Quality of Hire Metrics: A guide for financial institutions

Quality of Hire Metrics: guide posts to determine the value a new hire adds to your organization in terms of performance and tenure.

Quality of Hire Metrics

General

1. Receiving a Raise: Tracking the frequency and distribution of salary increases provides insights into employee satisfaction and the organization’s commitment to rewarding high performance.
2. Performance Ratings: Regularly assessing and documenting employee performance ensures that individual contributions align with organizational goals.
3. Receiving a Promotion: Monitoring promotions indicates career growth opportunities within the organization and reflects employee development and success.
4. Tenure: Employee tenure provides insights into workforce stability, institutional knowledge, and the overall health of the organizational culture.

Sales

1. Annual Sales Dollars: This metric measures the total revenue generated by the sales team within a year, providing a clear indicator of the team’s overall performance and contribution to the organization’s financial health.
2. Commissions Earned: Tracking individual and team commissions earned is essential for evaluating sales effectiveness and aligning incentives with organizational goals.
3. New Clients Won: This metric gauges the team’s ability to expand the customer base, indicating their success in acquiring new business opportunities.
4. Retention of Customers: Customer loyalty is crucial. Monitoring the retention of customers helps assess the effectiveness of sales strategies and the quality of ongoing customer relationships.

Call Center

1. Total Calls Handled: The volume of calls indicates the workload on the call center. Efficient handling reflects on the team’s capacity and effectiveness.
2. Customer Feedback: Gathering and analyzing feedback from customers provides insights into the quality of service, helping in identifying areas for improvement.
3. Time to Resolve: This metric measures the average time it takes to resolve customer issues. A shorter resolution time indicates efficiency and customer satisfaction.
4. Supervisor Feedback: Evaluating feedback from supervisors provides an internal perspective on the performance of call center agents and the effectiveness of support structures.

Investments required

1. 90-Day Retention: Assessing employee retention within the first 90 days helps gauge the success of the onboarding process and overall job satisfaction.
2. Hiring Manager Satisfaction: Understanding the satisfaction of hiring managers with new hires provides valuable insights into the effectiveness of the recruitment process.

Long term

1. Year-over-Year (YoY) Performance: Evaluating performance over time helps identify trends and assess the overall growth and stability of the organization.
2. YoY Raises and Promotions: Monitoring year-over-year salary increases and promotions provides insights into employee development, job satisfaction, and the overall health of the workforce.