So you think it’s not necessary to include assessments as part of your hiring process? Statics published in the United States recently indicate that that hiring the wrong person for a job could cost your company as much as 300% of an annual salary. Isn’t that enough to have you re-consider using assessments?
I am constantly amazed by the number of organizations that don’t use any form of assessment. Instead, they settle for a subjective and anecdotal process; staff interview, check references, have second interviews and then hire. Traditional hiring and internal promotion methods focus on the candidate’s past and present using resume, current skills and historical references.
Yes, sometimes the new hire is competent enough to do the job, but the right “fit” isn’t there. Corporate culture, work expectations, team dynamics, etc. Any one of them can make or break a career.
So how important it is for you to find the right person the first time? When you hire the right people in the right jobs, statics show that you can expect:
- 86% higher customer loyalty
- 70% reduction in employee turnover
- 70% higher productivity
- 44% higher profitability
- 78% better safety records
- 27% increase in earnings per share
For decades, research has proven that for every job reviewed, there were people who outperformed the majority of their peers in the same position. In fact, about 16% of all people in any job fell into the category of superior performers.
How can you identify candidates who best fit the organization by matching their talents and abilities to the company culture and current top performers in any position? It’s called Job Fit, and it’s a better measure of success, because it identifies how a candidate’s attributes project into the future of the position and your company.
Research has shown that:
- Interviews are only 14% accurate in predicting long-term job success.
- Interviews PLUS background checks are 26% accurate in predicting long-term success.
- By adding cognitive Job Fit based assessments, the success rate triples to 75%.
Assessments can provide you with 100% objectivity during the hiring and evaluation/promotion process. You can evaluate applicants relative to the proven qualities needed to be successful in a particular job in your organization.
Including assessments in your hiring process can save you from hiring an under performer who could potentially affect productivity, reduce morale in your department and impact relations with customers.
You know the cost of hiring, the cost of training and the potential for de-hiring costs. If you are looking to hire in the near future, I urge you to consider the addition of assessments. They’re a wise investment that virtually guaranteed to increase your hiring success ratio.
Dale Wilcox is co-owner of WATMEC. Dale is a respected board member, former volunteer of the year, and inaugural Chair of the Canadian Society for Training and Development.