Best Candidate Sourcing Tools - May 2019
The best talent sourcing tools, ROI calculator, questions to ask vendors
Are you looking to fill the top of your hiring funnel faster? If so, you should definitely take a look at adding a sourcing solution to your HRTech stack. These offerings will allow you to reach new talent pools, and quickly engage relevant people to close your hardest to fill reqs.
Sourcing software is great for teams that need to augment their existing sourcing capabilities, or to fully outsource the process. They also work for companies of any size or industry - the main criteria to get value of out these tools is that you must have a need for hard to find talent.
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vSource’s specialty is in finding qualified candidates who meet your criteria so that your recruiting and sourcing team can reach out. This solution is designed to provide a predictable pipeline of passive candidates to give your recruiters a running start each day. vSource is big on customer service, and prides themselves on working with companies to refine the people who will be a good match for your reqs. Their customers include Pandora and Cisco.
Worth Checking Out: vSource can also help with talent mapping for companies who are trying to determine where to put their future offices.
Fetcher is a tech focused automated sourcing solution that uses a combination of AI and humans to find and engage people who will fit your open req. Their offering drastically reduces the time it takes to hire and as a result they’ve been able to land customers like Shopify, Reddit, and Peloton.
Worth Checking Out: Fetcher can start putting interviews with qualified candidates on your calendar within days, that’s compelling.
Hiretual has a massive database of candidates that is perfect for sourcers and recruiters who are looking for hard to find candidates. As a user, you can run searches to find people to reach out to, and then put them into an outreach campaign.
Worth Checking Out: In addition to sourcing, Hiretual allows for candidate re-discovery in your existing databases.
TopFunnel offers an automated sourcing solution designed to augment your recruiters’ outreach so that they can focus on talking to candidates. It’s offered both as a tool or managed service and boasts customers like ZeroCater and Coinbase.
Worth Checking Out: You can play around with a free version of TopFunnel on their website.
With Entelo, you can search for candidates that meet your criteria, and then automate your outreach all from one platform. Their new Envoy platform even promises to deliver qualified candidates directly to your inbox. Big name customers include Wayfair, Sony and Paypal.
Worth Checking Out: Entelo has figured out a few ways of using machine learning to improve D&I sourcing by inferring the skills people have by their work experience.
Why Talent Acquisition Teams Use Sourcing Tools
We live in a world where unemployment continues to hover around 4%. Realistically, it’s much lower for the hard to find talent that you’re looking for: engineers, diversity candidates, experienced sales reps, etc.
Over the past decade, many companies have developed internal recruiting and sourcing functions to find the right talent. As the market got tight, companies could either rely on expensive third party recruiters or start to do the work themselves.
However, even these internal teams can be stretched thin as the demands of a growing organization take their toll on your recruiting team. This is where sourcing tools come in. This software/services category is all about building the top of your recruiting funnel with quality passive applicants.
Some of these tools are trying to be better and/or cheaper than a LinkedIn Recruiter license. Some are trying to be your outsourced sourcing team. And some are doing both.
Regardless, these tools are all looking to increase your ability to build relationships with and hire the right people for your hardest to fill roles.
Talent Sourcing Tool ROI Calculator
If you’re looking to buy a tool or service to augment your sourcing capability, here are our thoughts on how to calculate the return on investment. Some key points in this calculator:
How to capture increases in recruiter productivity
How decreases in time to fill affects the organization
How sourcing tools can decrease agency fees
Download the Candidate Sourcing ROI Calculator
We highly suggest your use the video to the right in order to best understand how to use our calculator!
There are also some non-economic benefits. For example, the vast majority of recruiters we talk to do not like sourcing. The idea of sending cold emails, and then playing phone tag with the people who are interested is very unappealing. Optimizing or outsourcing these tasks means more time for your team to do the things they like, as well as think strategically.
Sourcing Tools vs Managed Services/Automated Talent Sourcing
There are two main ways that vendors in this space help with your top of funnel recruiting. Some of these companies offer tools that your recruiters and sourcers can use to find and engage with potential hires. These tools are very similar to LinkedIn Recruiter, but rely on emails vs inmails.
The second way companies in this category can help is by providing a managed service to drive more quality applicants into your pipeline. You tell them the profile you’re looking for, and they do most of the work until the candidate is ready to interview. The candidate either shows up in your inbox, or on your calendar.
While I think most of us would want to simply have calendar invites appear with the right candidates, there are some tradeoffs to the managed service approach. The first is price. The second is a potential loss of control in your process and how your employer brand is being portrayed. However, we don’t believe this is a major concern as every vendor we talked to wants to work closely with their customers to ensure the right messages are being sent to the right people in order to preserve employer branding.
Here’s What HR Needs to Know About Sourcing Tools
Here are some of the points that we found (some) practitioners don’t understand when they first hear about sourcing tools:
These solutions can help you build relationships with D&I candidates by searching specifically for people that meet various criteria.
Companies that hire 10-100,000 people per year use recruiters. Similarly, sourcing tools can help companies of almost any size.
No, candidates haven’t opted into this outreach. Just like sales people can email you out of the blue as long as they follow various regulations, you can (and probably are) reaching out to candidates that haven’t “opted in” to your communication. This tactic is the best way to get in touch with passive candidates and is very common across internal and external recruiting teams.
These solutions can be a replacement for agencies and LinkedIn recruiter licenses. But, it’s more likely they’ll augment your other efforts than totally replace them.
A well run sourcing mechanism is great for getting people into your funnel. But, if you have a poor candidate experience, onboarding, or culture generally, you will constantly be trying to fill a leaky bucket.
Questions to ask Talent Sourcing Vendors on Demos
Where do you get your data? Is your service GDPR and CAN SPAM compliant?
Is this a tool or a managed service or both? What is the pricing difference between the two?
What automation features do you offer once candidates have been identified?
How do candidates get into my ATS?
What are your response rates, and interview rates from candidates? Put another way, what percent of candidates that we’ll be reaching out to respond positively, and what percent want to interview?
Ok, that’s it. We strongly believe that any company spending money on agencies, LinkedIn Recruiter, or their own internal sourcing/recruiting teams should take a look at these solutions to determine whether or not they are a good fit for your needs. Good luck!