11 Crucial Sourcing Metrics For Hiring Developers Across Various Levels

What are sourcing metrics?

Sourcing metrics are the various criteria that are used to measure the effectiveness of your recruitment process. Tracking metrics at regular intervals can help you measure the success of your sourcing efforts and using this you can apply improvements to your sourcing process.

Each metric helps you identify the effectiveness of a separate part of your sourcing process. For example, Sourcing productivity can tell you whether the manual efforts your team has been putting in - say, for mails - are in the right direction and sufficient. Response rate helps measure the success of your talent engagement efforts.

Contacting the best candidates to fill in a vacancy is not easy and with the help of metrics, your efforts can be more specific. You can improve certain areas without punching in the air for what needs improvement.

In this blog, we’ve put together the most important sourcing metrics that you can not skip at any cost. From our own experience of sourcing thousands of candidates, we’ve classified these metrics into:

1. Metrics that you have to track across roles

2. Metrics specific to junior and mid-level roles

3. Metrics specific to senior roles

We recommend reviewing these metrics every few days to ensure everything is running smoothly.

Most important sourcing metrics to track across roles

These sourcing metrics are common to both junior/mid-level as well as senior-level roles, and are of medium relevance to both. 

Candidates added to the talent pool

As the name suggests, this metric is a measure of the number of new candidates who are added to the talent pool in a particular time period. This is tracked by counting the number of people who submit applications or are sourced by recruiters for a job opening in a month or quarter. You can also set other time periods as desired.

It is an indicator of the effectiveness of your sourcing strategy and shows how well you’re able to attract diverse talent. Thus a higher number of candidates added to the pool indicates a broader reach.

Candidates reviewed

The number of candidates who have been assessed/evaluated during a specific time period is counted in this metric. It involves a thorough review of the talent resumes, applications, and other relevant documents to determine the candidates' suitability for the job requirements. A simple count of the number of resumes that have been reviewed by hiring managers is used for calculating this sourcing metric.

This metric helps determine the level of efficiency of screening methods and engagement in the selection process. Organizations can also manage resources more effectively and ensure that only qualified candidates move forward.

Candidates hired

Once again, as is clear from the term itself, this is a metric that is used to measure the number of people who actually received and then accepted job offers. It’s obtained by counting the finalized hires in a given timeframe.

It’s a direct reflection of the quality and success of the hiring process and thus is of utmost importance. Organizations can assess their sourcing processes and make improvements to select candidates with the desired qualifications and cultural fit.

Sourcing productivity

Sourcing productivity is a measure of the efforts put in by individuals in the hiring pipeline. The time taken to source candidates, the cost involved in acquiring candidates, and other resources spent are measured in this metric. For example, the total number of emails sent or the number of calls made as a part of the sourcing process is measured here. It gives an accurate idea of the return on investment for the sourcing strategies. Areas for improvement can accordingly be identified.

Conversion rate

The conversion rate is a measure of the percentage of candidates who move from one stage to the next, in the hiring pipeline. 

To measure this, the number of candidates who progress to a new stage - say from resume screening to interviews - is divided by the total number of candidates who were actually part of the first stage - resume screening in this case.

Measuring the conversion rate helps identify bottlenecks in the process and the organization can then make improvements in specific areas. So, a higher conversion rate becomes a necessity as it means that there are more qualified candidates in the pipeline. It also signifies the smooth movement of candidates through the pipeline and a lower risk of losing great talent due to any inefficiencies.

Sourcing metrics for junior and mid-level roles

As far as finding candidates to fit into junior and mid-level roles is concerned, time is of the essence. Junior developers are usually responsive and eager to jumpstart their careers, making it crucial for companies to streamline their recruitment process and fill vacancies quickly. Balancing efficiency and cost optimization is also paramount as with the large number of applicants, you’d want someone who has the best skills at an affordable rate. 

In this section, we will explore three sourcing metrics specifically tailored to hiring junior and mid-level developers: candidate pipeline speed, time to hire, and sourcing channel cost rate. These metrics allow organizations to gauge the speed of their hiring process, optimize time-to-fill ratios, and ensure cost-effective sourcing strategies. By focusing on these metrics, companies can attract and onboard talented junior developers swiftly while maintaining a cost-conscious approach. As shown in the table above, these are of high relevance to junior/mid-level candidate sourcing.

Candidate pipeline speed

This sourcing metric measures the speed at which talent moves across the stages of the pipeline. It’s calculated by tracking the average time that the candidate takes to progress from one stage to the next. For example, the number of days from the initial review to the introductory call is measured here. Any delays and bottlenecks that delay the pipeline can be identified here. 

By optimizing this metric, a positive candidate experience is ensured. The candidate has a clear understanding of what’s next as well as doesn’t have to wait much for the next step.

Time to hire

Time to hire is the total amount of time that it takes to fill a job vacancy. The time from the moment that the job opens up to when the candidate accepts the offer is measured here. All the steps involved such as the initial talent search, screening, etc. are included in this metric.

A shorter time to hire is an indicator of a streamlined and agile sourcing process. The cost associated with unfilled positions is reduced.

Sourcing channel cost rate

The sourcing channel cost rate is the cost-effectiveness of various sourcing channels that were utilized during the hiring process. Costs incurred for each channel are compared against the quality and quantity of the candidates acquired from that channel. This helps to measure the ROI for each channel.

Once this sourcing metric is measured, the budget allocated to recruitment can be optimized to target the best channels. A data-driven decision can be made here. Ideally, the amount is spent on high-quality yielding channels that cost the least. 

Sourcing metrics specific to senior roles

When it comes to sourcing senior developers, the hiring landscape takes on a different dimension. Senior developers, being highly sought after, may not always be as responsive as their junior counterparts due to their limited availability in the market. Consequently, it becomes essential for organizations to focus on metrics that prioritize responsiveness and quality rather than cost optimization. 

In this section of the blog, we will delve into three sourcing metrics specifically tailored to hiring senior developers: response rate, the percentage from referral sources, and source quality. These metrics enable companies to gauge the engagement and suitability of senior developer candidates, optimize referral programs, and assess the effectiveness of sourcing channels in attracting top-tier talent. By emphasizing these metrics, organizations can enhance their chances of successfully attracting and securing highly skilled senior developers, regardless of the investment required. These are summarized in the above table and are of high importance to senior developer sourcing as shown.

Response rate

Response rate is a sourcing metric that measures the percentage of talent who are responsive. Ie, candidates who respond to outreach and communication attempts during the sourcing process. It’s calculated by dividing the number of candidates who respond by the number of candidates who were contacted. 

Regularly monitoring the response rate helps to identify the effectiveness of the communication strategies that are being used. The overall engagement of the candidate is measured. A higher response rate is a sign of a better, more engaging sourcing approach. More responsive candidates also mean that if a team is working remotely, they’d not have to worry about collaborating with the candidate.

% from referral sources

The percentage of talent in the pipeline from employee referrals or other referral sources is represented here. Dividing the number of talents obtained through referral sources by the total number of candidates gives this number. It measures the effectiveness of referral programs. We’ve observed that a higher percentage of referral candidates not only suggests a strong employee brand but also means more qualified candidates.

From our own experiences, when there are more than 20% of candidates from referral sources in the talent pipeline, it means that there is a better chance of the role closing faster.  Cost and time are also saved when there is a higher percentage of candidates from referrals.

Source quality

The effectiveness and performance of various sources are measured here. The quality of candidates is of utmost importance and the cost incurred isn’t of much consequence in this case. Measuring this involves evaluating the suitability, qualifications and alignment of the sourced candidates from a particular source. 

Source quality can be measured by analyzing various factors - such as the skills, experience, and fit of candidates sourced from each channel. Channels that consistently yield top-quality candidates can be prioritized by companies.

Conclusion

As seen, these 11 sourcing metrics are highly crucial to evaluate the effectiveness of your sourcing process and make improvements. However, specific metrics differ when sourcing for junior/mid-level roles compared to senior roles. 

For junior and mid-level roles, metrics such as candidate pipeline speed, time to hire, and sourcing channel cost rate are prioritized. These metrics focus on swift hiring, optimizing time-to-fill ratios, and cost-effective strategies.

On the other hand, when sourcing for senior roles, metrics like response rate, the percentage of hires from referral sources, and source quality take precedence. These metrics emphasize candidate engagement, leveraging referrals, and attracting top-tier talent. By tailoring the sourcing metrics to the specific needs of each role level, organizations can enhance their recruitment strategies and successfully secure both junior/mid-level and senior developers.