Poor hiring decisions may prove to be very costly in the long run. Unqualified or unmotivated employees may not be able to meet the growing expectations of customers. They demand close supervision, and additional training. “Best brains for best results” is the new corporate mantra.
Takeaways from the above video
Quality of Hire (QoH) -Hiring team is seen focused on no. of position closure instead of right fitment.
-The quality elements brings in the value a new hire adds to your company.
-Right hire also enables long association and internal growth of employees and helps to control infant attrition.
-QoH =((PR+HP+HR)/N)*100
- Vacancy Rate = No. of vacant job specific position/Total no. of job specific positions
External Vs. Internal Recruitment Internal hiring for senior level it is cost effective.
External hiring is good for entry level jobs.
Time to fill or TAT(Turn Around Time) -To review summarises total no. of positions you have(Monthly Basis).
-Classify them as Senior, Mid and Junior level jobs.
-Measure TAT through Tracker(Position open date to Date of offer/Date of Joining).
Retention Rate/ Turnover Rate -Definition is explained
-Deeper analysis of Turnover is shown
- Voluntary Turnover % = No. of employee leaving voluntarily/Avg. no. of employee (avg. of Head Count at beginning and end of the period)
Retirement Rate = (No. of people retired in LY/ No. of people in system in LY) *100
-Each HR KPI dashboard acts as a mirror of us and plays a vital role in HR Analytics.
Thought of the Day: “Don't be afraid your life will end; be afraid that it will never begin”. - Grace Hansen
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