When it comes to recruiting KPIs and hiring metrics, Quality of Hire reigns high above the rest. The importance of quality of hire has just as much to do with avoiding bad hires as it does with securing quality hires.
According to the U.S. Department of Labor, a bad hire costs companies 30% of their candidate’s first-year salary. Other industry leaders think this number can be as high as $240,000 per hire. Regardless of what number you go with, bad hires can hurt you in a multitude of ways: high churn rates, lackluster productivity, and negative influences on the workplace environment can bring you and your team down.
Predictive analytics hopes to solve these problems and get you candidates that will increase revenue, increase engagement, and contribute to a positive workplace culture. Below we’ll look at the importance of predictive analytics and how to use your tools to improve your quality of hire.
What are predictive analytics in recruitment?
Predictive analytics in recruitment refers to a set of tools and hiring practices that help you identify the best candidates, channels, and hiring practices. There will always be a place for the human element of hiring–interviews, soft skills, and the gut feeling leader gets about candidates.
Predictive analytics aren’t meant to replace those skills; they’re meant to weed out bad hires and increase your contact with quality hires on a systematic, data-driven level.
Predictive analytics leverage historical data and machine learning to help you identify the best channels, talent pools, candidate qualities, and assessment responses that increase your rate of identifying and securing quality hires. They rely on advanced reference-checking technology and automated hiring processes to get you streamlined reporting and quick results.
What metrics can you leverage predictive analytics in recruitment for?
There are a number of metrics you can track and leverage with predictive analytics in recruitment. Some of the most important metrics to keep an eye on include:
- Performance: Quality hiring solutions will track and assess performance over time, giving you a substantial historical data pool of what kind of candidates outperform others. Performance is a key indicator of Quality of Hire and is a reliable tool in landing future quality hires.
- Quality of Hire averages: You can look at specific hiring periods, assess the percentage of quality hires landed in that period, and evaluate what led you to good vs bad hires.
- Quality of Hire by recruiter: Which recruiters are recognizing the best hires? Which ones are landing the best hires after an interview? Having insight into which recruiters find the best hires may not paint the whole picture, but it will give you a good start at evaluating hiring practices and talent pools to identify markers for success.
- Pipeline health metrics: Predictive analytics can help you measure pipeline health and success rates. Finding the best talent pools and hiring pipelines can give you the confidence to allocate resources to the best hiring channels.
The benefits of leveraging predictive analytics in recruiting
Prior to the ubiquity of machine learning and automation, the visualizations, reporting, and analytics we’re seeing today would not be possible. The kind of reporting your software can generate in a couple of days would have taken recruiters weeks or months to gather.
This is a huge benefit because recruiters have a way to leverage rich, data-driven insights without manually inputting or tracking every lever. You can measure your existing candidates’ performances, confirm reference-checking data, identify the best hiring channels, and gain an at-a-glance view of your pipeline all from one centralized platform.
How predictive analytics in recruiting impact Quality of Hire
Predictive analytics can tell you which talent pools are the most effective, what kind of qualities and skills quality hires share, and which of your recruiters and recruiting practices are the most effective. Crosschq’s quality of hire analytics can provide with you more than 80 performance and quality of hire standard visualizations, providing you with the tools you need to immediately make better hiring decisions.
These insights are accompanied by seamless visualization and models, making them easily shareable and understandable. Whether you need to report your metrics to an executive, introduce new strategies to your recruiters, or identify the best hiring panels, your software will make translating that data easier than ever.
Why Quality of Hire needs to be your North Star metric
Quality of hire needs to be the North Start metric for your recruiting team. When your quality of hire of numbers are strong, you can expect other metrics to improve as well.
Quality of hire implies that this individual is a quality hire at your specific company, meaning they’re a fit with your existing team and company culture. These individuals can generally be an asset to your workplace culture, improving engagement, productivity, and attitude for your entire workforce. With the right tools, like Crosschq’s recruiting platform, you can benefit from the right insights, machine learning integrations, and insights to land quality hires for today and the future.
Getting started with Crosschq for predictive recruiting analytics
With Crosschq, you’ll have everything you need to track and measure the most important metrics with our predictive analytics and insights.
Crosschq makes this easy with a centralized, all-in-one platform and TalentWall. Keep track of your talent pipeline health, analyze month-over-month performance, and share your findings with team members and other leaders.
Click here to learn more about what kind of analytics and insights you can leverage with Crosschq 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%
Topics from this blog: Recruiting MetricsBack
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