Recruitment assessment and executive coaching can make all the difference when it comes to retention, turnover, and finding the ideal employee
Every forward-thinking organisation recognises the importance of the recruitment process. It can come at a high cost; in fact, Oxford Economics claims that replacing a single member of staff incurs costs of up to £30,614 per employee. Making the wrong decision can cost you 150% of their salary. On top of this, after the hiring stage, it takes an average of 28 weeks for an employee to reach optimal productivity. For these reasons and many others, it is vital to be as pragmatic as possible with regards to recruitment and executive coaching.
We need to do all we can to maximise our return on investment (ROI). The only way to do this is through thorough and science-backed assessment. Anything less could lead to decreased employee morale, high company turnover, and impaired performance.
During the final stages of recruitment, what matters most is objective data, indicating an employee’s suitability for the role and their compatibility with your organisation. Certain exercises and assessments help to give a true prediction of a candidate’s future performance, which is statistically much more reflective than a simple, traditional interview. This is where recruitment assessment can step in to ensure you aren’t disappointed by your new hire. We do this in a number of ways.
Executive assessment is a key element of a recruitment assessment process and focuses on your mid to senior level hires. Firstly this involves discussing the key skills and abilities required to perform the given role effectively. If assistance is required in determining these competencies, an in-depth job analysis can be performed to determine the most important skills and attributes needed for an employee to perform in a given role. Once this is decided, then executive assessment involves selecting appropriate tools and techniques to uncover these competencies.
Davis Associates has operated at the forefront of psychometric assessment since the early 1980s, working across various roles, industries and countries. In order to get the best possible results, executive assessment often requires the use of psychometric questionnaires, which when used well can give companies a clear and thorough understanding of a candidate’s character, behavioural attributes and cognitive ability.
Executive assessment also delves into areas not generally, or accurately, covered in the average interview. A range of aspects can be explored, including motivation, working style, core values, and overall attitude. All the while, your company’s culture and objectives are considered for optimal compatibility. Finally, these results are confirmed with the use of a formal interview. On top of helping to ascertain whether or not the candidate is a good fit for your organisation, executive assessment can also provide invaluable information that can be used for succession planning and future development decisions.
When used by experienced and qualified practitioners, psychometric tests can play an integral part of executive assessment, as they help understand the mindset of each candidate and their suitability for the given role. It is important to remember that psychometric assessment is not simply a quick and simple solution; it is an intricate process that requires expert interpretation to be truly reflective and valuable. In addition to this, one psychometric tool alone may not be sufficient. Depending on the situation, various tools are often considered depending on their relevance for the role, industry and company culture. For this reason, these tests are best conducted by expert business psychologists, who will be able to provide your company with a thorough analysis.
For those looking for solid data regarding the relevance of psychometric testing, The Aberdeen Group conducted an assessment of over 250 companies worldwide and found that companies that utilised objective recruitment assessments saw an 18% rise in new-hire performance, 15% rise in first-year retention, 12% increase in revenue, 11% increase in profit per full-time employee, and an incredible 47% improvement in hiring manager satisfaction.
On top of the external recruitment costs in the form of recruitment agency fees and job advertising fees, there are also internal recruitment costs, in terms of hours being spent reviewing CVs, writing up job and person specifications, and conducting interviews. Recruitment can be a pricey process and, if the wrong decision is made, it can be detrimental to the company’s reputation and client relationships. Not to mention, it would require going through the process once again.
In order to save valuable time and minimise costs, it is important to get an experienced team of experts on board to take the pressure off and maximise the chances of recruitment success.