The central question that many recruiters ask themselves is “How can I make sure I find the right person for the job?”. Finding the right talent can be difficult, and making a bad hiring decision can cost you up to $240,000, according to the U.S. Bureau of Labor Statistics. Having a new hire underperform and drop out of the company after an arduous search for the right candidate is not a fun experience, as any recruiter will tell you.
Having a working understanding of how effective your new hires are is a crucial part of having a comprehensive overview of your recruiting success.
One of the best metrics to understand this is, unsurprisingly, Quality of Hire. This blog will describe what it is, why it’s important, and how you can effectively measure it by closely listening directly to what both hiring managers and new hires say.
Quality of hire is one of the key metrics by which recruitment teams can understand their performance. In short, it describes how effective of a hire a new employee is, and how much quality they bring to the company. It’s widely used and is tracked by most recruiting teams. Still, according to Ji-A Min, a recruitment research analyst, it remains a “frustratingly elusive metric” for many.
In this article, we’ll break down how you can reliably unveil quality of hire, giving you a good understanding of how to comprehensively measure your recruiting efficiency
Now more than ever, ensuring that you hire the right talent is a crucial element of your talent acquisition strategy. Economic woes and a possible looming recession mean that the possibility of making a bad hire is scarier than it usually is. It’s a worrisome prospect even in the best of times, and losing up to $240K is never pleasant. In the current climate, getting the most out of new hires is more important than ever.
Much like ignoring Candidate Experience, failing to measure quality of hire is a huge missed opportunity to understand why mishires happen. If you carefully measure it, you can identify how to course correct new employees and set them up for success at your organization.
As we mentioned before, quality of hire is hard to nail down. There are numerous ways to calculate quality of hire, and each company has to consider what their end goal is when tracking new hires’ performance. Some argue in favor of drawing on retention rates and turnover. Others focus on analyzing onboarding speed, ramp-up time, and general performance metrics. There are many other ways to approximate a quality of hire score.
Here at Starred, we believe that you can get a reliable and holistic quality of hire score by collecting various data points and drawing on them. The most relevant metrics to keep track of are:
The best way to quickly and easily gain these insights is by sending both your hiring managers and new hires a tailored quality of hire survey. This allows each party to evaluate and score each data point individually, giving you granular data and insights.
So, where do you start? What should you actually ask on a quality of hire survey?
Thankfully, we can help. We have an extensive library of survey templates for your convenience. We’ve pulled our quality of hire survey templates to help you with this. One is meant for the hiring manager, and one is meant for the new hire. These templates are specifically designed to be compatible with one another, and comparing the responses from each gives you a good idea of the quality of hire.
If you would like to see the full surveys for yourself, you can access them here:
Great, you’ve sent out your surveys, received responses, and have two sets of data to compare! The next step is data processing. If you’re doing this manually, then you have to carefully note down the responses, ratings, and main takeaways from both the new hire and hiring manager.
Next, you have to analyze these datasets and compare them to one another. Careful examination and comparison of the responses will allow you to draw conclusions about how well your new hires are performing, and what your hiring managers think about their new team members.
This should identify the main trends mentioned by the hiring manager and new hire, and give you a good picture of the quality of hire.
However, there is an easier way to do this. Automated solutions not only offer data visualization dashboards, but also can help you with advanced statistical analyses. Here at Starred, we offer an automated solution that provides templates and automatically schedules and sends out surveys to new hires and hiring managers. We also analyze your responses, and give you actionable insights and priorities based on your quality of hire.
Measuring quality of hire is a key recruitment metric that’ll help you understand how well a new hire is performing in their position. By directly asking both the new hire and their respective hiring manager to evaluate the quality of hire, you gain a unique insight into how each party perceives the new hire. If there are any discrepancies, or difficulties, then you can use this data to ensure that the new hire is set up for success.
Curious about leveraging our surveys to help you measure your quality of hire with Starred? Feel free to reach out and book a demo!