Consider these six factors for better hiring and retention
Before you can start to solve the problems associated with flawed hiring practices and poor retention, you need to know what you’re dealing with.
Management gurus are fond of saying, “If you don’t measure it, you can’t manage it.” That’s certainly true when hiring and retention are involved. Before you can start to solve the problems associated with flawed hiring practices and poor retention, you need to know what you’re dealing with.
Start with these:
• Time to hire. When positions go unfilled, productivity suffers. Keep track of how long it takes your organization to fill each job, and compare it with the rest of your industry to see how you’re doing.
• Quality of hire. You want to hire the right person, not just anybody. Track how satisfied managers are with the new hire, usually after six to 12 months on the job.
• Longevity of hire. You don’t want to hire people for the same position over and over. Measure how long employees remain with your organization. If most leave within a year or two, you probably need to do something more to retain them.
• Time to productivity. Even skilled, experienced workers need time to learn your company’s ropes and become truly productive. Keep track of how long this takes. If the time period is shorter in some departments than others, find out what managers are doing right—and wrong.
• Cost per hire. Look at the money you spend on recruiting (job postings, time spent on interviewing, etc.), as well as lost productivity while the job is vacant. Find out the industry average, and try not to spend more than you need to.
• Number of vacancies outstanding. How many jobs in your organization are currently unfilled? Knowing this will help you focus your priorities.
—Adapted from the Workplaces That Work website