How successful is your organization at building new teams? While there may be little shortage of qualified applicants, not everyone you see will necessarily wind up fitting in well with the other members of the group you’re assembling.
If you’re not defining and using metrics to improve the quality of your new hires, you might as well be operating out of the Dark Ages, when compared to your competitors who are more savvy about making data-driven decisions for recruitment and employee retention.
For some perspective: As a way to focus on quickly growing the user base at Internet start-up companies, the concept of “growth hacking” emerged a few years ago, according to a recent post by Nick Marsh at The Next Web.
Growth hacking, as Marsh describes it, emphasizes metrics. In the case of startups, the mission would be to reduce the cost of acquiring each new customer by using technology more aggressively in the process.
Examples of technology range from CRM software and applicant tracking applications to social networking and mobile devices able to access all required data via cloud service providers.
You can apply this philosophy of aggressively using technology and making measurements to your recruiting efforts, as well as toward seeing whether team members can bring their individual skill sets together more effectively as you build new teams.
Marsh notes that traditionally, companies would go through a lengthy recruitment process, hoping that candidates with poor interview skills but who would otherwise make a great fit could manage to get past the first round with HR. After the team has had time to meet with enough candidates, they work out whom to hire. It is only later, after work actually begins, that they can really determined if the new candidate is a good match. You should get better results when you add more metrics to the mix.
Begin Making Measurements
Build up a data set to help you figure out what is working when you hire exceptional candidates and what is not working so well. Startup firms are particularly adept at this, because they are typically used to doing A/B testing and analytics to measure products and other aspects of their business, so that they can quickly pivot their model if need be.
As you develop your measures of success and apply them to new candidates, your goal should be to continuously keep track of the measurements so you can steadily boost the quality of hires going forward. Because you will be using more data to make your hiring decisions, you should expect to see a decrease in the cost per hire for each new recruit.
If you and the other HR professionals at your organization haven’t been taking advantage of more data-driven techniques in your recruitment process, don’t you think it’s time to start giving it some more consideration? These days, with more information becoming available than ever before as well as being much easier to manipulate, analyze and share, it seems like a waste of a valuable resource if you ignore the benefits of defining measures of success and applying them to new hires.
