Hiring someone who is not a good fit for a senior leadership role can be very expensive. Not only is there the cost associated with their acquisition, but your bottom line can take a hit because of the ramp up time that comes along with someone who is adjusting to a new role. In many cases, it can take 1-2 years for a new hire to reach the productivity levels of an existing employee.
Should that person decide to leave your organization, there is also the cost of turnover. At the senior level, this can be expensive, 1.5 – 2.5 times the salary of the departing employee.
In addition to the financial impact of a hiring misstep, there can be other consequences. For instance, putting someone in a senior leadership role who is not a good fit for your organization can have a negative impact on company culture. If the individual’s leadership style or values are incompatible with the company, the disconnect can create an uncomfortable environment, have a negative impact on employee morale, productivity, and organizational culture.
Getting to know a candidate thoroughly during the interview process is one way of preventing missteps in hiring. While the traditional interview method may give you some insight into the individual’s skills, goals, and values, we believe Talent Assessments yield the best interview results.
What is a Talent Assessment?
Assessments (sometimes called pre-employment or screening tests) are an objective way to predict a candidate’s performance. They are often based on a company’s hiring specifications and current employee data.
There are a number of assessments that can be used, including:
- Simulations – As a part of these evaluations, a candidate is placed in a variety of situations and scenarios that they will actually encounter if they are hired, such as, meetings and presentations and critical thinking.
- Structured interviews – In this type of interview, all candidates are asked the exact same questions, in the exact same order. Their answers are judged according to a standardized scale created by the employer or a professional assessor.
- Cognitive reasoning assessments – This type of assessment measures an individual’s problem-solving abilities, learning skills, and critical thinking. Most cognitive reasoning assessments include logic, math, verbal, and spatial reasoning questions.
- Critical thinking assessments – These can be used to determine a candidate’s skill level and willingness to use his or her critical thinking skills when making important decisions.
- Psychological evaluations – A psychological evaluation or assessment can be used to determine if an individual can effectively handle stressful situations and perform their job.
- Leadership assessments – During this assessment, a candidate answers a series of questions meant to determine how their unique characteristics impact leading, managing, and directing others and how those characteristics fit into the role.
In most cases it can be beneficial to have a potential candidate participate in multiple types of assessments. The more information and data points that can be collected about an individual, the more accurately their performance and fit for the role can be predicted.
What are the benefits of using Assessments?
A thorough assessment that takes into account the rigors of a job, the traits of an ideal candidate, and the vision and values of the organization can be a helpful tool in selecting the right person for a leadership role. It can give you insights into a potential candidate’s:
- Technical skills
- Leadership style
- Values and long-term goals
- Compatibility with company culture
By having an understanding of these factors, you will be able to decide if an individual is a good fit for the role. Choosing the right candidate the first time saves time, money and employee morale.
How does an organization get access to assessments?
There are more assessments in the market today than ever before, due in large part to the Internet. However, some of these assessments are not what they seem. Many have not been scientifically studied and tested. The data they provide may be inaccurate or incorrect. One way of getting access to some of the top assessments on the market is to partner with a 3rd party, like Right Management.
Our team of experienced assessors (all holding PhD’s with decades of industry experience) will work with your HR team to understand the working environment, strategies, and objectives associated with the job being analyzed, and develop the most thorough and accurate assessments. Contact us today to get started.