“It” is your hiring process and subsequent outcomes. So, how do you build it, improve it and measure it? It all starts with developing qualitative metrics around values and performance. It will help you streamline hiring, improve quality of hire and boost your bottom line to boot.
First, it’s important to understand that in helping you to develop qualitative metrics, we are not trying to make a judgment call on values. We are simply trying to help you determine a match between the values and behaviors that a candidate possesses and whether those values and behaviors will fit into your company and lead to a successful outcome for all involved.
So, where do you begin? You begin by developing a consistent standard and then optimizing that model to make it more and more predictive. This will have a measurable impact on your overall hiring process.
Want to know how these improvements generate a measurable impact against organizational goals? Here is a great example. Acceptance Insurance is a large provider of automobile insurance. There was a major problem in their hiring process that was really hurting the company’s performance. New agents who were being hired spent essentially all of their first few months on the job preparing for state licensing exams. And, 70 percent of them were failing.
Acceptance Insurance decided it was time to clearly establish some underlying measures and then identify those competencies that were common among top performers, but lacking in bottom performers. By identifying these skills, Acceptance Insurance was able to create the benchmark and map it into their hiring process, directly targeting the issue at hand.
Was the outcome good? Indeed it was. Here are the major highlights:
- There was a significant drop in new hires who failed their licensing exam from a 70 percent failure rate to a 30 percent failure rate. This was the most important outcome to Acceptance Insurance because this drop in exam failure meant more agents deployed into the field and producing faster. This led to both top and bottom line improvements.
- There was a 33 percent reduction in turnover.
- There was a 25 percent reduction in time to hire.
So, are you ready to tackle “it?” Read about how Acceptance Insurance did it here in this case study: How Acceptance Insurance Resolved Recruiting Challenges with Chequed.com.