Companies are giving increasing importance to quality of hire and are investing in various channels including social media, employer branding and job boards to improve on this metrics, says a report.
According to a survey of 120 companies by online recruitment and career solutions portal Wisdomjobs.com, the single-most effective parameter to measure the success of a company's hiring process is 'quality of hire'.
Firms are using various metrics like performance of new hires, turnover and retention ratios and satisfaction ratings by hiring managers to quantify the quality of hires.
"In the long run, companies need to develop an effective quality of hire measurement based on parameters defined by all organisational stakeholders," Wisdomjobs.com Founder and CEO Ajay Kolla said.
Most companies are making conscious efforts to hire quality candidates by opening several channels of engagement with potential hires.
"From social media engagement to employer branding, companies plan on investing more in the following channels to improve quality of hire.
Some of the other tools used by companies to improve quality of hire include assessments and background checks.
Companies are increasingly using assessments conducted before interview rounds to identify quality candidates, map their competencies etc, the report said, adding that background checks have long been used by companies to weed out fraudulent candidates.
Wisdomjobs.com surveyed 120 companies across Hyderabad, Delhi, Mumbai, Bengaluru, Chennai, Kolkata and Pune. This survey includes companies from IT, e-commerce, retail, FMCG, real estate, pharma and manufacturing sector.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)