There’s no better time to review some high-level business goals than at the end of a calendar year. While you and your team may be head-down focused on revenue benchmarks or distribution goals, don’t forget to assess your own hiring performance over the past year.
…You did make some terrific new hires, didn’t you?
Your hires can tell you a lot about the overall health of your business. Reviewing the previous year in recruitment can also yield valuable lessons for the next 12 months, so that you can continue to reap the benefits of a well planned growth strategy.
Get together with your HR or recruitment team and gather a list of all open positions that you attempted to fill this year. Take a wide-angled look at this list and begin asking some basic questions:
- Did you fill all those jobs?
- Are those new hires still around?
- Did you find redundancies along the way?
- …Did you forget, and you’re just now remembering, how completely frustrating that one interview process was back in March?
This can be an enlightening process. But dig deeper.
Here are some critical considerations when evaluating your company’s hiring performance:
Time-to-Fill Metrics:
Evaluate the time it took to fill open positions. If the hiring process is taking too long, it may indicate inefficiencies in the recruitment process or issues with candidate attraction.
The time it takes to fill a position is a critical metric that your team should understand. Lengthy hiring processes can lead to increased costs, as vacant positions may result in lost productivity. Moreover, a prolonged recruitment cycle can frustrate both candidates and hiring managers, potentially causing top talent to lose interest or accept offers from competitors.
Quality of Hire:
Measure the performance and success of new hires. Be honest. Assess how well they have integrated into the company culture and their overall job performance. This can be done through performance reviews, feedback from managers, and tracking key performance indicators.
Your management team should be doing this regularly, anyway, but consider these new hires now in terms of your own performance.
The success of new hires directly impacts the company’s overall performance. Assessing the quality of hires allows the company to understand the effectiveness of its selection process. It helps in identifying whether the chosen candidates align with the company culture, possess the necessary skills, and contribute positively to the organization’s goals.
Source Effectiveness:
Analyze the sources of your hires to determine which channels are bringing in the best candidates. Where are these fine professionals coming from? This could include job boards, employee referrals, social media, or recruitment agencies. Understanding the most effective sources can help optimize future recruitment strategies, and maybe you’ll want to try something different next year.
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Recognizing the most effective sources of hires is important, and it may be dependent on market, geography, etc. It enables the company to allocate resources to the most fruitful channels, whether it be job boards, employee referrals, or other avenues.
By understanding the sources that yield the best candidates, the company can focus its efforts and budget on those channels, improving the return on investment in recruiting.
Candidate Experience Feedback:
Collect feedback from candidates regarding their experience with the hiring process. Don’t discount their voices, too! This can be done through surveys or interviews. Positive candidate experiences can enhance the company’s employer brand and attract top talent in the future.
A positive candidate experience is vital for the employer brand. Candidates who have a favorable experience, regardless of whether they are hired, are more likely to speak positively about the company.
Conversely, a negative experience can lead to reputational damage, making it difficult to attract top talent in the future.
By collecting feedback, the company can identify pain points and enhance the overall candidate journey.
Diversity and Inclusion Metrics:
Assess the diversity and inclusion aspects of your hiring. Evaluate the demographic makeup of new hires and identify any areas for improvement. A diverse workforce contributes to innovation and a more inclusive company culture.
Diversity and inclusion are essential for fostering innovation and maintaining a vibrant workplace culture. By assessing the diversity of hires, the company can ensure that its workforce reflects a variety of perspectives and backgrounds. This not only aligns with societal expectations but also contributes to better decision-making and problem-solving within the organization.
By examining these aspects, a company can gain insights into the efficiency, effectiveness, and inclusivity of its hiring processes, enabling it to make informed decisions and improvements for the upcoming year.
These assessment points provide a comprehensive view of the hiring process, addressing issues related to efficiency, candidate quality, resource allocation, employer brand, and diversity.
Regular evaluations based on these factors empower the company to make data-driven improvements, ensuring a more effective and inclusive hiring strategy in the long run.
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