In the age of big data and workforce analytics, statistics and metrics abound. In the face of an overabundance of numbers, knowing which metrics are most important can be a real challenge for Human Resource (HR) leaders and hiring managers. Fortunately, new analyses from the IBM Smarter Workforce Institute can provide some guidance.
The Institute explored which metrics organizations are using to evaluate their recruitment processes, and how those metrics impact hiring decisions. The results were surprising:
• On average, 39 percent of recent hires would not be rehired, which means a lot of hiring mistakes are being made. • Efficiency metrics, like time to fill, are associated with an increase in hiring mistakes—by up to 11 percentage points. • On the other hand, effectiveness metrics, like quality of hire, are associated with a decrease in hiring mistakes—by nearly 18 percentage points.