On April 20th we hosted a Talent Leaders Dinner in Minneapolis. It was TALiNT Partners’ first time hosting in the Twin Cities, with our friends and partners from AMS, and the Minnesota hospitality was on full display throughout our visit.
As our dinner guests began to arrive, we discussed the future of work and how hiring practices had evolved, and would need to continue to evolve to keep up with talent demand. One of the topics that emerged was the growing importance of direct sourcing, whether for full-time hiring or for use in conjunction with, or in place of, third-party source contingent labor. I lead conversations with a question: “Who is currently using contingent labor in their workforce? All hands shot up in the air.
“Who has a direct sourcing program in place today?”
My next question was: “Who has a direct sourcing program in place today?” and, to my surprise, multiple hands went high in the air. However, direct sourcing for full-time hiring and not so much on the contingent side was what I was hearing… color me intrigued! As the conversation continued to unfold, several of the Talent Acquisition leaders began to open up about their key drivers in utilizing some form of direct sourcing. Cost savings and leveraging of their employer brand to build talent pools were the drivers heard repeated around the table.
When one thinks of how best to acquire talent in today’s market, whether it is via a third-party agency or by recruiting your own, there can be cost savings to be had by creating a direct sourcing program. Several of the dinner guests’ employers were within the healthcare space or had a significant healthcare component to their workforce. It’s a known fact that the healthcare industry is a difficult area to find talent in today and, when you do, you pay handsomely for it. Even more so if a third-party agency is involved. To be able to cut that ‘spend’ on talent by as much as 30-40% can be a very attractive and key driver for implementing direct sourcing.
Another key advantage of direct sourcing is the ability to leverage a company’s brand to build talent pools. By showcasing their brand and culture through targeted marketing campaigns, companies can attract top talent and build a pipeline of potential hires for current and future hiring needs.
