I participated in a survey BullHorn conducted on Sourcing Best Practices. I have been meaning to post this for awhile, so these results might not be news to some of you who already have the report. However, for the benefit of those who are unfamiliar with whitepaper, here is an excerpt for your review.
Recently, Bullhorn asked top recruiting professionals to respond to this survey about sourcing best practices.
We wanted to capture insight from those who source and place candidates every day about what tools and techniques are effective. To establish our best practices, we categorized these results according to a firm’s financial performance and focused on the recruiting practices of the fastest-growing firms – those that experienced increases in revenue and profit greater than 15 percent over the last year.
Use this report to hone the sourcing skills that will keep you ahead of your competition. These best practices are meant to offer insight into ways that can help you to find the best available candidates quickly.
1. Formal referral programs work. It comes as no surprise that 37 percent of the fastest-growing firms all indicate that referrals are the sourcing solution that leads to the most placements. However, it is surprising that a third of all respondents say their firms lack referral programs. By far, referrals are also considered the most effective source of active and passive placements for all firms in the survey. With this in mind, firms that do not already have a referral program should at least explore the possibility of one and test and track possible incentives.
2. Online business networks are effective tools to source BOTH active and passive candidates. Of all the firms in our survey, the fastest-growing firms tend to find online business networks like LinkedIn more effective for finding passive candidates. Almost a third of respondents (30 percent) from the fastest-growing firms say online business networks are extremely effective as a source for passive candidates, second only to referrals (53 percent). Furthermore, a majority of recruiters at the
fastest-growing firms rated these networks as an effective source for active candidates.
( Click here to visit the BullHorn site and download the full version of this report. )