Measure the quality of hire with these five steps.
New technology and evolving job market have turned hiring managers into strategic planners. But reaching to this position requires a lot of hard work as they have to prove how resources are bringing value to an organization. And, as a result, to measure the quality of hire has become one of the most important factors. But, how to measure the quality of hire? This is a problem faced by many. But, before we jump to this question, we need to know what is quality of hire?
Quality of hire is the value that a new hire adds to an organization in terms of performance and productivity. It is also used to measure the graph of recruiting function overall. You can only measure the quality of hire after a few months of hiring. And, in general, there is no “one size fits all” metric for quality of hire as different organizations have different requirements. Below mentioned are the quantifiable requirement metrics that will help you to measure the quality of hire.
1.New hire Performance metrics- This is one of the most popular metrics among organizations. According to reports, 51% of the total organizations use these metrics to measure the quality of their new hire. This metrics provides exact values of finishing target, delivering quality results and meeting sales target.
2. Turnover and retention metrics- This metrics gives clear insight on hiring statics. And, also demonstrates the number of good hirings in a year. They’re risky though because attrition might have ineffective boarding process or ineffective management practices.
3. Hiring Manager Feedback- This is something quick and straightforward. It showcases that how impressed hiring managers are with the hiring process of the organization. The feedback by managers is either an opportunity to celebrate or an opportunity to improve.
4. Streamlining recruiters’ workflow- According to a survey, 2/3rds of recruiters have complained that with burdensome and additional stakeholders taking a large amount of time to select candidates, their work process has become slow and complex.
5. Pick up the right information- Ask recruiter team to search out for pre-hire data and post-hire data. Pre-hire data gives analysis on psychometric assessments, job preview test, interviews and grades on resumes from an intelligent screening software. Post-hire data gives analysis on managers’ satisfaction ratings, new hires’ engagement, productivity graphs, promotions, and tenure.
In the end, measuring the quality of your hires is not a difficult task. All you need to do is to choose the right metrics which will not only improve your staffing requirements but also improves the company-wide standards and goals.
