Understanding how quality of hire affects your business outcomes depends on choosing the correct measures for an accurate picture of how they perform against other employees in your labor force.
Employee retention hinges on the right kind of support during onboarding and through the first year of employment. Too many companies fail to provide the right kind of monitoring and support required to detect performance issues early and remediate the situation before the employee leaves in frustration.
Recognizing the top reasons why employees leave or stay at a job and figuring out how to prevent employee churn before the one-year mark can not only improve your company’s recruitment budget outlook, but can enhance productivity and lead to a better understanding of what factors are affecting your quality of hire statistics.
The Secret to Keeping Employees Around
While pay, benefits, flexibility of work schedule, managerial issues, and other direct situational reasons for employee churn are often cited as the main causes of retention problems. Hiring the right people and then listening to them are the real keys to employee retention.
This process starts with working to identify and recruit candidates that add positively to your company culture. Many companies can instantly get closer to their organization’s diversity, equity, inclusivity, and belonging (DEIB) goals simply by using recruitment tools that help decrease unconscious bias in the hiring process, like Crosschq 360.
Delivering a rich and rewarding onboarding experience is the next step. Once you’ve made an offer to the best candidate for the job, providing them with a smooth, supportive ramp-up to full productivity is critical. A great onboarding experience can lock down 69% of employees for at least three years.
Automating as much of the talent acquisition and retention process as possible also can improve retention rates. It can be difficult to stay on top of multiple employees and remember to check in with them on a regular basis.
Automating check-ins and providing employees with regular short surveys to gauge their satisfaction can help you recognize dissatisfaction in its earliest stages while giving your employees a voice they can use.
Fostering this kind of engagement can help you develop your employees and improve Quality of Hire. Once you’re in a position with a finger on the pulse of your workforce, you can implement and integrate Quality of Hire measures in the closed loop of your recruitment and retention process.
Measuring Quality of Hire in a Closed Loop
Automating quality of hire measurement streamlines the evaluation process and makes it possible to utilize the data you have on your employees in an effective way. When you can identify what patterns point to higher Quality of Hire, you can look for them in earlier stages of your recruitment funnel.
Likewise, when you start to recognize what patterns revealed by new hire analytics mean red flags and a higher risk of low employee performance or churn, you can adjust your recruitment process to filter out these bad matches.
Important touchpoints in the quality of hire measurement journey must be identified by asking the following questions:
- When and where are signs of employee dissatisfaction becoming apparent?
- Can these signs be detected even earlier through employee surveys and monitoring?
- What is the main source of quality talent entering your organization?
- Can more high-value candidates be sourced from the same pool?
- How does candidate diversity appear to affect Quality of Hire in your organization?
- Is your organization successfully attracting and retaining diverse candidates
- Can you spot employees with better quality of hire metrics out of the crowd?
- Are your quality of hire measures allowing you to predict candidate success?
Having a single source of truth for Quality of Hire can help you answer these questions and optimize business outcomes.
Crosschq’s New Hire Analytics
Quality of hire should be considered more than a descriptor. It should be an ongoing, perpetually maintained, and updated index of performance and retention that measures the effectiveness of your organization’s recruitment, hiring, and onboarding funnel as well as for learning and development L&D processes.
Crosschq Analytics leverages an AI-driven model to predict candidate success, employing advanced workforce segmentation and filtering for deeper dives into Quality of Hire analytics throughout your entire organization, from entry-level employees to the C-suite.
By integrating this technology, you can readily map employee lifecycles, to understand when and why employees churn and develop action plans to stop employee flight. Gain faster insights into performance early in employees’ tenure and actively work to ensure their long-term success.
You can also compare your quality of hire against industry and market baselines, accessing dozens of reports for better insight into your vertical’s unique retention challenges. You can consolidate fragmented employee data gathered from disparate sources and tools.
Establishing Quality of Hire as a critical metric for hiring teams as well as your L&D initiatives can transform how you look at your workforce. Join your valuable pre-and post-hire data together to create a powerful hiring machine capable of pinpointing what makes for a great hire with enviable accuracy.
Utilizing the closed-loop environment of Crosschq Analytics to surface crucial insights will provide your teams with the information they need to take your talent acquisition and retention processes to a new level of efficiency and ROI.
Our AI-driven quality of hire approach allows you to continuously analyze your employees’ lifecycle from the recruitment stage through their exit interview. Easy, automated performance surveys for both managers and new hires provide the all-important engagement and feedback opportunities that are required to make key employees feel heard and recognized.
Best of all, Crosschq Analytics integrates smoothly with most top ATS and HRIS platforms, making implementation simple. There’s no heavy developer lifting on your side, just an ever-expanding offering of connectors for all of your favorite platforms and tools.
Don’t wait to build robust profiles of your top employees, map lifecycles, and create a single source of truth for your organization’s quality of hire metrics. Invest in a closed-loop system that returns reliable, actionable data you need in easy-to-read reports for better hiring and retention across the board.
Get in touch to see our Talent Intelligence Cloud™ in action via a free demo today.
Get started and see how you can optimize your hiring process, improve Quality of Hire and drive real business impact today.
- Increase Quality of Hire by 34%
- Boost recruiter efficiency by 28%
- Reduce time to Hiring Intelligence maturity by 84%
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