Essay About Quality Of Hire-Key And Hire-Key

Quality of Hire-Key to Success of Any Organization
QUALITY OF HIRE-KEY TO SUCCESS OF ANY ORGANIZATIONRimpa SamadderB041NMIMS,BangaloreQUALITY OF HIRE“The old adage ‘people are your most important asset’ is wrong. People are not your most important asset. The right people are.” Jim Collins, author of Good to GreatA structure cannot stand for long enough if it is not supported by a strong foundation. The same stands true for any organisation. For an organisation, the employees form the foundation, so due attention is required while building the foundation. Hence it is very important to hire the right candidate for the organisation because that is one decision that decides the future of the organisation.Quality of Hire is defined as the degree to which an employee is able to fulfil the roles & responsibilities for which he/she was hired.Recruitment is a cost factor for the organisation, and like any other investment it is important to measure the outcome of the investment made so as to improve the future processes. Measuring the quality of hire allows the organization to optimize their time & effort and recruiters can leverage and define candidate profiles and other predictive information associated with job types across a company’s talent management processes.

As per CareerBuilder’s 2015 Candidate Behaviour Study, in which 73 percent of 2,002 hiring managers surveyed said that hiring a bad candidate cost much more than keeping the position open. Stephenie B, in her article on “The recruiting trends to watch  in 2016” has mentioned “Quality of hire” as one of the most valued tool for the human resource professionals.[pic 1][pic 2]IMPORTANCE OF QUALITY OF HIREFor the Human Resource Department-“You can’t improve what you don’t measure” .The same principal holds true for the hiring process as well.According to a research the cost of a wrong hire could be fifteen times the base salary of an employee. The resource wasted on advertisement, infrastructure salary of the recruiter, training cost adds up to this cost. By the time the organisation realises its mistake of making a wrong hiring choice it is too late for them to rectify it.Measuring the quality of hire helps the department to use it as a parameter for defining all the future recruitments. It would help them to determine the areas in the selection and recruitment process that needs improvement. At times the organization uses the same template method to hire across all verticals, outsource the recruitment process or uses certain parameters to determine the skills and competencies. The only way to determine if the methods included in the process is producing the desired result or not is to measure the quality of hire. Quality of hire in a way determine the quality of the selection and recruitment department. It is used as a success indicator of the processes adopted by them. In the absence of this, they would keep on using the same mechanism without realising the validity of the processes.