Quality of hire measures the quality of new hires bring to a company. Quality of hire metrics includes turnover rates, job performance, employee engagement and e makes recruiting process worthwhile. Companies are hiring for the Top Jobportal in India on building fast and cost effective process. Referrals grow as a key source of quality hires, because referred employees have a longer tenure and higher job performance. As a result, more leaders consider employee referrals to be an essential trend. Hiring for high-quality candidates is fundamentally different than hiring candidates for the lowest cost. Measurements such as time-to-fill and cost-per-hire are based on the speed and cost of the recruiting process and will not reveal the impact that hiring decisions have on a company’s ability to realize its business goals.
How pre-assessment tools help with recruiting process?
Pre-screening employees will help you to get a better sense of candidates’ skill sets, character, attitude, and overall personality. According to a recent survey it was known that, 53% of all job applications contain inaccurate information. Inaccurate information in resumes increases the time takes to hire a new person from scheduling interviews and preparing questions to blocking out the time to actually meet with candidates. Pre-screening will help you to find the right profiles that fit the job requirement, so you can make sure you only interview the most qualified candidates’ face-to-face. Pre-screening candidates helps reduce hiring mistakes that can be difficult to undo once someone is on board.
Hiring the right person the first time will greatly reduce the amount of turnover at your company, and its accompanying costs. Pre-screening tools allows you to understand a candidate even better than you can through only a face-to-face interview. You’ll see areas of strength and weakness in a controlled setting with quantifiable results, so you’ll be able to compare candidates across the board. Employers across the industries, including IT, retail, health care, education, banking, professional services and technology are all using some sort pre-hire assessment tool.
What are the metrics for Pre-Hire Quality?
Companies often link performance reviews or general performance to a particular hire to measure the quality of that hire. If a company is trying to measure quality of hire, new hires are typically gauged on whether and how fast they attain certain productivity levels, on sales and revenue delivered. Experts agree that to effectively measure quality of hire, metrics must be calculated both pre- and post-hire. To calculate pre-hire quality, companies use measures of candidate quality, new-hire attrition, candidate assessment scores and time-to-fill.
- Candidates per hire
- Passive candidate conversion rate
- Referrals per call
- Email conversion rates
- Passive candidate call back rate
- Job posting effectiveness
What are the metrics for Post-Hire Quality?
- 360 Degree Feedback
- Culture-fit surveys
- Hiring manager surveys on new hire performance
- Revenue per employee
It was believed that recruiters who make the most high-quality hires obtain the most high-quality referrals. Figuring out when the employee became fully productive, how he or she ranks among peers, and whether or not he or she is a cultural fit are all good determinants of whether you made a good hire.
What are the other pre hire metrics to consider?
- Ramp up time: How long did it take for the new hire to get up to speed? Was it quick or longer than average?
- Job performance: Measured by performance ratings or objective data, depending on the industry or position.
- Engagement/cultural fit: Did the employee feel happy and engaged in the position and did he or she fit in with the overall culture?
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