Getting better hires isn’t achieved by solely focusing your team’s efforts at top schools. A school might be ranked high, but that doesn’t mean its graduates are the perfect fit for your organization. Your team will need to do more than just recruit at top institutions to ensure they’re hiring quality employees.
The way to hire more top talent, in fact, is to focus on three hiring metrics. Doing so will benefit your company.
Do you think the war for talent is overstated? Think again. The top 5 percent of a company’s workforce can produce 26 percent of a company’s total output. This is why companies are doing all they can in early-career recruitment to hire qualified candidates and nurture top talent.
Your team, thankfully, can do this by tracking quality-of-hire. Quality-of-hire helps guide recruitment because once your team recognizes traits that high-performing employees have, they can look for other qualified candidates with those qualities.
To calculate quality-of-hire, HR Daily Advisor suggests using the following formula:
(Performance + Productivity + Retention)/Number of Metrics Used
2. Retention Rate
Employees that quickly leave your company after joining are a red flag for your team. An alarming percentage of employees—30 percent—quit within the first 90 days on the job.
One reason that employees leave a job so quickly is company culture. Your team, thankfully, can address this by incorporating this advice.
3. Intern Conversion And Retention Rate
You need to view conversion and retention rate as they relate to each other because they give you a complete view of your team’s early-career hires. A “recruit once, hire twice” mindset, for instance, leads to better hires. Why? You’re choosing the right candidates for more than just a brief period. These interns are fully exposed to your company culture in hopes they want to be full-time employees, and your team gets to treat their internship as an extended job interview.
This intern-to-full-time employee approach pays off. According to ERE, a strategy like this saves your company almost $40,000 per employee within five years. Your team, therefore, will save money and get better early-career hires if they recruit candidates similar to employees that started as interns and converted to full-time employees.
Want better hires? Pay attention to these three metrics, and your team will get more top talent to work for your company.