What’s the hardest thing that CEOs and leaders of the new-age companies are trying to grapple with? Unsurprisingly – It’s recruiting. According to the First round’s state of startups report, hiring good people came as the biggest challenge founders faced when they are scaling a company. Right there with acquiring new customers and above raising funds!
If you are constantly falling short of your recruiting targets without lowering your hiring bar, you are doing it wrong. The problem is not the talent but the way you work recruiting great talent. The old adage of post and pray just doesn’t work anymore.
Turning from applicant focused to sourcing focused has the potential to fundamentally change the way you recruit. Sourcing is not easy and is riddled with rejection. But still, the best way to get great candidates. Our data suggest that it takes 152 applicants to make one hire whereas just 56 sourced candidates to make one hire. Referrals are still the best but on average, an open position receives 0.8 referrals.
It takes almost half the interviews to hire candidates from sourced candidates compared to applicants. This has some serious implications for the amount of time spent by hiring managers and other interviewers. It takes half the time spent interviewing the candidates to make one hire!
Interview to hire ratio for applicants*: 12:1
Interview to hire ratio for sourced candidates*: 7:1
*For an on-site interview
A number of users who use Recruiterflow, create an email sequence of 3 or above email touchpoints which are spread over 20-25 days.