The employment market for top performers is fiercely competitive. You need to hire the right employees, and you need to hire them quickly. This can be a tricky combination: under the pressure to act quickly, organizations often sacrifice the quality of their hires. But it doesn't have to be "either/or." What if you could tell in advance which recruiting sources would yield the best performers? What does a successful recruiting profile look like?
What makes a successful recruiting program? Hint: time-to-fill and cost-per-hire have little to do with it. As some might say, "Hire in haste, repent in leisure." When an organization makes a weak hiring decision, the consequences aren't always immediately obvious. Overall productivity may drop slightly, but the real penalties can show up in other places. Employee engagement drops. Peers stop working as hard. Recruiting costs can rise, as the best candidates start to lose interest in working for the organization. "Quality of hire" is the most important metric. Some might even say it’s the only metric that matters.
Recruitment analytics: a better way to choose the person named "most likely to succeed."
Our Talent Analytics services can help you address your quality hire issues, with advanced statistical modeling that lets you see the correlations hiding in your data. We start by identifying the pivotal roles in your organization, defining success for them, and building hypotheses as to why some new hires perform better than others. We then apply statistical techniques to your HRIS, employee survey, and other data to test our hypotheses. By looking at performance assessments, demographic data, survey results, and more, we can create an optimal hiring profile reflecting the factors that spell success in your organization. Then we design a candidate assessment survey that narrows down lists of job candidates, allowing recruiters to focus on the discussions that will be most productive.
As more people come to understand the relationship between recruiting and business results, the pressure is on to move beyond filling seats at a good price. This is the power of HR Big Data: increasing recruiter efficiency based on facts and accurately predicting who is likely to succeed in a given role. By filtering out the less productive work, you'll allow your recruiting team to focus on the top candidates. This gets you to the return on investment that matters: getting the right people in the right roles in the most effective way.
Our Quality of Hire services complement other PwC talent analytics and predictive services programs by pulling insights from your HR Big Data. We use advanced statistical techniques to find the hidden patterns, so you can anticipate rather than react. From surveys and benchmarking to predictive services and people analytics strategy, we help our clients make fact-based decisions about human capital, creating meaningful change for employees, teams, and entire organizations.
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