Hiring is a tedious process. Measure it, monitor it and improve it. An organisation in search of talent does not have it easy. On an average, 30% of senior leadership time is spent on hiring in a growing organisation. So, work on the improvement process of hiring right.
This is the valuable time that can be used to focus on customers and growth. Also, the parameters are mostly in your control. If you are an organisation that gets tens or hundreds of resumes then you have a brand established in the hiring market.
If you are a dream company for a segment of the candidate population, congratulations! You have created great demand. Then comes the challenging part. How do you convert the demand to the right fit for your organisation? A wrong hiring decision is disruptive and expensive and the cost of replacing a wrong hire is estimated to be one year’s salary. So hire right by planning ahead!
Focus on improvement
For optimising your hiring process, screen avidly. Resumes provide a wealth of information to get the bearings on a candidate. The resumes talk about academics, work experience, type of work and the companies worked at. A well-written resume communicates a lot and use it to full effect for skills matching and job fitment. Focus on the improvement process.
Believe in online tests for skills and for psychometrics. Filter out based on thresholds and criteria you set. It would, indeed, be interesting to use your performance management systems to identify high performing ideal employees in your organisations and to attribute their skills and behaviour. This gives you a ready benchmark to evaluate candidates. For instance, keeping tabs on test scores and types of questions will give you the right threshold and judgement criteria to hire from.
Probability scoring is another aspect that is drawing a lot of attention. Firstly, most screeners filter based on certain criteria. Secondly, you can automate this criterion and let the machine do it. Lastly, technology has advanced enough to encode these rules and run resumes by it to identify the top candidates for a position you need to focus on.
Some key metrics you can track and optimise
- Candidate drop off rates and stages
- Best sourcing channels
- Time to fill a position
- Best recruiters
- Offer acceptance rate
These metrics are self-explainable and will go a long way if you keep an eye for them throughout. We have built all these into the dashboard of our Hire pillar on peopleHum. Get the hum, optimize your hiring strategy and get used to hiring right every time. You know it better once you experience it for yourself.