work for a company who don’t feel comfortable with the work they do each day won’t be satisfied for the long term. Dissatisfaction on the job lowers productivity which is a direct hit to the company’s bottom line. Start with evidence-based sourcing to ensure candidates have the ability to connect with the work they are assigned.

 


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