Best Candidate Sourcing Tools - May 2020

• 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/applications 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?
• How will applicants interact with this software during the hiring and onboarding processes?
• How does the tool know about open positions and prioritize which ones should be actively sourced?
• Does this solution help with interview scheduling, or integrate with an interview scheduling platform?
• Can I use semantic search to query the database to find relevant candidates?
• What analytics are reported to human resources/talent acquisition and on what frequency?
• How does machine learning and/or AI sourcing play a role in this product?
• Is your product able to use the analytics from our talent management platform to understand what types of candidates do well in our company?
• Does this platform leverage social recruiting as one of the sourcing strategies?

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.
• Hiring managers can also use these tools to streamline their own recruiting process, assuming they are taking an active role in top of funnel recruiting.
• 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.
• Utilizing a candidate sourcing tool in concert with other recruiting technology such as video interviewing or employee referrals can greatly magnify the effectiveness of your overall recruiting process, and therefore you should be thinking holistically about how you want your talent acquisition tech stack to look.
• Many applications will not convert down the funnel into hires.  Employers that use a recruiting CRM can re-engage and nurture these applicants until they are a good fit for an open role.
• 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.