Sourcing Strategy And A Complete Guide To Create One
- hrcompanyindia
- Dec 6, 2016
- 2 min read
The sourcing strategy can be defined as the long term planning of a process to establish a continuous flow of targeted talent for boosting a company’s recruitment drive and gain a competitive edge in a particular market or industry. The sourcing strategy characteristics include
The company needs multiple sourcing strategies for different types of talent needs.
It is a long term initiative and hence it requires continuous monitoring and amendments.
It needs to be formulated in accordance to the business development objectives.
Having noted what is sourcing strategy all about, below is a detailed guide of creating one. A job consultancy can come in handy in creating this for a company.
The first step towards building up a sourcing strategy is selecting a proper format for the same. Word documents are now a thing of the past. Handing out a long 200 pager document is extremely uninteresting and people tend to skip out the major reading material in such lengthy documents. So, it is advisable to use a slide presentation theme for this strategy documentation.
Now is the development of the content. Initially it should have a brief introduction followed by factor analysis, conclusions and action pointers.
It is essential to align the sourcing strategy with the business objectives and HR strategy. Both these elements need to be considered in order to predict the employment needs, costing, training and development and such like in the future.
After doing this background research, now is the time to initiate strategy development. The first is to put forth the current and the probable future requirements. It generally depicts the current scenario.
Next is to define the targeted talent. Depending on this the later stages of recruitment will be defined and implemented.
With this, it becomes essential to understand the current labour market. It includes knowledge about the location, availability of a specific skill set in that location, need for hiring outside the geography, other industries that can provide such talent and online reach.
Projecting the candidate standpoint after a certain period of time is essential. Just hiring a candidate is not the end of the line. One needs to analyze the retention of the candidate as considerable amount of training and investment goes behind it. If the candidate leaves after a short while, then it is loss of productivity and investment.
Understanding the competitor demographics in this case is crucial. The sourcing technique of other companies, positive points and weaknesses, any perks that can attract top notch talents and other related information can be very helpful.
The sourcing should be multi channel dependent. Hence a list of available channels and what can be used in the most effective manner needs to be penned down such as social media platforms, referrals, TV ads, print ads and so on.
The execution process should be formulated beforehand to avoid any anomaly during execution.
In accordance to the strategy thus formulated, there lies quite a bit of preparation at the HR end which needs to be done with utmost care and scrutiny.