Have you been wondering about what the quantitative difference between quality of hire and time to hire is?
Recruitment involves dozens of metrics. It’s easy to fixate on each one without improving the hiring process. But there are two metrics that employers tend to value: quality of hire and time to hire.
We’ll explore the benefits and drawbacks of these metrics. We’ll also provide best practices for striking the ideal balance between the two.
Quality of Hire
Quality can be a difficult aspect to measure. After all, it’s a subjective metric. But quality comes in many forms: ROI, productivity, and manager satisfaction. Continue reading
HR.com and IBM Smarter Workforce Institute recently released a comprehensive report on the state of talent acquisition called, “How Organizations Identify and Hire Great Talent.”
The extensive survey included questions about HR leaders’ top hiring challenges, their time to fill, and their desired outcomes for using AI in talent acquisition.
Here are 7 new insights into today’s talent acquisition from the HR.com and IBM report summarized in an infographic:
1. 38% believe the biggest hiring challenge is losing promising candidates during the hiring process
Losing promising candidates during the hiring process was the hardest hiring challenges for 38% of respondents. Continue reading
An accurate candidate assessment tool gives you an opportunity to evaluate candidates based on their skills, knowledge, ability to perform, and behavioural style.
It becomes clear then that recruiters would benefit by using a candidate assessment tool before a face-to-face interview. But with all the candidate assessments available in the market, deciding which one to use can be confusing.
Here are 4 guidelines for making an informed decision when selecting a candidate assessment tool.
1. Define your recruiting objectives
First, it’s important to understand the purpose of an assessment tool in your hiring process and your desired outcomes. Ideally, when choosing a right candidate assessment tool for your organization the objectives include:
To get quality candidates
To make unbiased decisions
To provide a great candidate experience
To make your recruiting more cost-effective
Based on your desired outcomes, outline what recruiting objectives you want to accomplish with your candidate assessment tool. Continue reading
LinkedIn reports quality of hire is the most important recruiting priority for talent acquisition leaders. Quality of hire is the value a new hire adds to your organization in terms of performance and tenure.
For financial services, quality of hire is a top priority because it directly contributes to their bottom line.
Measuring quality of hire is notoriously difficult, however, because it requires technical know-how, access to data, and a long-term mentality. Organizations that can get it right will create a huge competitive advantage.
Here are 3 tips for measuring quality of hire when recruiting for financial services.
Tip #1: Partner with the business to determine what a quality hire looks like
The first step to measuring quality of hire is going back to the basics. Continue reading
Most advice on improving quality of hire will mention “getting executive buy-in” on both the importance of quality hiring and what types of people they think the organization needs or where the strategy is going.
As many recruiters know, however, getting executive buy-in for recruiting efforts can be a challenge.
The biggest ways for a recruiter to improve their quality of hire are to do some of the following:
Use technology wisely
Look at the data: where in the hiring funnel are things dropping off?
Revisit the metrics associated with someone defined as a quality hire
Build better relationships with hiring managers
Those are the “big four” ways to improve quality of hire. Continue reading
Annual turnover rates in retail range from 50% to over 100% for some retailers.
With the average cost to replace an entry-level retail employee calculated to be $3,328, turnover gets expensive quickly. As an example, if Walmart replaced 50% of their 500,000 entry-level employees in an year, it would cost them approximately $850,000,000!
It makes sense then that quality of hire for retail generally focuses on turnover. The responsibility for increasing quality of hire by decreasing turnover usually falls on the recruiting department.
Here are 3 tips for improving quality of hiring for retail.
Strategy 1: Offer a competitive salary and incentives
A survey of retail employees by Korn Ferry found the #1 reason for leaving a job was “better opportunities / promotions” followed by more money. Continue reading