Predictive analytics for hiring, if used properly, can bolster strategy for attracting talent, contour recruitment method or process workforce needs and improve quality of hire. So as to use predictive analytics for hiring, a company should clearly outline HR process to the HR Consultants & what quality of hire means in terms of
· What is expected?
· What is an average performance?
· What would above average look like?
· How can performance be consistently and objectively measured?
· How is information on performance collected?
Quality of hire is defined as the value a new hire adds to your company. Specifically, how much a new hire contributes towards company’s long term success. An honest indicator of quality of hire is turnover during the first year of service. An employee feat — voluntarily or involuntarily — among the first year usually indicates poor selection, poor on boarding or each. The standard of employee performance begins with the standard of hire.
Steps which delivering successful quality of hire program:
Educating on Impact of Quality Employees & Financial Outcome
Staffing function plays a vital role in focusing the impact of quality of hires and performers and its direct link to revenues and profitability. According to a study, high performers in operation roles are ready to increase productivity by 40 percent; high performers in management roles increase profits by 49%; in sales positions, high performers are responsible for 67% greater revenue.
Factors that Determine Job Success
It is necessary to define job descriptions, including qualifications, skills, experiences, education, certification, competencies and behavior for every job or position within an organization. This helps to identify candidates each internally and externally, for promotions, new positions, as well as for developing strengths and opportunities among workers.
Defining Clear Measure of Quality Of New Hire
The key question to answer in measuring quality of hire is whether the company hired the proper set of individuals as defined by pre-hire needs. Measuring quality of hire amounts to measuring how the candidate varies from pre-hire needs and expectations. The comparison between pre-hire requirements and the new hire’s actual performance on the job may be made through
• Surveying the hiring manager
• Conducting periodic performance reviews
• Measuring worker productivity and turnover
Quality of Hire Metrics and Periodical Review
The screening and assessment tests should be designed to select candidates who possess the characteristics that contribute to success in the job. Poor quality of hire metrics indicate disconnect between the standards of screening and assessing candidates and the standards for performance in the job.Capturing hiring manager’s true expectations and defining the talent requirements accurately is of paramount importance. If the results of a company’s quality of hire measurement exceed hiring manager’s expectations, then the company may revisit the talent definition and revise the expectations upwards. Similarly the converse will hold true.