No two people are alike. That also means no two hires will be the same. Even if you establish parameters to help you with consistent hiring practices, you can never predict human nature. How do you measure the quality of your hire? How do you know if they are meeting expectations or will perform well and grow with the business? Feeling confident that you’re choosing the right person for your new position will help you have peace of mind and know your company is on the path to success. Here are a few ways to measure your quality of hire.
The tried-and-true method of measuring performance is through the traditional employee performance review. But this is where it gets tricky. Most companies create a consistent review process, but that can only rate certain aspects of someone’s performance. However, each of your employees will have a very different personality and set of motivators. What works for one may not work for another. Performance reviews are still fine, but they shouldn’t be the only method of measuring the qualify of your employees’ work.
It’s also important that you pay specific attention to retention rates. If people leave your company, why are they leaving. And, sometimes more importantly, when are they leaving. If you notice that a number of people are leaving within the first 90 days, you may have an issue with onboarding or the expectations between interviewing and starting work. Track this to help you learn how to better retain top employees.
Employee satisfaction is a huge factor in quality of hire and the work they will perform over time. If an employee is happy or excited about their work, they will perform better. Engaging your employees through gratitude, customized work plans and helping them achieve their own potential will go a long way to improving satisfaction and the quality of your hires.
Employee Lifetime Value
Rather than return on investment, those in human capital tend to consider the employee lifetime value. This is the long-term value of each employee throughout their time with your company. How do they specifically affect your bottom line and the future success of your organization?
It may seem counterintuitive, but tracking the sources of all your new hires can also give you insight into quality of hire. For example, where did your most success employees come from? If you start to track that information, you can make more targeted recruiting pushes to mind for more great candidates.
How do you measure the quality of your hires?
Anserteam Workforce Solutions represents North America’s very best staffing agencies aligned together to deliver world-class workforce management solutions. We offer end-to-end talent services that can be customized for any size business, utilizing our Managed Services Provider (MSP) model and Vendor Management Solutions (VMS) technology. Is your organization seeking a WBENC-certified diversity partner to provide measurable results and substantial cost savings? Contact us today.