In the previous part Blog 2: Psychometric Assessments for HR Leaders, we took deeper insights as to the importance of psychometric assessments for HR leaders and how they can use these assessments across the lifecycle of employees and not just for hiring.
In this blog, we would take deeper insights as to the importance of psychometric assessments for talent acquisition leaders and how they can use these assessments to improve the hiring ratios, cost while improving the candidate experience and employer branding.
As per a study by SHRM, the cost of a bad hire can be 5 times his/her annual salary in the organization and hence organizations should focus on hiring the right talent for organizational success. Another study by Forbes suggested that poor fit with culture was the most important reason for their first-year attrition and new hire failure.
Another report from Robert Half also supports these findings as they suggest that 95% of IT hiring decision- makers admit to making hiring mistakes. The same study also revealed that adequate technical skills (39%) are the most difficult thing to evaluate during a job interview, followed by corporate culture (37%), and soft skills (23%).
That's why it's imperative for talent acquisition leaders to be very accurate about hiring decisions. They don't have the option of making a bad choice as the direct and indirect implications on the business are of high magnitude. In these situations, Psychometric assessments have proven to be the best companion for talent acquisition leaders to make an accurate and reliable prediction in terms of the fitment of a candidate with the organization and hire success profiles.
But before we go any further, let's have a look at what creates a success profile for an organization and what tools are available to identify the success profile. In the most fundamental terms, a success profile is a mix of role fitment and organizational fitment.
Role fitment means the candidate has the domain knowledge, behavioural competencies, and cognitive skills required for a particular job type. The cognitive skills can be trained if not present in an individual. Various cognitive and aptitude tests are effective in measuring these competencies and they measure the ability of a candidate to do a job.
On the other hand, organizational fitment implies the fitment of a candidate to organizational culture, core values or DNA of the organization. The personality is what we are born with and it's difficult for someone to change their personality. This is often measured by Personality assessments and assessments based on the Big 5 Personality Model have found acceptance across the globe.
The ideal scenario for hiring the right candidate is to have both role as well as organizational fitment but even if the current role fitment is not there but organizational fitment is there, the decision should be to hire as the domain knowledge can be trained but you can't significantly change someone's personality. The focus should be to look at those assessments which offer a deep insight into the personality of a candidate.
While hiring the right candidate remains the top area where the talent acquisition leaders have used psychometric assessments, there are few more areas where the TA leaders can use these assessments:
Biggest Challenge to Psychometric Assessments
The biggest challenge that TA leaders face today while using the psychometric assessments are:
What to Look for in Your Next Psychometric Assessment Solution?
While the challenges to the adoption are many, there are potential solutions around game-based assessments that offer the combination of best-in-class reliability and validity coupled with gaming elements for an immersive experience. Here are some of the salient pointers:
If you do these well, you will be able to confidently assess the right candidates for the job and organization and meet their KPIs of hiring ratios and cost while still improving the employer brand.
Watch out for our next blog in the Series " Psychometric Assessments for Talent OD and L&D Leaders". If you liked what you read, do like and share the blog in your network and follow our page at https://www.linkedin.com/company/armezo-solutions/