A report by Viatech Global has found that 80% of all Fortune 500 companies rely on new hire assessments. Hiring assessments make it possible to sort through the sometimes thousands of people who apply for a single job.
It used to be that you took out an ad in the paper or posted a “help wanted” sign in your front window. Today, a post on a job board or even on your own company website could result in hundreds of applications every day.
Employee assessments are a great way to stay on top of all of your applications. By incorporating an online behavioral assessment test in your application process, you can zero in on the people who might be the best fit for your job opening. That will save your human resources department an immense amount of time, and it will also help you get the right person into the right role.
Never Underestimate the Importance of Having the Right Person in the Right Job
That same Viatech Global report found that 75% of all hiring is due to turnover. One of the main reasons that people move on to other companies or quit their jobs is that they are not a good fit for the position they are currently in. Maybe they’re overqualified, don’t know how to handle their responsibilities, or are having trouble getting along with the people in their work environment. Using behavioral assessments in the hiring process can help avoid these issues, leading to hires that are a better long-term fit with your company.
Getting the right person in the first time will save your organization quite a bit of money. A bad hire at the lowest level of your organization can cost you about $7,000 in lost time and productivity. A mid-level hire can cost about $10,000, and a bad hire in your executive ranks can easily cost your organization over $50,000.
Just remember that not all assessments are created equally. CVS recently got into trouble for using hiring assessments with potentially discriminatory questions. At Level Up Leadership, all of our tools are properly validated for fair and legal use in hiring and selection. The goal of employee assessments should not be to categorize people but to get a better sense of who a person is, what motivates that person to perform, and outline the person’s strengths and vulnerabilities as well as their inherit skills.