Quality of Hire for Alignment of Business Goals
When I think of Quality of Hire, I think of the alignment of business goals.
What do I mean by that? Check out my Breaking Bad story, it highlights how the CEO, Hiring Manager, and Talent Acquisition manager are all aware that there are problems with Quality of Hire but that there is no shared vision of how to solve the it.... Until Hector comes along of course!
There are lots of ways to implement Quality of Hire metrics and strategy into a business, whether you use the latest technology or a manual approach, but the goal is to adopt the concept company-wide and align the relevant stakeholders into a shared vision.
Whenever I've hired for my own businesses, I don't look back and remember metrics like time to fill or cost per hire, I ONLY think of the value that the person added to the business. How about you? If you think of a star team member, can you remember how long the talent team or recruitment agency took to fill the position or what it cost?
People are an investment. The difference of hiring the absolute best talent compared to mediocre performers to a business's trajectory is astronomical. And what about mis-hires? Bradford Smart, author of Topgrading, said the estimated cost of a bad hire?can be up to 27 times the amount of the person's actual salary!
If you were making a potential investment into a business, would you look for the cheapest and fastest deal or would you assess the potential long-term investment opportunity as a whole? Would you buy a house simply because the agency had low fees and you could move in straight away? These things are advantages, but investments should be made holistically, with all of the information and tools that are available.
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Looking diligently at Quality of Hire metrics and aligning a strategy to hire and retain the best talent means that your talent investment has the best chance of success. By using the Quality of Hire product by Screenloop , you can pull together extensive quantitative and qualitative data from talent, hiring managers AND employees to measure the effectiveness of your QoH strategy. It will highlight what as a business you are doing well, and also reveal areas for improvement. It allows you to monitor and collaborate with a shared purpose that the QoH score should be consistently improving over time. It also encourages accountability within various areas of the business and key stakeholders.
I'm not suggesting that a talent team shouldn't be measuring metrics such as time to fill and cost per hire, of course, they are also important! And, from my own experience of working in-house the time to fill actually improves by adopting a Quality of Hire strategy. Particularly, the time to hire reduces. This is because as a company, we knew that if there was a candidate that was looking very promising we wanted them to pass through the stages swiftly with no bottlenecks, and then we didn't want to wait around to offer! We wanted to secure the top talent on the market and us their first choice, and you don't do that by dragging out the process! An experienced, motivated, in-house talent team also means that cost-per-hire is not a problem either. BUT if extra resource is needed such as a specialist external headhunter or job board, then the ultimate driving force should be Quality of Hire over cost.
Also, Quality of Hire is not just about hiring! It's about onboarding and nurturing employees into careers within the company where they can flourish to their full potential ?????. And what does the talent team have to do with that? Isn't that the responsibility of the hiring manager? Or the HR Leader? Or perhaps the talent team COULD be more involved in that too, OR ?? use the services of a ?? Quality of Hire Consultant!
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