Source to Hire Rate
Source to hire rate is the percentage of sourced candidates who are actually hired. To calculate source to hire rate during a specific time period, divide the number of candidates hired by the number of candidates sourced and multiply by 100. So if a sourcer found 500 candidates for various roles and 4 of them ended up hired, the source to hire rate would be 0.8%:
(4 / 500) x 100 = 0.8%
HR professionals see source to hire rate as a reflection of their sourcing quality. Fantastic sources know exactly where to look to find stellar candidates for a variety of roles. The more great candidates they bring into the hiring funnel, the higher the chances of candidates’ ultimately converting. While 0.8% seems low in the example above, anything at or over 1% is very good.
If your source to hire rate is close to 0%, there could be issues with your sourcing team, your employer brand, your compensation and benefits, or even potentially your interviewers. Take time to re-read your job description to ensure job requirements are reasonable, research competitors’ salaries for comparable roles, and analyze your interviewers’ performance. The candidate NPS score is a good place to start your investigation, as they may give clues as to what turned them off in your hiring process.