A report by Mettl states that organizations have increased their hiring budgets for 2018 by 87.6%. While it is encouraging to know that organizations are willing to invest in hiring budgets, they also need to be aware that the cost of a wrong hire can bring down a team, manager and an entire organization. So, how can organizations move towards hiring right and make decisions which aren’t based on their gut?
Making data-driven decisions when hiring can help organizations scale by getting the right people for a role. The Mettl report also estimated an increase of 114% in organizations employing the use of talent assessments as a means of preventing bad hires. Talent assessments are an important tool for assessing, testing and gauging the suitability of the candidate. Discerning role fitment, cultural fit and the enthusiasm of the individual to learn and grow are some important factors when hiring. And, this is where talent assessments come into play.
In this blog, we will be shedding light on five reasons that make it a must for organizations to adopt talent assessments as a part of their hiring strategy.
#1 – Identification of the candidate’s suitability for the role, organization, team
Use of assessments helps HR and organizations understand if a candidate is a fit for the team, role and is aligned to the organization’s values. All these factors can be measured by different tools that range from personality assessments to technical assessments. What’s more? Assessments reduce the time and effort in extracting this information as opposed to multiple long conversations with a potential recruit, and allowing “gut-feeling” to decide fitment.
#2 – Data Analytics
Assessments provide rich data that help in knowing and understanding the candidate. The strengths, areas of improvement, the pain points all get revealed through the available data analytics. Modern assessments go beyond simple psychometric tests to evaluate multiple layers of an individual, from mental ability to personality, behaviour, motivation, interests, etc, giving recruiters a comprehensive understanding of an individual and the ammunition to make hiring decisions.
#3 – Elimination of biased decisions
Talent assessments eliminate the recruiter, manager or referral biases that come into play. The insights provided by the assessment results works as a yardstick for deciding to hire or let go of a candidate. These facts can predict performance standard of a candidate, thus easing the decision-making process.
#4 – Collaborating with technology
In this age of digital disruption, technology has entered the area of assessments too. HR teams and organizations can now adopt the latest in assessments like simulations and game-based tools that put a candidate in a life-like situation and give real-time feedback for their performance. Usage of such advanced assessment tools also gives the organizations the benefit of allowing candidates to take the test anywhere and are not required to be physically present in an assessment centre.
#5 – Reduction of costs and increased productivity
Hiring right candidates who have been thoroughly screened and qualified using assessments reduces the costs that would have otherwise been incurred on account of bad hires. Also, building a team or getting in people who are aligned and more engaged in the work/role contribute to an increase in productivity.
If you are still not convinced and far from adopting the assessments as a part of hiring strategy, then think again. Or, connect with KNOLSKAPE to know about our exclusive suite of assessments that will help you hire and make the best decisions for your company and team.
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Published by: Nikita Madhu in Blog