In fact, a recent Aptitude Research survey showed that three years after the pandemic, sourcing remained the biggest challenge for talent acquisition teams – even in the face of a possible economic downturn. With constant changes in the economy and the future of work evolving, sourcing often remains the weakest link in any talent acquisition (TA) function.
The Art and Science of Sourcing
While innovations in technology and AI give companies new opportunities to source talent quickly and efficiently, many long-term problems, like knowing which solutions to invest in and what metrics to track, still require a human touch.
Increasing spend on new tech to create process improvements, enhance the candidate experience, and increase the volume of data and analytics available has provided a short-term solution to sourcing challenges. However, issues like too many sourcing solutions, lack of internal expertise, and a divide in how leadership, recruiters, and IT perceive talent acquisition have created very different experiences around technology adoption.
Balancing the art and science of sourcing by including relationship-building activities (the “art”) with measuring and evaluating the most effective strategies (the “science”) can help companies create a winning sourcing program.
The Unique Challenges of Healthcare Sourcing
While many industries are preparing for a possible economic downturn, the competition for talent in the healthcare industry remains very high. According to the Bureau of Labor Statistics, the overall employment in healthcare occupations is projected to grow 13% from 2021 to 2031, much faster than the average for all other roles. With about 1.9 million open positions in healthcare alone each year, attracting and retaining talent remains a top challenge for organizations.
While historically slower to adopt the technology needed to overcome the unique challenges of healthcare sourcing, 85% percent of companies have increased their investment in TA tech. Still, lack of resources, lack of a dedicated recruiting team, and lack of experience remain some of the larger challenges facing healthcare companies today.
Given the competition for talent and labor shortages, incremental improvements to existing processes and systems are not enough. Healthcare organizations need to think and act differently – breaking old paradigms and embracing tech in a new way.
Key Strategies in Strategic Sourcing
These challenges can be overcome by incorporating the right mix of technology, processes, people, and metrics. While a tactical sourcing approach that leans on immediate or short-term actions may provide temporary results, transitioning to a strategic sourcing approach can help organizations weather uncertainties and overcome obstacles, providing long-term success.
A successful strategic sourcing plan incorporates the right mix of people, processes, and technology. A mature talent acquisition function includes sourcing experts or partnering with sourcing experts. A flexible process that provides data-driven insights to business leaders on sourcing strategies can help align short-term business objectives with long-term sourcing goals.
Finally, technology that amplifies and empowers recruiting teams to better identify and communicate with candidates can provide business leaders with critical data for establishing key metrics that are vital to an effective talent-sourcing strategy.
How Relode Solves Hiring Challenges
Relode combines game-changing technology with human expertise to connect you with better talent faster. With the work ethic of a boutique staffing firm, you can count on receiving service personalized to your industry and hiring needs.
As part of our commitment to helping organizations create a winning sourcing strategy, we partnered with industry expert Madeline Laurano of Aptitude Research, a leading human capital management (HCM) research and advisory firm, to create the 2023 State of Sourcing report.
This report provides an in-depth analysis of the modern sourcing function, including challenges, strategies, and technology enablers to help companies create a modern, multi-pronged approach to sourcing.
It will help organizations at any stage in sourcing answer the following questions:
- How have investments in sourcing changed over the past few years?
- What are the obstacles companies face with sourcing?
- What capabilities and skills do companies need for sourcing?
- What role do technology and AI play in sourcing today?
- What metrics should companies track when sourcing talent?
Charting the Future of Talent Sourcing
The combination of technology and human connection is continuously shaping the future of talent sourcing. While technological advancements provide opportunities for efficiency and speed, human connection still holds significant weight in the sourcing process, particularly in talent engagement and selection.
The challenges of sourcing are undeniably complex and vary across industries, as evidenced by the unique difficulties faced in the healthcare sector alone. Yet, they can be navigated and even turned into opportunities with strategic planning, the right blend of tech solutions, and skilled sourcing professionals.
Companies today should not shy away from investing in TA technologies, but they must equally prioritize relationship-building with strategic planning and critically evaluate their current tools to ensure they’re maximizing both. This balanced approach will help enhance the candidate experience, improve recruitment ROI, and ultimately secure the right talent to drive organizational success long-term.
Navigating the Future with Relode
Relode is committed to leveraging technology and human expertise to help organizations navigate this evolving landscape. Our solutions are designed to empower recruitment teams, enhance sourcing strategies, and connect organizations with the talent they need quickly and efficiently. With insights from the 2023 State of Sourcing report and expert guidance from our team, Relode can transform your sourcing and recruiting efforts into a robust, future-ready strategy.
In an era of constant changes in the economy and the future of work, sourcing often remains the weakest link in any talent acquisition function. Companies need to think differently about traditional sourcing methods and measures of success.
We invite you to continue this journey with us, harnessing the power of human connection paired with AI and automation to build a stronger, more effective talent-sourcing strategy.
Click here to download the full 2023 State of Sourcing Report