How to define the target market for recruiters in startups? (2022 Guide)
Evaluating the recruiting function’s performance is quite tricky. While monitoring and measuring efficiency is simple as it can be calculated using budgets, time frames, and different pipeline ratios. But what about softer factors such as quality?
Measuring the quality of candidates is still a bit vague, but it is most important when thinking of the long-term consequences!
Before we get into the topic at length, the first question to be answered is –
Who rates the quality of a candidate?
The Hiring Manager and ratings are usually done after hiring the candidate.
It takes us to the next question –
How does a hiring manager measure the quality?
Hiring managers simply consider the following three parameters,
Did they make the right choice?
Is their team doing better than before?
Is the new hire performing well currently?
Well, most of the parameters are justified! But for startups, is it enough?
A startup ecosystem is dynamic, ever-changing, and fast-paced! Whether in a Seed stage or scaling up, a startup is still pivoting. It is not only bringing together the expertise but also building its core team and culture on which the future of the startup depends.
A startup cannot constantly “hire fast and fire faster” if they want stable and steady growth. Hence, it is substantial to set expectations for the quality of a candidate beforehand!
Employees interact more with their colleagues than the hiring manager, which must be considered while rating them. Employees at a startup cannot be rated only based on current skills but must meet future requirements. An easy collateral movement of employees is also one of the determining factors of their quality.
Let us see how startup recruiters help improve the quality of hire even before hiring a candidate!
1. Start Early
Yes, we understand startups cannot afford to hire way before time. But they can at least predict the hiring requirement. They can start searching and engaging potential candidates, even if f they have a ballpark figure of what and when they will need to hire.
Building a talent pipeline for anticipated hiring requirements can save a lot of time and cost to hire.
Gathering requirements from multiple hierarchies
For tech projects, statistics show that over 70% of failed projects are a result of a lack of effective requirements gathering.
We think it goes for the recruitment process as well. If you lack to gather the correct requirements from the right people, the hire will be gone for a toss.
Especially in startups where teams are small, recruiters must gather requirements from the same cadre roles apart from the hiring manager. It will help recruiters to zero down on the specifics needed for the position to be filled.
2. Skills Preparedness
Any discussion of candidate skills must consider both current skills and future skills. A candidate may have the perfect set of skills for their current job, but if they lack the skills they will need three years from now, they will quickly become a talent sourcing risk. Conversely, an organization will not optimally utilize a candidate having the skills for the future role but lacks the skills needed for the current job.
Organizations must invest in candidates possessing current and future skills to ensure that employees can contribute at their highest level.
3. Assessing Quality of Hire
In talent sourcing, it’s eminent to give new hires enough time to settle in and adapt to their new roles before assessing their quality. It is because it can take some time for employees to get up to speed, reach their peak caliber, or even get a chance to prove their mettle. Additionally, the quality of hire is not static - it can change over time as someone develops their skills and experience. As a result, it’s significant to measure the quality of hires on an ongoing basis and improve your talent sourcing and recruitment process accordingly. By taking these steps, you can ensure that you’re attracting and hiring the best talent for your business.
Organizations must keep innovating and find new ways to measure the quality of hires. It can open a new frontier for human resources professionals and the businesses they serve. By understanding the importance of measuring the quality of hires, we put ourselves in a better position to identify top talent, hire them, and eventually improve organizational performance.