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What are the most effective ways to set quality of hire targets?

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Quality of hire is a crucial metric for measuring the effectiveness of your talent acquisition strategy. It reflects how well your new hires perform, fit, and contribute to your organizational goals. However, setting quality of hire targets can be challenging, as there is no one-size-fits-all formula. In this article, you will learn some of the most effective ways to set quality of hire targets that align with your business needs and talent market.

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Steffen Krogsgaard

Talent Acquisition Director @ Inspari - a valantic company

1 Define quality of hire criteria

Before you can set quality of hire targets, you need to define what quality of hire means for your organization. This involves identifying the key indicators that reflect the value and impact of your new hires, such as productivity, retention, engagement, performance ratings, customer satisfaction, and revenue. You should also consider the specific competencies, skills, and behaviors that are relevant for each role and level. To ensure that your quality of hire criteria are valid and reliable, you should involve multiple stakeholders, such as hiring managers, team leaders, and HR professionals, in the process.

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Steffen Krogsgaard

Talent Acquisition Director @ Inspari - a valantic company
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In addition to the Engagement metric, another crucial aspect to consider is the Quality of the hiring process. This can be evaluated through a satisfaction survey, asking new hires about their recruitment experience. Key questions might include how well the reality of the role aligns with what was communicated during the hiring process. A high-quality hire is often characterized by a close match between what was promised and what is experienced. This alignment not only fosters trust but also ensures that the new employee is well-prepared and has accurate expectations, leading to better performance and job satisfaction.

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2 Benchmark against industry standards

Once you have defined your quality of hire criteria, you need to benchmark them against industry standards to understand how you compare with your competitors and peers. This will help you identify your strengths and weaknesses, as well as the gaps and opportunities for improvement. You can use various sources of data, such as surveys, reports, and analytics, to find out the average quality of hire scores and trends in your industry. You should also consider the factors that influence quality of hire, such as the talent supply and demand, the market conditions, and the best practices.

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3 Set SMART goals

After you have benchmarked your quality of hire criteria, you need to set SMART goals that are specific, measurable, achievable, relevant, and time-bound. This will help you establish clear and realistic expectations, as well as track and evaluate your progress. For example, you can set a goal to increase your quality of hire score by 10% in the next six months, or to reduce your turnover rate by 15% in the next year. You should also assign roles and responsibilities, as well as resources and support, to ensure that your goals are attainable and aligned with your organizational objectives.

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4 Monitor and adjust

Finally, you need to monitor and adjust your quality of hire targets as you implement your talent acquisition strategy. This involves collecting and analyzing data on your quality of hire indicators, such as feedback, ratings, reviews, and metrics. You should also communicate and report your results to your stakeholders, as well as solicit their input and feedback. This will help you identify the best practices and the areas for improvement, as well as celebrate your achievements and recognize your efforts. You should also be flexible and adaptable, as your quality of hire targets may change over time due to internal and external factors.

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5 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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What are the most effective ways to set quality of hire targets?

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1 Define quality of hire criteria

2 Benchmark against industry standards

3 Set SMART goals

4 Monitor and adjust

5 Here’s what else to consider

Global Talent Acquisition

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What are the most effective ways to set quality of hire targets?

1

2

3

4

5

1 Define quality of hire criteria

2 Benchmark against industry standards

3 Set SMART goals

4 Monitor and adjust

5 Here’s what else to consider

Global Talent Acquisition

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