Let's take a look at the Quality-of-Hire metric: what it is, how to track it, and why it's important.
Today we're looking at Quality-of-Hire (QoH): what is it and how can I measure it?
Quality of Hire measures the value your new hires bring to the company and teams and hence, their contribution to your company’s success.
In this article, we’ll answer the most important questions around QoH, like "why is it important?" and "how do I measure it?" Let’s go!
The dominant KPIs in TA have been very efficiency-centric for the past years. Metrics like Time-to-Hire or Cost-of-Hire have been the top priorities. Today, less than 40% of big companies across the globe actively track and analyze their quality of hire.
But Quality-of-Hire is on the rise. This shift in sentiment signals that more and more talent acquisition teams start paying attention to the outcome of their work, hence building a more sustainable recruiting engine. The value new hires bring to a company has become an increasingly important metric for talent acquisition teams and businesses.
There are different ways to measure QoH, and it really depends on you to choose which one makes the most sense to your team and business. While metrics like Cost-of-Hire are clear to define, QoH is more vague.
All the same, where there's a will, there's a way! Here are three good ways to measure QoH.
There are three main ways of measuring QoH:
As you might already know, HiPeople we're big believers in continuous feedback loops and data-backed decisions. Therefore we recommend assessing hiring manager satisfaction to measure quality of hire. This has many benefits, including the fastest turnaround time and clear indications on success or failure.
The HiPeople Hiring Intelligence platform offers its own, fully embedded QoH Analytics module, allowing you to measure and analyze your company’s QoH with no effort. Give it a try today!