Hiring employees is not an easy task. You have to make sure that you are able to hire the employees you need to help boost the performance of your business. As you now, your staff members can hugely contribute to the organization but they can also throw in great expenses on your part. This is why you have to pay attention to the applicants and the entire process of hiring people is done the right way and at the right time. In this case, what you need is an HR hire balanced scorecard. The scorecard will help you monitor the performance of the recruitment process as well as pinpoint the other factors that give way to the success of the said activity.
The selection process is typically the hardest of all in the entire cycle of hiring. This is because there could be a long list of applicants but you may only need a few from them. Of course you will need to take a look at their traits to see whether or not they qualify for the job. Such characteristics may involve educational attainment and job experiences. There are times when most of the candidates are competent so this makes it even harder for the HR department to choose. Screening the applicants is definitely a difficult thing to do if this is the case. Nevertheless, you can use HR hire balanced scorecard to aid you in picking out the best out of the bunch based upon pre-set criteria.
In general, there are four categories that will fit into the balanced scorecard for hiring applicants. Each of these categories has recruiting staff metrics. The first one is about the performance of the staff responsible for hiring additional employees into the business. Metrics that are often used here are the ratio between interview and screening processes, hire-interview ratio, start ratio and diversity of employees hired for the job. The interview-screening ratio will be used to determine how well the person in charge of the interview is able to discern how fit an applicant is. The higher the number here, the better it is for your business. Meanwhile, in the diversity of employees will tell you if there is a good variety in the selection of candidates. For instance, are they all experienced employees or are there also fresh graduates?
The second category is the quality of hiring process. Most common recruiting staff metrics here include the efficiency of the new employees, the excellence of the new hired applicants, retention rate, staffing efficiency rate and organizational capacity, which will highlight the extent to which the hired applicants are able to match the job criteria and requirements. Third is the quantity of hire which often utilize indicators like staffing yield, internal hires, referral hires and accession rate. The accession rate will give you the number of workers that are hired periodically in comparison with the average number of workforce in your business.
Finally, the last is hiring program or strategy efficiency which includes indicators such as management of sources or tools in the hiring process, turnover rate of manager hiring, continuity, excellence in selecting the right employees and strategy efficacy.