Despite their companies spending more money on recruiting, 52 percent of hiring managers say they can’t predict how well new employees will perform over the long term, according to a study published by workforce intelligence provider Visier. Besides that, the Vancouver-based company said 71 percent want HR to improve its recruiting process.
Among other things, 70 percent of the managers said the recruiting process needs to be more data-driven if it’s going to have a long-term business impact. Two-thirds said the time-to-hire estimates they’re given turn out to be wrong, and 55 percent said their hiring plans aren’t as effective as they could be because it’s so difficult to get accurate hiring and turnover projections.
- 61 percent of hiring managers said it’s difficult to measure the long-term impact of the overall recruiting process.
- Nearly all–95 percent–said they need to know why good candidates are lost during the process.
- 71 percent said the recruiting process should be more data-driven or “fact-based.”
The study was conducted for Visier by Research Now in October 2016. It surveyed 200 hiring managers at U.S. companies with annual revenues of at least $1 billion.
Not surprisingly, Visier also in October unveiled Visier Talent Acquisition, a predictive analytics package that, as Brian Sommer pointed out on diginomica, focuses more on using Machine learning and in-memory database technologies to improve a company’s recruiting approach.
The solution, Sommer wrote, “should be particularly helpful for firms competing in tight labor markets or looking for people with scarce skillsets. One aspect of the solution helps firms understand the ‘leakage’ in their recruiting process. Another helps them understand how well they may be doing in creating a more diverse workforce. And still another helps with predicting (and improving) time to hire and quality of hire.”
China Gorman sums it up neatly: “The bottom line is that, after massive investments in recruiting technology, it’s still tough to predict the long-term quality of hires. And measuring the impact of the recruiting process is becoming job #1 for many recruiting organizations because their clients, hiring managers, are expecting more.”
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