There is nothing like an awesome hire who fits into your company culture right off the bat. As Companies with an established company culture have a turnover rate of 13.9% compared to 48.4% at those without.
There is also nothing like a bad hire who has no idea why you’ve hired them. If you get your online hiring game wrong, you could end up having to go through the whole process again …
…. and again …
… and yes, again.
If you get your online hiring game right, however, it can be plain sailing!
An easy way to get the best hiring results immediately is to measure your hiring process. Here’s how you can do exactly that and other important points that you need to know:
Measure My Hiring Process … Sounds Interesting. But Why Would I Do That?
Measuring your hiring process probably sounds like it’s going to take up a bit of your time. But not measuring it will take up even more of your time, after a bad hire needs to be swapped for a better one.
The problem with hiring workers – whether they be remote workers online or real-life workers who are in your office – is that we often subject the whole process to our own personal bias. This is the way we’ve always done it. There was no other way.
However, it produces erratic, inconsistent results. A hire is relying on your personal opinion, which can be biased by all kinds of things, from different questions asked to different candidates, false perceptions, and even your mood at the time.
Nowadays – especially when it comes to hiring remote workers for your online business – you can get metrics involved and automate the whole process. Metrics ensure you can see what’s working and what’s not working, while automation means you can put together a consistent system that picks out the best workers.
Let’s take a look at what you need to measure.
Retention Vs Replacement
The hiring and recruiting process can be expensive and extremely time consuming. Often, companies even have their own HR department.
However, these costs are less in comparison to how much it costs to replace a hire. This is why it is in the best interests of companies to consider the costs of worker retention – studies have shown that every time a business needs to replace a hire, it can cost 6 to 9 months’ salary.
This recruiting metric is invaluable, providing insight into turnover rates of specific departments and even positions.
After taking these metrics into consideration and analyzing them, it will help your company detect where problems lay within your hiring process.
However, this is just one metric out of the many that your company can measure.
How long does it take you to an interview a candidate? The answer is probably too long.
Although video calling prospective candidates naturally saves more time than meeting them face to face, it’s likely that you’re just not cramming as many candidates into as short a time as possible to a) still get all the information you need and b) free up your time to focus on the core aspects of your business.
Interviewing slows us down and costs us time. But if you use an automated hiring platform, you can slash that time and whizz through just as many candidates in a shorter period.
Sometimes, a candidate turns you down.
When it comes to hiring, candidates aren’t just selling themselves to you; you’re also selling yourself and your business to them.
The offer/acceptance rate clues you in on how many candidates are turning down an offer. If the rate is substantial, it should then act as a red flag that tells you uh-oh, something isn’t right with my hiring process.
Without knowing these numbers and the reasons why someone would turn down a job, your belief in your hiring process will remain unwavering.
Like with anything in business, a hiring process is there to be measured and tweaked.
Number Of Qualified Candidates
What are your goals in terms of attracting candidates for the job vacancy? Do you want a high number of candidates, regardless of their skills?
Or do you want a solid number of qualified candidates applying for it?
Most online businesses would choose the latter. Which is why most businesses – yours included – need to measure the amount of qualified candidates that are applying.
If you don’t, your hiring process will remain the same, and may be as ineffective as it is now.
Application Completion Time and Rate
The hiring process for most companies begins with filling out some sort of online application form. The goal should be to get as much information as necessary without wasting the candidates’ time.
By looking at an applicants’ completion times and rates, you will be able to see where they are giving up, especially if it’s right in the middle of filling out your application.
With these insights, you should then drill down and make the necessary adjustments so that your company can acquire as many qualified applicants as possible.
Hiring Manager’s Feedback
How long it takes your hiring manager to tell a candidate that they are not a good fit for the position or that they are still in the running, is an important metric.
This number needs to be measured over time to ensure that it is kept as low as possible. Then you and your company will be able to avoid delays and the potential loss of ideal candidates who have been kept waiting for too long and as a result have moved on to another job.
Since this data is critical, it is good to give hiring managers two full days to provide go/no-go feedback on the presented candidates.
How The Candidates Performed
Great, you made a hire. But this is – unfortunately – only the start. You now need to measure how they’re performing now that they’ve got the job.
If it turns out that they don’t fit into your culture or share your values (for example, their online communication is poor), you will then need to rethink your hiring process so that you hire someone who does share your values and ways of working.
Costs of Unfilled Positions
When a vacancy becomes available within a company it needs to be filled as quickly as possible since it costs the company both money and time.
If you want to determine the efficiency of your hiring process, you will need to track the average amount of time that it takes until a position is filled.
Factors such as the importance of this position and how much it affects the overall company will all need to be considered when analyzing this metric.
If critical positions are left unfilled for a substantial period of time, it can result in loss of opportunities and also morale for other workers if they are having to take on additional workload.
How To Improve Your Hiring Process
Use Keywords In The Job Advertisement
Keywords stand out like a sore thumb to the right prospects, grabbing their attention.
But the right keywords also make sure that the right candidates find the job advertisement in the first place. To help you pick the right keywords, search for similar job roles and see what words your competitors are using.
Hire A Virtual Assistant
Why do everything yourself when you don’t have to? Outsourcing isn’t something we all think about when we launch an online business. But the truth is that there are a lot of things you just can’t do yourself.
A virtual assistant can help out with the hiring process, acting as the mediator between you and prospective candidates. You can save time by letting them take charge of the process, before relaying their thoughts back to you.
Take Your Time
When we rush through the hiring process, we often make the wrong hire. Why? Because we’re too keen to make a quick hire, rather than the right hire.
Be prepared to take a bit of time over this. Don’t rush when there is no need. It’s more important to get this done right than get it done fast.
Work With an Experienced Marketplace
Still not sure that you can streamline your hiring process yourself? No problem. FreeeUp is home to the top 1% of online freelancers who are eager to get started. All the freelancers on the FreeeUp marketplace are already vetted through a stringent interview process. This means that all you need to do is cherry pick the ones who fit your culture and values best.
Michelle Deery is a team member of Heroic Search in Tulsa. She specializes in writing about all things eCommerce including development, strategy and pricing.