Building a strong recruitment process is one of the most important steps you can take as a company. It needs to be well thought out and executed in order to attract quality candidates and hire new employees who will stay with your organization long-term. In fact, it's estimated that 80 percent of talent acquisition executives believe hiring the right people is critical to their success—and yet only half of companies surveyed have implemented any kind of analytics into their hiring processes.
So why are so many companies overlooking this key part of their business strategy?
Because it's not easy! There are many metrics involved in measuring how well your hiring team is doing at finding qualified candidates who fit within your culture and align with organizational goals which is, Quality of hire!
1. Quality of Hire
First and foremost, your recruiting process needs to be correlated to the quality of hire, but how do you measure that?
Measuring employee engagement, turnover, and other key metrics are important but they don't tell the whole story. If a company is hiring only one or two people per year and has an average tenure of 10 years then it can be hard for them to see how their hiring practices are affecting their employees' overall satisfaction working there. In order for an organization like this one, to improve its hiring process and make sure it's getting better at finding high-performing employees who will stay longer than just a few years, means that companies need an objective way to measure how well they're doing each time they bring someone new on board (and every time thereafter). Here are some tips on measuring quality of hire:
Time to productivity: Track the amount of time it takes for a new hire to become fully productive and make meaningful contributions to the team.
Retention rates: Measure the percentage of new hires who stay with the company for a specified period of time.
Effective retention: Measure not only the percentage of new hires who stay but also the number of people who are meeting performance standards. This is where you measure performance/productivity together.
Feedback from managers: Gather feedback from managers and new hires to assess the effectiveness in the role along with performance evaluations. While sometimes subjective, it can provide a starting point of measurement of performance.
Customer satisfaction: Measure the level of customer satisfaction before and after an employee joins the organization to gauge the level of impact they are having on customer experience.
Business impact: Measure the employee on the impact they are having against key business performance metrics such as revenue, sales and customer acquisition.
Cost savings: Calculate the cost savings generated by the new hire, for example by reducing turnover or increasing efficiency.
Employee engagement: One of the number one indicators of retention is employee engagement. Measure employees using an engagement survey and how well it is relating to performance and retention across functions and departments. This can also be correlated to individual employee scores as well.
2. Candidate Experience
Candidates want to know what the job is about, how they will be evaluated and how long it will take for them to hear back about the job. They also want to know if the company cares about their well-being.
When you think about it, these are all things that could be addressed by having a clearly defined process in place before you start hiring. A well-defined process allows you as an organization or team leader to have all of this information ready when candidates reach out because they are interested in learning more about your company and its culture or working environment (or both). Work with a consulting firm to advise you on how to create an effective and lean recruitment process.
3. Automated systems are growing in popularity for many industries.
Automated systems are growing in popularity for many industries. In fact, according to a report from the World Economic Forum, "by 2020, at least half of all HR tasks will be automated." The reason? Automated systems can be used at any stage of the recruitment process and they're not just for large companies--they're also a great way to screen candidates and help with onboarding. Consider the following automatons to enhance not on your process but also the candidate experience:
Applicant tracking systems to create a structured workflow and track every step of the process. These systems can save you time and keep you well organized.
Automated interviews can help you streamline your interview processes by putting them online. You can pre-set the initial interview, grade candidates and candidates can also do these interviews on their own schedule.
Chatbots are now here to stay, especially with GPT technology. You can now converse with candidates 24/7 in a real time conversation. Employers now won’t miss out on candidates and candidates can apply easily and engage and ask questions about the job. It’s a win-win!
Screening candidates can be easier now especially with automation. Systems can now screen resumes faster and they can also use screening tests and grade candidates.
Recruitment marketing can now be made easier than ever. You can now boost your digital presence using managed marketing platforms to share why you are a great place to work and amplify your message on social platforms.
4. You need to consider a combination of personality traits and job-specific skills.
In order to measure the right personality traits and job-specific skills, it's important to consider how each can be measured.
Personality traits are often measured by analyzing an individual's responses to a series of questions or scenarios. These measurements can be taken in different ways, depending on your hiring process and goals. For example:
You could ask candidates to complete an online survey that asks them about their strengths, weaknesses and work preferences; or
You could have them complete a questionnaire asking similar questions (or even just have one-on-one interviews with each candidate).
However, the best method is using a pre-employment test that measures applicants personality traits. These traits can be against quality of hire such as predicting on the job performance. This is why using assessments in the hiring process can look to hire the right fit such as for hard and soft skills.
Hard skills are things you can teach. Examples of hard skills include specific technical knowledge and experience, such as knowing how to use a particular software program or having five years' experience in sales.
Soft skills are things you can't teach. Examples of soft skills include interpersonal skills and communication and personality. So if you're looking for someone who can work well with others or communicate effectively with customers or colleagues, then this is what makes up their "soft" side of the equation and a good assessment can help you with this in the hiring process.
5. Once you've got the metrics, you can use them to see where your process is lacking or is doing well.
Once you've got the metrics, you can use them to see where your process is lacking or is doing well and we suggest the following:
Identify gaps in your process by comparing the average time it takes to fill a position with what's optimal for that role (or even just within your organization). If it's taking longer than expected, look at why that might be happening and how to fix it.
Use metrics as a way of tracking improvement over time: If performance improves over time, then maybe there was something wrong with how things were done before; if performance stays flat or declines, then maybe there isn't anything wrong with your current methodologies after all!
Determine whether or not what works for one team will work across teams: For example, if one team finds success using social media platforms like LinkedIn but another doesn't seem interested in those channels at all despite having similar needs/roles filled across both teams (e.g., Engineering vs Marketing), then perhaps using those tools wouldn't necessarily help solve any issues on either side since they'd still require additional training before being used effectively anyway."
6. Onboarding is essential in retaining new hires, but it is often overlooked until after the fact.
Onboarding is essential in retaining new hires, but it is often overlooked until after the fact. The onboarding process is how you get new hires to become productive quickly and help them feel like they are making an impact on your company's success.
The time between when a candidate accepts an offer and starts working at your company should be used to build rapport with them by introducing them to key players, sharing information about their role and responsibilities, walking them through the work environment (including where they will sit), giving them time off so they can get settled into their home or apartment, etc.
7. Every step of your recruitment process should be considered an opportunity to build rapport with new employees.
Every step of your recruitment process should be considered an opportunity to build rapport with new employees.
Make sure that candidates can easily get in touch with you, and make yourself available to answer questions or provide information.
Be friendly and helpful; don't make them feel like they're bothering you by asking for help or advice. This will go a long way towards building trust in your company culture--and if someone is willing to invest time into getting acquainted with the company culture before even starting work there, they're much more likely to stay once they've started!
Provide a smooth onboarding experience that helps new hires get up-to-speed quickly and meet their goals on day one--this will also give them confidence in their own ability (which leads us back around again...)
Your recruitment process is the most important part of your organization. It's where you find new employees, and it's also what sets the tone for their experience with your company. The better your hiring process is, the more likely they are to stay and perform with you long-term.
RAD Potential Advisory helps organizations attract and select quality hires. We will remove any frustration you ever had about hiring, to become a believer that quality hiring is the magic ingredient as to why your company is thriving. Contact us and let’s recruit better together.
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