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According to SHRM, nearly 4,000 talent acquisition managers agree that Quality of Hire is the most telling metric of performance.
The Recruitment Education Institute defines an effective recruiting metric as:
- Consistent in measurement
- Actionable and predictive
- Tracked over time to ensure benchmarks
- Drive recruitment behavior
So what exactly is the Quality of Hire metric? While subjective, it can be thought of as the new value recently hired employees immediately bring (and continue to bring) to the organization. This metric is also telling of a recruiter's ability to find quality talent.
For optimal use of this metric, consider key ways to align to your organization’s unique business goals and objectives. This can be done with a comprehensive performance management system that is geared toward company-wide goals.
For example, a contributing factor to the quality of hire would be whether or not 30-60-90 day objectives have been fulfilled -- think increased lead response time or their mission and value alignments. The time to minimum productivity (determined by managers) combined with error rates give a performance-based lens to measuring quality of hire.
You don’t have to start tracking quality of hire after the offer has been signed or within their first 90 days. Consider behavior based interviewing for telling signs of success or pain points. And last, but definitely not least, absolute clarity in communication of position objectives and organizational environment prior to onboarding will improve quality of hire.
How does your talent team define a quality hire? Share with us below!