Source-of-hire is a parameter or metric that helps measure or determine the percentage of the employee hired with the help of a specific referral and source and have entered the pipeline. These details will help the company fix a budget for the recruiting part.
Need for Source of Hire:
- The effectiveness involved in the process of recruiting can be measured.
- Helps in cost reduction.
- The quality of candidates selected for the company can be enhanced.
- Insights are provided with the help of source-of-hire
- Helps in giving proper channels to various resources.
- The main focus on just hiring creates problems for the eligible candidates who came very close to the process of getting hired
- Multiple sources are kept in between for the candidates to pass
- This does not give perfect justification to the source reallocation