A new study from Visier, a provider of Workforce Intelligence, has found that although organizations today are spending more money than ever on recruiting, 52% of hiring managers are unable to predict the long-term success of their new hires. Furthermore, the study found that 71% of hiring managers said that to increase the quality of people they hire, HR needs to improve its recruiting process.
An October 2016 study—conducted by Research Now on behalf of Visier—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 organizations, and the results reveal significant frustration due to the lack of ability to measure long-term impact.
The challenges faced by hiring managers extend to the day-to-day decisions they need to make, as well as to their ability to make long-term hiring plans. The survey also found:
- Long-term impact of recruiting is hard to measure: 61% said that it is difficult to measure the long-term impact of the overall recruiting process.
- Time to hire estimates are not accurate: 66% 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.
- Hiring plans are not effective: 55% 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% said that to improve long-term business impact, recruiting programs at their organization 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% said they need to know why good candidates are lost during the hiring process.
- 82% 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,” said Dave Weisbeck, chief strategy officer of Visier, in a press release.
For more information on this survey, click here. The infographic below offers more insight into the survey findings. Click on the image for a larger view.