There are many reasons why you hire. Maybe you’re hiring to improve your workforce and increase productivity. Or maybe it’s because the business calls for it, with people leaving or the organization changing shape. The truth is, it all comes down to one thing: You hire because you have to.
You hope you hire well — bringing in great new talent who boost morale, inspire their coworkers and improve your ability to achieve objectives. But getting the right people into your company is more than searching for skills and behaviors or creating a checklist of criteria. It takes rethinking your hiring process, using a combination of emotional skills, technical skills, recruiting intelligence and foresight.
Building the right framework involves some keys to hiring you may not have thought of. Iron these out before you get started, treating each as an exercise, and radically improve your ability to make truly high-impact hires:
These are challenging times for employers — the unemployment rate is at a record low, and the quit rate rose in July to 3.6 million. In other words, it’s likely you’re not hiring someone who is desperate to work for you, and as you bring them along the hiring journey, your competitors are, as well.
And we’re spending a ton of money hiring: about $4,129 per hire, according to SHRM, and far more for upper level and managerial positions. With 7.2 million job openings in July of this year, if we hire for each one, that’s more than $29 billion spent.
If you’re not a giant enterprise, your hiring spend is getting crushed by the behemoths — who are looking to hire your own people and your candidates in the same way you may be hoping to hire theirs. If you’re making the business case on your hiring spend or allocating your hiring budget, now is the time to push for more resources.
Do the metrics
“Metrics” isn’t as hot a term as it once was. Perhaps we’re used to them, or we’re on to shinier concepts. Nonetheless, I suggest harnessing good, straightforward metrics to investigate the strengths and weaknesses of your own recruitment program.
The goal is to hold up an impartial mirror. Hopefully, by now, you have the data to do so — and it’s in a central location, so you can make good comparisons. If you want to make better hires, find out what you’re missing by asking the tough questions:
- What’s the time to fill?
- Which sections have the longest-running hires?
- How were they recruited into the company?
- Where are your top performers/weakest performers coming from?
- Are applicants who report a positive hiring experience staying longer?
- If so, what did they note as positive?
- What is exit-interview data telling you about who leaves and why?
Create a range of key performance indicators (KPIs) related to the quality of your hires to address the specifics of that job or department. Then look at the bigger picture and dissect your hiring program until you find the weak points. For example, stop spending energy on entry points that aren’t being used, or rethink your decision makers if they’re choosing people who don’t stick around.Read more here…
Source: Indeed Blog