Companies Need to Better Measure Long-Term Impact of Talent Acquisition: Survey Finds

December 19, 20168:51 am
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As spending on talent acquisition continues to grow, it’s no surprise that quality of hire is the metric that hiring managers value most. Organisations today are spending more money than ever on recruiting, 52 percent hiring managers are unable to predict the long-term success of their new hires.

This is according to October 2016 study conducted by Research Now on behalf of Visier that surveyed 200 hiring managers at companies with annual revenues of $1 billion or more across the United States.

The hiring managers were asked about their views on the talent acquisition process at their organisations, and the results reveal significant frustration due to the lack of ability to measure long-term impact.

The study found that 71 percent of hiring managers believe to increase the quality of people they hire, HR needs to improve its recruiting process. The challenges faced by hiring managers extend to the day-to-day decisions they need to make, as well as their ability to make long-term hiring plans.

The survey also found:

  • Long-term impact of recruiting is hard to measure: 61 percent said that it is difficult to measure the long-term impact of the overall recruiting process.
  • Time to hire estimates is not accurate: 66 percent of hiring managers agree that when hiring for a role, it is difficult to get an accurate estimate of how long it will take to secure the hire.

See: Using Predictive Insights for Data-Driven Talent Acquisition, Sourcing and Engagement

  • Hiring plans are not effective: 55 percent of hiring managers agree that hiring plans were not as effective as they could be due to the difficulty in getting accurate hiring and turnover projections.
  • Recruiting programs need to be more data driven: 70 percent said that to improve long-term business impact, recruiting programs at their organisation need to be more data-driven or fact-based.

In the survey, hiring managers also expressed their need to access more information about the talent acquisition process and the candidates they were considering. In particular:

  • 95 percent said they need to know why good candidates are lost during the hiring process.
  • 82 percent said it is important to track diversity and ensure equity during the hiring process.

“With hiring managers unable to determine the long-term success of half the candidates they hire, hiring is reduced to a coin toss. This highlights the critical need for organizations to improve the way that they measure the effectiveness of their talent acquisition,” says Dave Weisbeck, Chief Strategy Officer, Visier.

“Visier Talent Acquisition is the only solution to predict long-term business impact by delivering the most comprehensive insights across the entire recruiting lifecycle.”

Also read: Unleashing RPO Potential in Asia: Q&A with Mehul Rajparia on Talent Acquisition Strategies

Image credit: talentculture.com