How to create winning Sourcing Strategies?

The emergence of the Internet has replaced the traditional way of Recruiting & Sourcing that most Talent Acquisition Professionals have been using. With the internet the Recruiting field has been constantly evolving to accommodate the changing trends.  As a result of the internet connecting with individuals and sharing information has become simple. With that being said the internet is widely used by recruiting professionals for Sourcing and Recruiting talented candidates.

For Recruiters to succeed they need to incorporate winning Sourcing strategies to get talented candidates. I bet you’re wondering How to create winning Sourcing Strategies. But first let’s get a basic knowledge about what Sourcing Strategies are so that we can create a winning one.

What is meant by Sourcing Strategies?

Strategic sourcing is generally defined as a rigorous process of identifying the right supplier. Not necessarily the cheapest or highest quality supplier, but the supplier that offers the greatest overall benefit to the organization, all things considered. Put simply it is a cost effective and efficient way in recruiting and sourcing candidates.

Now that we have a clear knowledge of what a Sourcing Strategy is, we can then move on to the ways of creating a winning sourcing strategy.

Management Support

While we are in the new age, some traditional methods still hold true. Without the support of the Top level management you may not have a successful Recruiting and Sourcing Strategy.  Having the right kind of support opens doors that you haven’t already explored and gives you options that you wouldn’t have without their support. These same individuals are also required to align the Supply Chain strategy.

Team Effort

Formulating a Sourcing Strategy isn’t an easy task and should not be an individual effort but rather an organisational effort. The strategy created shouldn’t be mainly focused on cost effectiveness but rather on creating a Sourcing strategy. It should focus on creativity and consider different points of view in order to get maximum results.

Do your Research and Monitoring

For the success of any organisation you need to do your research, get analysis so that you can identify issues that might crop up and to monitor your progress and get results. A strategy is only successful if research and monitoring is done individually, as the two go hand in hand where the progress is concerned.

Measure the success of a Sourcing Strategy

In order to measure the success of a Sourcing strategy there are certain aspects that need to be considered namely by identifying the ways to improve the performance, processes and practices that are all related to working with a supplier. By thinking in terms of total acquisition cost, organizations can identify opportunities for collaborations resulting in total cost reductions. Its common knowledge that there are going to be trade-offs between prices and other costs.

If you focus on all these aspects then can be sure that you will create a winning Sourcing and recruiting Strategies. If you have any pointers to add do let us know by mentioning them in our comments section and we’ll be glad to include them in our next post.

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