Quality of hire not only indicates the company’s present success but yields long-term benefit throughout. It has a deeper impact on the performance of the company in the long run race.
With this changing scenario, it is extremely necessary for you to actively promote enhancing the quality of hire throughout.
Even if you don’t, here is a blog to introduce you to the techniques and strategies to acquire and manage the quality of your hire. So, let’s get started!
This blog covers,
Measuring Success: Improving Quality of Hire Metrics
Measuring and improving the quality of hire used to be neglected in earlier times when the managers had the “I-am-the-boss” mindset.
But today the changing scenarios of companies have evolved the way managers see their employees.
You should know that there are some pre-defined metrices that can be utilized to analyze your quality of hire in the recruitment process.
These metrics are:
- Retention rate:
Retention rate is the percentage of the new hire who remains in the company for a specific tenure, let’s say a year or 3 years.
When you choose a candidate who loves their job, is passionate about their work, never hesitates to work under any circumstances and is loyal to the company, that is when you realize that you have made a good decision.
The higher the retention rate, the more successful the hiring.
- Performance measurement metrics:
Performance paves the way for knowing the candidate’s working progress.
Performance metrics such as KPIs and self-assessment are used to measure their improvement throughout the period.
These metrics allow you to identify and analyze the candidates who are willing to learn and are willing to align their goals with the company’s. You can find out if you have made the right decision with the candidate.
- Employee engagement feedback:
Employee engagement plays a crucial role in measuring the employee number who can understand and respect the company’s culture.The ones willing to orient their personal goals with organizational goals and values tend to become a significant part in the company’s success in the long run.New hires’ high engagement indicates employee satisfaction and higher retention rate.
Step-by-Step Method of Measuring and Improving Quality of Hire
Enhancing the quality of hire, yields higher returns in the success of the company. It not only benefits you in the present time but gives an exceptional value to long-term success. Hiring workflow plays a vital role in terms of hiring a quality candidate. It is classified during each stage of the hiring process.
Here are some staged strategies for assessing and enhancing the quality of hire:
- Initial stage: In the initial stage, attract the top talent by utilizing your company culture and showcasing your values and goals to the candidates. A quality hire will look for a good opportunity with development and growth in the job role.
Use different channels of recruitment to reach the target talent pool such as social media, job boards, employee referral programs.
- Mid stage: In this stage when the candidate is present for the interview, be prepared with your pre-defined set of questions with a mix match of skill-based, situational and behavioral questions. Consider having a suitable evaluation criterion along with each question to mark their responses.
- After stage: After the hiring process, manage the onboarding of the candidate by integrating them with the company culture and values.
Help them to understand the work environment and hereditary of the organization so that they can settle themselves with the workspace and the managers.
Provide the training needed and help them develop necessary competencies while they are working. Understand their issues and try to resolve them in a friendly way.
4 Techniques of Enhancing the Quality of New Hires
Following are a few techniques for tracking and optimizing quality of hire:
- “Improve when needed”
Refine your strategies and structure timely to adapt to the changing trends and scenarios of the talent market.
Understand, analyze and take actions to the necessary changes which can help you to identify the needed talent for the position. Make flexible strategies and approaches so that you can easily adapt to changes.
- “Benchmarking”
Review, analyze and compare the hire data occasionally to understand the metrics.
Compare your quality of hire with industry metrics. It will allow you to identify the areas of improvement through the hiring process. Mark your strengths, weaknesses and set goals to overcome the obstacles in your success.
HROne provides numerous KPIs, KRAs and self-assessment with salient features of customizing goals with multiple options of doing so.
You can also get a regular report from the employees about the progress towards the goals.
- “We welcome all”
Maintain diversity and inclusivity in your hiring. It not only improves your employer brand and enhances your quality of hire but also elevates the success in overall performance of the organization.
Attracting candidates from diverse backgrounds will foster innovation and creativity.
- “Tech-enabled”
Leverage technology to streamline processes throughout recruitment. Choose the technology which enables you to measure the performance of the employees through various KPIs.
You can also gather useful insights regarding the improvement and trends of the employees. It will improve your efficiency and help you save time.
Conclusion
“New advancements in cognitive technology are gaining a foothold in TA, creating opportunities for increased efficiency, accuracy, and insights.
While these are advancing rapidly, the most ready-now solutions exist in candidate sourcing and screening and can potentially increase new hire quality and reduce the impact of selection biases”,
says a Deloitte report.
Smart HR leaders today chase a long-term success than a temporary achievement. This can be achieved only if you understand how important it is to keep yourself updated and evolving with the changing market trends.
The more you know, the better you get at your job!