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Keeping tabs on recruitment metrics after hiring new employees is essential to trace the efficacy of your hiring process. The questions that often cloud the recruiters after making a hiring decision are how to measure the quality of hire? If the new employees suit the company's culture and work style? Assessments like the big five personality test and an aptitude test for hiring can help determine these factors more accurately, or what kind of post-hire metrics will help in gauging the performance of the recruitment process adopted this time? No worries—
Implementing advanced assessment software can enhance the accuracy of these analytics, giving you deeper insights into your recruitment efficacy. It gives an insight into whether your interview process and onboarding process are working for you. If it does, bravo! You are employing assets for your company.
If not, let's make it better with PMaps post-hire solutions next time! Incorporating psychometric assessments for hiring can enhance your selection process and ensure better alignment with organizational needs.
According to LinkedIn Data Driven Recruiting research, HR managers with matured recruitment analytics are 2 times more likely to give efforts that bring a difference. Informed hiring decisions ensure 3 times better new hire potency and hiring cost-effectiveness.
The 4 important recruitment metrics are quality of hire, recruitment funnel efficiency, time consumed in recruiting new talents, and value of hiring cost. Let's understand these post-hire metrics in depth.
Quality Of Hire:
The quality of hire refers to every factor that determines the efficiency of a workforce. It shows if the candidates hired are assessed in a genuine, error-less, and bias-free manner or not. If the new hires are fit-for-role and culturally aligned with the organization, they will certainly perform and retain effectively.
The quality of hire depends not only on individual contribution, but also on the team bonding. Therefore, recruiters must track the 4 important recruitment metrics to assure good quality of hire;
Diversity And Inclusion In Workplace
The differences between individuals in terms of gender, religion, ethnicity, and beliefs constitute the diversity of an organization. The types of people employed in a team determined the exposure, flexibility, innovation, and creativity of its members. According to LinkedIn Statistics, 37% of hiring concerns diversifying the workforce to obtain better productivity.
New Hire Turnovers
This component of recruitment matrix concerns the new hire leaving or staying in the company. If the job description, offer value and work culture doesn't work well for the new employees, they turn over within the very first year.
Moreover, Forbes statistics clarify that 20% of new hire churn starts in the first 45 days of recruitment. The one-year employee turnover is very common as applicants often pre-plan their path to ideal positions and organizations.
New Hire Soft Skills
Soft skills are as important as technical skills. In fact, 35% of the selection process is based on soft skill assessment of the applicants. More than experience and qualifications, companies seek to hire empathetic and well-behaved candidates. This assures better team bonding and mutual job satisfaction for managers and employees.
Job Satisfaction
According to a survey by Career builder, 66% of new hires realize they don't fit in the company culture after accepting the offer. 50% of them quit in the next 6 months. Job satisfaction plays a crucial role in maintaining long term association with the new hires. This prevents employee attrition and hence saves a considerable amount of time and expense in refilling organizational positions.
Recruitment Funnel Efficiency
Hiring technology is constantly evolving to make screening easier for recruiters. With the help of psychometric pre-hire assessments, hiring managers can ensure good quality of hire. These technologies also help the decision makers track their hiring progress.
Recruitment KPIs keep records of applicants and ensure the selection process runs smoothly. Use of efficient hiring tools such as pre-employment assessment provides a detailed analysis of the candidates' profile. The effectiveness of digital recruitment can be measured with the help of following recruitment metrics:
Time Consumed In Hiring Process
Did you know? A LinkedIn Global Recruiting Trends report reveals that 50% of the recruitment process takes more than 2 months. 30% of hiring time consumes around a month of the employment cycle, and 17% takes more than 4 months.
Hiring time is one of the most important recruitment metrics. It shows how efficient you are in handling the candidate influx and screening in bulk. The 30% that consume only a month for hiring new talent either have the best recruitment plans and strategies or are smart enough to adopt the best recruitment tools!
Value Of Hiring Cost
This includes all expenses made in the hiring process. The costs constitute the internal and external cost of conduction. The cost-per-hire is one of the recruitment metrics that help the hiring managers in tracking their budget and target expenses in employee new workforce. It turns into an investment when the hiring process is neat and short, in contrast to if they are money-suckingly long.
Some cost-per-hire tracking metrics are given below;
Sum Up
PMaps recruitment solutions ensure that your post-hire metrics are on track. How? Simply by helping you assess the right fit for your organization with reliably the best psychometric tools. When you test your candidates with pre-employment assessments, you obtain a detailed profile of their behavior and approach. Our online hiring assessments help you project the potential of the candidate and employee retention.
Want an even better deal? PMaps help you survey your existing employees and gauge their job satisfaction, employee engagement and happiness. We assure updates on the quality of yourworkforce for identifying high potential employees and managerial potentials. So you can encourage and utilize your workforce for the better.
Your employee retention rate is dependent on the efficiency of your management. PMaps HR tech solutions gives you a hand in workforce management and screening candidates. Are you curious about our products? Reach out to us anytime at +91 8591320212 or email at assessment@pmaps.in for more details and clarifications!
