Looking for a reliable and objective way to reduce your talent processes? Learn how Accendo’s Assessment Marketplace can help you with that by integrating and consolidating your talent assessments while allowing you to holistically measure your talents through a combination of various assessment types.
Introduction
Seven in 10 employees have considered a career move in 2022. In this age of the employee, it is critical that HR leaders continue to evaluate their approach to improve their talent assessment processes and make better hiring decisions.
The evolution of HR tech has kept the industry dynamic and accelerated our ways of working. Learning and development are key to adapting to this acceleration, and enable companies to deploy data-driven HR tech and analytics to identify the right solutions for assessing talents.
But, what if your talent assessment processes are too complex and unsynchronised? What happens when your talent processes are stuck in silos?
The integration of your assessment tools in one platform can simplify a complex assessment process. These tools come with consolidated insights that allow you to craft your succession plans, identify your high potential, and build individual development plans (IDPs).
Looking for a reliable and objective way to reduce your talent processes while making the best hiring decisions? In this blog, we will go over everything you need to know about data-driven talent assessment and learn how our Assessment Marketplace can help to save your talent assessment costs by integrating and consolidating your talent assessment processes.
Measuring Assessment Effectiveness
A survey conducted by McKinsey & Company revealed an 80% increase in recruiting efficiency and a 50% reduction in attrition rates within organisations that used people analytics. At the same time, these organisations witnessed a 25% rise in business productivity.
Recruitment effectiveness is measured by how smooth the process is for a candidate to go through from a job application to receiving the offer. Several known ways where data can be used to measure this include calculating:
- Cost-per-hire
- Time-to-fill
- Quality-of-hire
- Employee turnover rate
Research by Harvard Business Review states that an algorithm can increase the accuracy of selecting productive employees by more than 50%. By monitoring the number of applicants, the number of those who pass the screening process and those whom you interview, you can start identifying the gaps.
You can use talent data to create a matching algorithm to sift through and pre-screen candidates, enabling you to track your assessment progress and monitor efficiency, streamline your talent processes, and improve the quality and speed of hiring decisions. This reduces the time-to-hire, replaces the manual processes, and increases the quality of hire.
Understanding the Value of Structured Assessments
Structured assessments, such as the ‘Big Five’ personality traits and job performance, are excellent tools as they have been validated for the specific job you are hiring for.
Imagine the consequences to an airline if its pilots were improperly trained or certified, or if medical professionals failed to care for and look after their patients. The high levels of on-the-job failure can lead to a loss of lives, public harm and poor public image, and serious financial implications for these organisations. Yet, the ramifications in less complex jobs are equally significant. Mistakes made in the hiring process for customer service representatives can lead to low performance, high turnover, unhappy customers, lost business, and higher labour costs.
After all, validity and reliability are statistical concepts and one does not need to be an expert in statistics to understand them. Hiring managers can use job analysis findings and talent analytics to acquire relevant employee data and insights needed in your talent strategy.
From an organisation’s perspective, the use of structured assessments during the selection and hiring process offers huge financial benefits. At the same time, it benefits the individuals being assessed. Your employees will feel more satisfied and be able to take their careers to the next level and grow when their skills and personal attributes match the requirements of their jobs.
Determining Job Competencies
A thorough review of a job determines what qualities make or break performance for a specific role. It will also help you understand what a new employee needs to do and what qualities are necessary to achieve that.
Your HR team can use talent analytics to determine the necessary job competencies during a job analysis. Critical aspects, such as initiative, adaptability, or financial acumen, can be determined by assessing job holders and defining and benchmarking the talent needs for your company.
What if you have a feature that allows you to choose from a library of talent profiles, evaluate the job competency levels, and manage talent and role customisation, all in one place? Accendo provides the ability for you to do so in their Skills Taxonomy and Role Management where you can:
- Browse our extensive list of job profiles that are classified by industry, job family, and job level.
- Identify the skills required for each job profile and the proficiency levels that best suit the role.
- Customise the roles and skills based on your business needs before incorporating them into your job profiling.
Picking the Right Assessments
Different competencies relate to job success. Hiring competent employees isn’t the only factor in predicting performance. It’s tempting to think that hiring the candidate with the highest GPA makes them the best employee. But just because someone excels in their academics does not mean that the person will be able to work with clients or motivate others to perform.
The best way is to use various assessment tools that can measure candidates on multiple aspects to predict their performance on a maximum level.
- 360-degree feedback to understand your employees’ strengths and weaknesses.
- Game-based assessments assess various competencies surrounding a candidate’s fluid intelligence, working memory, problem-solving ability, and creativity.
- Functional and technical assessments to determine a candidate’s functional and technical job knowledge on how they might align on a specific role.
- Cognitive assessments evaluate the ability to analyse and use information to solve problems, learn new skills, and put problems in context to see the bigger picture.
- Psychometric assessments measure a candidate’s strengths and gaps, values, and motivators.
Ideally, you should never use one assessment tool alone to make a hiring decision as each tool is designed to identify the behaviours required for candidates to be successful employees in your company.
A Better Approach to Save Your Talent Assessment Costs
The talent processes you use from recruitment to employment and onboarding depend on the size of your company and your annual hiring needs. Large companies may opt for multiple assessment tools and databases to process the sheer scale of data being created. The more of these you have, the harder it is for them to communicate with one another.
As a result, talent data silos form and a lack of coherence ensue. As a hiring manager or a business leader, how will you use these insights holistically to truly optimise and innovate your talent processes when they are stored in multiple locations?
Benefits of using a single-platform approach
A more suitable approach would be to source and implement a single platform to consolidate all your assessments and insights into one report, like our Assessment Marketplace. Our marketplace is home to over 100 globally sourced and validated best-of-breed assessment tools. And a single-platform approach is beneficial because it places all your data in one place.
Our marketplace helps organisations get the best out of their talent assessments by:
- Reducing assessment clutter by having a variety of assessment tools all in one place
- Optimising operational efficiency
- Increasing decision accuracy with consolidated reports for holistic measurement
How it works
Conclusion
Ready for more?
We offer hiring managers and business leaders the industry’s most robust and accessible collection of assessment tools and talent intelligence. Our solutions can help to optimise, analyse, and standardise your talent processes to drive your future-focused talent assessment approach.
Related queries
What is a talent planning process?
Talent planning is the process of anticipating new responsibilities and staffing needs and planning how to meet them by developing current employees. It can help you avoid the potentially timely, costly, and inherently uncertain process of meeting needs by hiring people from the outside.
What is a talent life cycle?
The term “talent life cycle” refers to the entire process of building an energized, effective, and satisfied workforce that will fuel healthy business growth. It involves the development of strategies to attract the right people and support their success.
What is a talent identification process?
Analyze – Recognize and design the talent required to carry out the future business strategy. Identify – Perform talent reviews meetings with the HOD’s and identify top talent throughout the organization. Develop – Define development opportunities for top talents.
How are the tools in Accendo’s Assessment Marketplace chosen?
All tools are screened by our organisational psychologist on 3 criterion; scientific validity, cost, functional and technological advancements
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