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Quality-of-hire metrics are critical to understanding the effectiveness of your company's hiring process, but for many, figuring out how to define the measurement is a challenge.
Best-selling author Lou Adler contends that most companies hire for efficiency and to minimize cost, which does not directly correlate to new hires' contributions to a company's success. "Hiring for quality is fundamentally different than just filling positions. To do it right, you have to track performance metrics like quality of hire and return on investment," said Adler, the CEO and founder of The Adler Group, a talent acquisition training, consulting and search firm based in Orange County, Calif.
But quality of hire "tends to be a frustratingly elusive metric," said Ji-A Min, a research analyst at Ideal Candidate, a job-matching technology company based in Toronto.
Shanil Kaderali, executive vice president of global talent solutions at San Jose, Calif.-based Pierpoint International, a global recruitment process outsourcing firm, described quality of hire as an aggregated index of relevant metrics, one primary purpose of which is to influence senior leadership to invest in the hiring process.
"The most difficult challenge after defining quality of hire is getting buy-in and agreement with your HR partners, finance and the executive team," he said. "We want to take data and transform it into HR intelligence. This is a collaborative effort to move from efficiency metrics to effectiveness metrics tied to the success of the company."
Adler said that by drilling down into the data, it's possible to spot root cause problems in the hiring process and minimize their negative impact. "Even better, by eliminating these problems, a company is able to maximize quality of hire while minimizing cost and reducing time-to-fill."
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