Employer Insights: Talent Sourcing for Employers
Strategic Planning in Talent Acquisition
Recruitment and talent acquisition teams work tirelessly to identify candidates who are the best fit for an organization. The immediate benefits of hiring qualified talent solves present organizational demands. Long-term, benefits of hiring candidates that holistically fit in with an organization’s culture can include:
- Meeting retention goals
- Increasing internal promotion rates
- Increased employee satisfaction
- Positive workplace culture
- Profitable employee cost over revenue ratio
- Increased diversity – In the case of veteran / military spouse hiring
In the presence of a “Candidate Market,” employers often weigh the pros and cons of utilizing manpower, paying advertising costs, and coordinating relocation, all to avoid the potential cost of a poor hire. Forbes Magazine has noted that a company loses an estimated average of $15,000 on every poor hire. Most employers say that they have hired the wrong person for the job on several occasions. A bad hire could mean:
- Compromised quality of products or services
- Lost clients
- Damaged company brand
- Vulnerable employee culture at the workplace
According to research from Glassdoor.com, the average cost of hiring new personnel is $4,000+ and nearly 52 days of staffing manpower. While employers will need to be selective with the candidates they choose, time is of the essence. The cost of missed revenue is, at a minimum, $341 per day for an average $75,000 per year salaried position. This translates to $17,732 in missed opportunities for growth and revenue for an average 52 – day vacancy. Using a more strategic method to find candidates, such as Talent Sourcing, cultivates a refined talent pool of available candidates which the employer would not otherwise have access to. This is particularly relevant when tapping into veteran and military spouse talent pools – a community, built on the concept that referrals mean more than online advertisements.
What is Talent Sourcing?
Talent sourcing is an agile-recruitment model in which a consistent candidate pipeline is generated, with an emphasis on quality interview matching and subsequent hire opportunities. Sourcing involves a Sourcing Expert, who provides a comprehensive pre-screening of candidates for targeted requisitions to aid in strategic Talent Acquisition and establishes proactive talent pools as opposed to traditional reactive hiring techniques. In this method, much of the preliminary screening phase, including required education, experience, credentials, security clearances, desired location / willingness to relocate, and desired salary, are vetted before the candidate is sent to a receiving employer.
Is Talent Sourcing Right for Your Hiring Model?
Talent Sourcing is a preferred method of procuring highly qualified candidates for specific roles; however, it is important to consider the organization’s structure when committing to receiving Talent Sourcing. The following considerations should be accounted for when deciding to utilize Talent Sourcing as part of a hiring model:
- Personnel resources to review pre-screened candidate resumes
- The ability to review resumes first and relying on ATS systems second – an understanding that the candidate resumes have been pre-screened
- The willingness to provide transparency and feedback on the candidates sent forward
- A true commitment to veteran and military spouse hiring, if working with a veteran or military spouse talent sourcing agency
When attempting to match an employer’s staffing demands with Veteran Hiring Initiatives, it is important to use a data-driven matching process to include competitive salary options and available job location(s). The average market-rate value for military veteran candidates ranges from $45,000 to $60,000 per year, and from $35,000 to $50,000 per year for military spouses.
While top locations for veterans and military spouses centralize in CA, FL, TX, CO, GA, VA, D.C., and WA, one of the benefits of considering veteran or military spouse talent is that relocation is typically not a deal-breaker as it can be with traditional civilian talent streams. Furthermore, many veterans have the ability to relocate by their own means upon separating from the military, saving the organization upwards of $10,000. Looking beyond geographic boundaries is a transformative step many employers are taking with remote / telecommute opportunities that drive the incentive for longevity – this benefit works exceptionally well with organizations that cannot afford lofty salaries.
Hire Heroes USA Talent Sourcing
Hire Heroes USA offers Talent Sourcing with over 8,000 verified-service veteran and military spouse candidates, on a national scale, actively seeking employment. Using our personalized-service model, Hire Heroes USA can ensure that all of the talent our recruitment team sources are actively engaged in their job search. This translates to an increase in responsiveness from the pre-screened talent we send to our partners. Our talent sourcing team is made up of trained military and veteran recruiters and are NOT paid on commission, as our goal is to ensure we send holistic fits to employers for review. Take a look at what our candidates have to offer:
- 7,000 veteran candidates
- 1,600 military spouse candidates
- 50% completed Bachelor’s Degree or higher
- 65% offer an active security clearance at the secret level or higher
- 40% achieved additional credentialing in information technology, cybersecurity, human resources, and project management
- 100% possess a professionally written / revised resume
We offer a team of trained veteran and military recruiting specialists who provide sourcing at non-profit competitive pricing (300% less than fellow veteran sourcing agencies), with an 83% increase in talent matching). A 30-day no-obligation trial of Talent Sourcing is offered to provide a sample of matching for up to 3 Jobs within a 1-month period. Contact EmployerRelations@HireHeroesUSA.org for more information about the Talent Sourcing services Hire Heroes USA offers for partnered employers.