The term "quality of hire" refers to the overall caliber and competence of new employees that a company brings on board. It is an important metric for businesses, as it directly impacts their productivity, profitability, and success in achieving their goals. The quality of hire can be measured by factors such as education level, experience, skills, cultural fit, and job performance. A high-quality hire is someone who has the necessary qualifications, work ethic, and potential to contribute positively to a company's growth and success.