While Presidents’ Day is intended to be a celebration of all who have held the office of President of the United States, Presidents Washington and Lincoln get most of the attention. The two have more in common than February birthdays and appearing in car dealership commercials to promote Presidents’ Day sales. Both have been idealized for their honesty: Washington, for supposedly admitting to his father that he cut down a cherry tree as a child, while Lincoln is popularly known as “Honest Abe” for his legendary integrity and candor.
So, rather than spending the holiday taking advantage of themed sales at the local mall, why not model the behavior of these great presidents and be thoughtful and honest about your recruiting strategy?
If your company struggles to identify the best candidates and ends up advancing and hiring the wrong people, then you may have a recurring recruiting problem. How can you know for sure? The numbers don’t lie. Consider the following metrics to identify if your recruiting process is falling short.
Time to hire
You need to hire the best talent before your competitors do. If you find that your time to hire is too long, consider the ways technology can help you identify, assess, and advance the most promising candidates faster. Companies with high-volume positions can be particularly vulnerable to the liabilities of slow fill times. Having a fully staffed operation is key to delivering timely customer service and running the business effectively. Chronically unfilled positions can have a negative impact on the bottom line.
Modern Hire clients using Virtual Job Tryout technology typically reduce their interview-to-hire ratio by 25 to 40 percent. Streamlining your hiring process in this way means requisitions are open fewer days, recruiters and hiring managers can commit less time to interview better-qualified applicants, and best-fit candidates are made offers sooner.
Time and money are required to source, recruit, interview, hire, and onboard a new employee, which means you don’t want to see new hires leaving the company shortly after starting. Whether new hires are let go due to poor performance or leave on their own because the job wasn’t what they expected, low retention rates aren’t just a costly inconvenience; they can be a sign of a broken recruiting process. Either you aren’t vetting candidates and their skills appropriately, or you aren’t communicating the job duties and responsibilities to candidates accurately.
Using a multimethod assessment that offers a realistic job preview to educate candidates about job demands and the performance culture while also providing recruiters with a comprehensive evaluation of job fit can improve your retention rate.
Quality of hire
An effective recruiting strategy is measured by more than how quickly you can get people hired and how long they stay. You also must pay attention to how new hires achieve proficiency. Capture the Three Os of Quality of Hire to get a better idea of the value each employee brings: Opinions (the hiring manager’s point of view), Observed behaviors (behaviorally anchored rating scales for key competencies), and Objective metrics (performance data). If you’re unhappy with what you discover through this level of analysis, you may need to revamp your recruiting process and adopt the tools that can lead to a more reliable hiring outcome. Modern Hire assists clients in implementing quality of hire initiatives that deliver measurable results.
What’s the solution to improving all of the above metrics? Consider Modern Hire’s Virtual Job Tryout technology, which provides applicants with better candidate experience and captures a work sample that predicts job fit, enabling recruiters and hiring managers to make accurate hiring decisions. Not only does this strategy lead to faster hiring decisions (by way of fewer phone screens and interviews), it also ensures you hire right-fit employees who understand the job and have what it takes to be successful for the long term.
The numbers don’t lie. They reveal the efficiency and effectiveness of your recruiting process. So, follow the lead of our greatest presidents and embrace the truth of your recruiting and quality-of-hire metrics. Our nation’s forefathers would be proud!