Effort spend on Hire Vs Quality of Hire
Looking for a new candidates to hire in your organisation and not sure how much time to invest to get the right hire? If this is bothering you, then read on.
Hiring is tedious process, I am sure you agree on this. This involves advertising the role, filtering suitable candidates, carrying out interviews and then making final decision within the time frame. Most of the time, recruiters cannot wait till eternity to get the best fit. While we don’t want to rush the hiring process, it is important to evaluate the time it takes to fill specific positions.
Having been impressed by a candidate during the hiring process, we offer them the job and then look forward to seeing them in action. But within few days of joining it turns out to be a bad hire .There’s no doubt that poor recruitment decisions can have long-term impacts for organisations like lost productivity , lower staff morale, and monetary costs of finding a replacement.
On the contrary, once best candidates are hired then retention ratio is good , performance is good, it brings more satisfaction for hiring managers,ELV (or Employee-Lifetime-Value) which represents the total net value over time that an employee brings to organisation is good .
It is important to strike a balance between the time consumed in hiring and the quality of hire.
How to strike a balance between time and quality of hire : In this, as in most things, the best rule is the golden mean. And here is how we can achieve it .
1.companies need to include pre-hire metrics : This includes looking at the competing offers for candidate from top companies,Referrals and recommendations from top performers and more importantly they fit your candidate persona profile.
2.Writing the precise Job Description : Involving the team and team leads in outlining the job description helps to understand how the role benefits the team.
3. Usage of Technology :Use of modern technology like data science and AI can help strike between time to hire and quality of hire These tools includes features like Data analytics ,Email automation ,Automated interview scheduling,Automated resume parsing and screening,Automated disqualification of unqualified candidates.Such feature can expedite the hiring process.
4. Hire from within the company: Hiring from within the company who deserve promotions not only save time of hiring but also motivates other employees to fair in their work.
5.Previous records : Digging into the list of all the previously qualified candidates who failed to join the organisation in past few years can save lot of time and efforts to get the best candidate.
6.Conduct group interviews : Group interviews especially in initial stages of screening saves lot of time and speed up the hiring process.
It is very crucial for Recruiters and employers to find the right balance that works best for their company.In the pursuit for finding the right candidate it becomes equally important to save time as equal important as to find right candidate. In recent research says companies uses innovative tools to assess and identify top talents will end up saving ~40% of time and effort. Try some tools like tophyre.com, Bullhorn etc.,
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