Hiring Insights Blog
We know that data drives recruitment success, but there are a lot of different metrics to consider. Which recruiting metric do organizations think matters most? Quality of hire. Thirty-nine percent of employers agree that quality of hire is the most valuable metric for gauging recruitment success, according to LinkedIn's Global Recruiting Trends 2016 report. And, approximately 30 percent of small to mid-size businesses said that improving quality of hire would have the most significant impact on their business this year. The numbers make sense, given that hiring the right people is what recruitment is all about.
It's even easier to understand why quality of hire has emerged as the most valued recruiting metric given that hiring managers say they consider one in five of their employees to be a "bad hire" or "regretted decision", according to CEB. Conversely, 85 percent of companies that measure quality of hire agree that it positively impacts hiring quality, and almost half believe that measuring this metric can improve quality of hire by more than 25 percent. So we know quality of hire is important, but how do recruiters go about improving it?
Our eBook takes a closer look at that question and offers five actionable strategies:
- Define what you’re looking for, and share that with jobseekers. After establishing a baseline for how to measure quality of hire, determine what quality means for each position you recruit for, and combine that definition with your organization’s understanding of cultural fit.
- Optimize the screening process by specifying for your company’s needs: adjust the screening questions on a per-job basis, ask for a video cover letter, and utilize assessment providers to find best-qualified talent.
- Acquiring a holistic view of candidates will allow for making better-informed hiring decisions because you will have easy access to all pertinent information about a candidate. Unify your recruiting processes in order to see each candidate clearly and assess them more thoroughly.
- Monitor and adjust sourcing strategies in order to find where your best-fit hires are coming from and focus on that talent pipeline. Using a recruiting system with reporting capabilities makes it easier to see exactly where the best candidates are coming from.
- Clearly define new hire objectives: improving quality of hire doesn’t stop at the recruiting process. How a new hire is welcomed into the organization can influence their success, too. 77 percent of new hires who hit their first performance milestone had formal onboarding training.
Building a workforce of qualified professionals is a top concern for business leaders, and though quality of hire is a subjective metric, it is a critical aspect of recruiting metrics. In order to maintain a competitive edge, HR must find ways to define, measure, and execute on a strategy to improve quality of hire.