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    Improving the Hiring Practices for Higher ROI

    Companies that can improve the hiring quality are three times more likely to better their first-year performance than the companies who don't.  

    Improving the Hiring Practices for Higher ROI

    By

    Apac CIOOutlook | Tuesday, July 02, 2019

    Stay ahead of the industry with exclusive feature stories on the top companies, expert insights and the latest news delivered straight to your inbox. Subscribe today.

    Companies that can improve the hiring quality are three times more likely to better their first-year performance than the companies who don't.

    FREMONT, CA:  A company is as good as its employees. It’s essential for a business that their employees work in alignment with the goals and values of the organization. Thus it’s crucial that the hiring practices are suitable to hire such recruits. But what if they are missing the mark when it comes to recruiting such talents who will uplift the company’s endeavors? And what if they are hiring people who are working against the organization’s values and goals? Unfortunately, most of the organizations have to deal with unsuitable recruits.

    Lack of an Effective System

    It's not that the hiring teams, in general, are not trying. It's just that they lack a proper system that will streamline the quality assessment of the applicants based on multiple factors relevant to the openings. Over 60 percent of the companies consider hiring quality as the top challenge that they are facing, yet only 26 percent of the firms have a formal methodology of determining the quality of hire. One-third of them say that they would like to track the hiring quality but are not sure where to begin.

    Check out: Top 10 HRTech Companies in APAC 

    It is a great challenge as the quality assessment programs must be tailor-built to suit an organization's structure and values, but the effort pays off in the long run. Companies that can improve the hiring quality are three times more likely to better their first-year performance than the companies who don't.

    Challenges Ahead

    However, some more problems stand on the way of quality recruitment. One such concern is the disputable relationship between talent acquisition and hiring managers. Clear communication and agreement over the course of action is an essential first step toward righteous talent recruitment.

     According to a study, 54 percent of companies report a better tracking quality of hire when there’s an understanding between hiring managers and talent acquisition.

    Getting an Edge

    An average company's market value depends on the share of intellectual properties, like brands, technologies, or patents owned by it. Thus it is imperative to focus on the quality of hire that is going to influence the intellectual capital. The difference between an average and a good hire for such a role can have a dramatic impact on the business.

     

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