Making remote hires isn’t quite the same as recruiting personnel intended to work on-site, under the watchful eye of managerial staff. A remote hire needs to be prepared, motivated and equipped to work from a distance, maintaining performance and productivity on their own initiative.
How do you identify remote hires? You need to understand what skill sets and attributes make an applicant ideal for your latest remote position. Recognizing key candidate quality indicators, matching those to traits that make for a good remote worker, and utilizing analytics to highlight both can help you make the best hire possible.
Useful Metrics to Help You Successfully Identify Remote Hires
There are literally hundreds of recruitment data points you can collect, which may be within reach for an enterprise-grade company, but for small and midsize businesses, this may not be practical. Even for larger corporations, all of that data is meaningless without the right analytics.
Fortunately, there are several key metrics you can start with to help identify remote hire candidates that can enrich your organization. First, however, it’s critical to set benchmarks for hiring success, based on easily accessible data that every company should be using as part of their recruitment strategy.
Remote Hire Key Metric #1: What’s your cost per hire?
The cost of a new hire is around $4,000 for the average employee; this can be lower for extremely entry-level personnel, and considerably higher for management staff. For high-level executives, the cost of hiring can tip into six-figure territory.
Things that affect the cost of hiring include not only direct recruitment costs, but loss of productivity for every day a position remains unfilled. Even one missing low-level employee must be compensated in a busy work environment. This can lead to both financial costs related to overtime and lower morale and performance due to overworked employees forced to shoulder added responsibility.
Remote Hire Key Metric #2: What’s your time to hire?
The average time to hire across all industries is somewhere in the neighborhood of 36 days. That can vary widely depending on multiple factors: retail hiring is shorter by about ten days, while engineering and hospitality can take almost that much longer.
Things that affect time to hire include how tight the market is, how good your organization is at identifying viable candidates, and how automated your hiring process has become. With top talent staying on the market for as few as 10 days, your recruitment funnel needs to be streamlined and running smoothly.
Remote Hire Key Metric #3: What’s your pass-through rate?
At each stage of hiring, the percentage of candidates who complete the phase and actively begin the next is your pass-through rate. If you complete a remote interview for 20 candidates, and only 10 continue on when prompted to complete pre-hire assessments, that’s a pass-through rate of 10%.
By examining pass-through rates at each phase, you can quickly identify anomalies that signal a problem with your hiring process. Keep in mind that offer to acceptance rates are only around 66%, so you’ll need to be prepared to ultimately make offers to close to a third more candidates than you have openings for to fill them.
A sharp deviation in your pass-through rates at later stages of the hiring process may signal you are too slow, and candidates are snapping up other offers from your competitors.
Remote Hire Key Metric #4: What’s your best source of hire?
Finally, look at your analytics and identify your new hires who have displayed the best quality of hire (QoH.) Then look for the source of these applicants. This gives you better insight into your hiring statistics than a simple quantity of successfully hired candidates from any one source.
Using Post-Hire Analytics to Better Identify Remote Hires
In order to better predict who your future top candidates will be for remote hires, look to the past. Reviewing your company’s Quality of Hire data on new hires over their first six months to a year can help you identify attributes and backgrounds that speak to their ability to thrive in a remote work environment.
Crosschq Analytics delivers more than 80 different reports you can leverage to discover which employees love working remotely and which are seemingly floundering without tighter supervision. This can be invaluable for both your hiring process and your internal business practices.
Your hiring analytics can help you identify remote hires, but that’s only a start. They can also reveal how to better manage remote employees for high productivity, how to prevent remote employee churn, and how to build the strongest remote teams possible.
Are you ready to unlock the secrets of remote hiring? Learn more about how Crosshq Analytics can help. Request a free demo today.
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