Oscar Wilde said, “Success is a science; if you have the conditions, you get the result.” But what are the conditions that lead to successful hires in early-career recruiting?
It boils down to three metrics. Yup, just three.
So how does your hiring team stack up in your early-career recruitment? Here are the three metrics that’ll help you find out.
1. Calculate Your Quality Of Hire
Measuring your hiring team’s quality of hire gives you an understanding of the level of talent your company’s attracting. Naturally, your hiring team is going to hire the best and brightest of the candidate bunch. But what’s the overall quality of your company’s early-career talent? It’s important to calculate your quality of hire, and you can learn how to do that here.
2. Track Your Conversion Rate
It’s important to track your conversion rate of interns to full-time employees because it helps measure whether or not your internship program provides meaningful work. A successful internship for an intern is gaining valuable experience that helps them develop both hard and soft skills. A successful internship for an employer is finding future full-time employees.
But there are other areas that affect conversion rate. For instance, your hiring team may be getting top talent to join your team, but these young employees may not be fully supported once they’re employees. One way to ensure this doesn’t happen at your company is to provide your early-career employees with mentors. Positive mentoring relationships lead to higher levels of job satisfaction and organizational commitment (two things that directly affect early-career recruiting), as well as compensation and promotions (two things that directly affect your company’s health).
If your company treats internships like an extended interview process, then your conversion rate should increase. After all, you have several weeks to examine whether or not the intern has the qualities a successful employee at your company needs. So you’ll be extending offers only to interns you think are a good fit. At the same time, they’ve had a long time to take a good, hard look at what it’s like working at your company. Ultimately, all the guesswork is taken out of the equation, and—hopefully—this leads to your intern becoming a full-time hire.
Your conversion rate supports that your hiring team is choosing the right candidates to audition for starring roles as your company’s newest full-time team members.
3. Monitor Your Referral Rate
Employee referrals are the top way that companies get new employees, with 30 percent of overall hires coming from them, claims the Society of Human Resource Management. Also, they make your team 55 percent faster and save companies a minimum of $3,000 in cost-per-hire.
You should monitor your referral rate as a way to measure your early-career recruiting efforts. Because an engaged intern or full-time employee is more likely to recommend a friend than one who’s unhappy. And unhappy interns and employees affect your company’s brand.
So if you want to track your early-career recruiting success, monitor these three metrics.