As we’ve said before, we know that the metrics to measure quality of hire are not going to land in your lap. It is a process, a long and tedious data-gathering, brainstorming, collaborative effort to pull together the information you need to effectively quantify Quality of Hire.
Consider this our pre-holiday giftie to you…
10 important indicators to measure your quality of hire:
- Employee attrition
- Performance ratings
- Hiring manager survey data related to employee performance
- Employees deemed “promotable”/ identified as a successor to a higher level job
- Rate of promotion
- 360-degree feedback results
- Recognition received (HiPo, Emerging Talent, Nominations, etc.)
It is crucial to measure these indicators over a set period of time. Again, we know that this data will not be easy to acquire, but this list is a great place to start. Once you sift through this list and determine those indicators that will be most relevant and valuable to your quest to measure quality of hire, we have one more suggestion:
You should reevaluate the current processes in place to track and improve your quality of hire metrics over time.
- Capture accurate source codes (not by candidate self-selection).
- Track the use of discreet selection/assessment tools used.
- Evaluate trends among roles, functions, hiring managers, senior leaders and geographies.
- Emphasize benchmarking within your own company over time, rather than benchmarking with other companies.
- Discuss and ultimately determine responsibilities and accountabilities for quality of hire for recruiters, Human Resource generalists, people leaders and senior leaders.
- We’d like to know if you have recommendations as to what your organization has used to measure QOH.