From Instinct To Insight: Hire What's Right For You
3X Your Quality of Hire
Mettl is India’s fastest growing talent measurement organization, specializing in the creation of customized assessments across 30+ industries.
10 January, 2017
When it comes to hiring, Steve Jobs once said it best “I noticed that the dynamic range between what an average person could accomplish and what the best person could accomplish was 50 or 100 to 1. Given that, you’re well advised to go after the cream of the cream...A small team of A+ players can run circles around a giant team of B and C players.”
So how does one find that crème de la crème from the multitude of applicants for a job? Businesses no longer have a need for the most qualified employee on the basis of academic credentials. Because of constantly shifting focus business objectives, an employer must look for someone who, among other things, can:
- Empathize with a customers’ changing needs, not just complete a point of sale
- Is a good team player, can lead, and can take instructions
- Can use emptions to build strong bonds while handling diverse environments
Psychometric tests help match potential employees with company culture, the workforce, and also the surrounding community to ensure a sustainable fit. The nature of these tests enables hiring managers to focus on company needs as opposed to company tastes. A big value that psychometric assessments provide is that they not only help to screen all the ‘problem’ candidates out of the selection process at an early stage, but also serve as a measure for all the intangible factors that one seeks in a candidate that might be otherwise difficult to discern before the candidate joins your organization as an employee.
A candidate’s resume lists a certificate in sales training. In the interview, the candidate appears confident and claims to have great convincing abilities. So he’ll also make for a great salesperson, right? Wrong. Without conducting a psychometric assessment, there is no way of knowing whether any candidate has the traits that actually make for a good salesperson.
- Is he confident when making pitches or does his voice quaver?
- Does his confidence help him make great sales or does it lead him to oversell your product resulting in unhappy, disloyal customers?
- Is his style that of a hunter or a farmer?
Today’s employers are better placed to source and recruit these ‘elusive unicorns’
Unfortunately neither a resume nor an interview, are good measures of a candidate’s personality. Infact, candidates lying on a resume is so rampant that you might as well pick a chit from a pool of names while being blindfolded, for your next hire. According to a research by The Society of Human Resource Management, over 53% of individuals lie about something on their resume in some way. For young workers, the number is far more, like in the case of college graduates, where over 70% admit to have lied on their resume.
A wrong or deceitful resume means that you’ve just hired someone who isn’t who they claimed to be. This could result in either poor on-the-job performance or an early termination. Neither is a situation as supple as one might initially think. The cost of a bad hire doesn’t only compute to the loss of a poorly performing employee but also the cost of missed sales opportunities, strained client and employee relations, potential legal issues, and resources to hire and train candidates, all of which add up to significant losses.
A U.S. Department of Labor estimate places the cost of bad hiring decisions at nearly 30% of the applicant’s first year salary. So if you didn’t select the right candidate for a job that offers $100,000 per year, you’ve cost your organization an additional $30,000. A CareerBuilder survey pegged that bad hires cost twenty-seven percent of the U.S. employers it surveyed, more than $50,000. Is it any wonder then that a research found that more employers would rather hire candidates with criminal records to those who lied on resumes.
When you consider that the cost of a psychometric assessment on the other hand could be anywhere from $50 - $300, it almost makes it default sense to include it as part of a recruitment strategy. The traditional forms of recruitment rely heavily on human subjectivity for decision-making. When it comes down to two candidates with similar resumes and impressive conversational skills, how does one choose who the right candidate for the same role is? Human instinct is no better than flipping a coin. Interviews and resumes lead one to be influenced by their prejudices, likes and dislikes and often also their mood at the time of making a selection decision.
Psychometric testing on the other hand adds a level of standardization and objectivity by eliminating any bias that comes along with many selection decisions. Resume Lies Cost of a bad Hire Using Psychometric Assessments to Hire Right Share Ebook: www.mettl.com 07 The use of psychometric testing is often part of a larger selection procedure that includes structured interviews, resume screening, group discussions, simulated assessments, etc.
Overall this makes for a pretty solid package that reduces the chances of a bad hire, turnover or a wrong fit. Thus saving time, money, operational processes, and stress for everyone involved. The most popular, and common use of psychometric assessments so far has been for the purpose of recruitment across firms of all types and sizes. Rightly so. Because talent management begins with talent acquisition and if you start with the right people on the bus, you reduce the need for development, engagement, retention or rehiring strategy.
However, hiring the right employee is not the end of the employee life-cycle process, as we know it. It’s only the tip of the iceberg. Once you have the team members you need to build a great team, you also need to make sure that each one is performing to their maximum potential and is capable of giving their best to each task they perform under the circumstances. Here’s how psychometric tests can help you engage your employees in an efficient way.
Today’s employers are better placed to source and recruit these ‘elusive unicorns’ given that they have social media and varied technologies at their disposal. Getting to these persons is now a cake-walk or as we have said – as fluid and lucid as the movement of a slow dance!
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