Issue link: https://www.e-digitaleditions.com/i/182340
Talent Management Figure 1 Figure 2 Most employers do not differentiate metrics for executives, managers, professional, and sales—and that needs to change. Why is this—especially when the quality of employees drives so many important business outcomes? Executives stress that when measuring quality of hire, it can be hard to pinpoint exactly what to measure, and how to quantify and evaluate it. Hubble offered some metrics that are a solid starting point for evaluating quality of hire: • Retention; • Feedback from hiring managers; • Employee performance appraisals; • Employee productivity measures; and • Actual financial metrics such as revenue, profit, or revenue growth per employee. In fact, the study found that of those measuring quality of hire, 82 percent monitor retention of new hires, 74 percent look at hiring manager feedback, and 63 percent analyze employee performance appraisal ratings (see Figure 2). It's also necessary to cross-reference metrics to create a multidimensional view of performance when measuring quality of hire — a single metric in isolation may not reveal the full story. For example, using employee performance ratings without integrating retention data only tells half the tale; an organization that hires good people who leave within the first six to 12 months needs to know more. Companies also need to consider developing specific metrics to fit specific job positions. Currently most employers do not differentiate between executives, managers, professional, and sales—and that needs to change. "My view is that a good quality of hire program will have far more impact if you are focusing on the really business critical roles for your organization rather than an onesize-fits-all approach," Hubble shares. SEPTEMBER 2013 | www.hrotoday.com [55]