Chiswick Consulting The reasons why successful hiring managers use psychometric testing
According to the CIPD, the average cost of filling a job vacancy can range anywhere from £4,000 all the way up to £10,000 for a senior manager. When you include the associated labour turnover costs of a bad hire and then implementing the recruitment process all over again, you can easily double or triple these figures.
It’s not just the financial aspect of a bad hire that can be crippling to a business, big or small – there are many other painful and costly outcomes of hiring the wrong person. Damaged employee relations and morale, lost productivity, negative publicity and a mark against your reputation are just some of the blows a company can suffer when recruitment goes wrong.
In order to increase the chances of success, a hiring decision needs to be informed, objective and where possible, defended by data. As well as providing all of this, psychometric testing has many other benefits and here are just a few reasons why an increasing number of hiring managers are using these tests as standard practice.
Improves outcomes –
There’s a lot to be said for following your instincts but when it comes to recruiting, it’s easy to make mistakes because we’re naturally inclined to hire the person we think we will get on with the best. The right cultural fit is very important but it’s vital to ensure you are recruiting the person with the right skills, personality and characteristics for the job.
Introducing psychometric assessments to the recruitment process has been shown to improve selection outcomes by an incredible 24%.
The results are easy to understand –
Once an assessment has been completed, companies will receive a data-rich report detailing a candidate’s suitability for the role. The beauty of this is that they’re written in plain English and will be explained in detail which makes it easy for you to make an informed hiring decision.
Creates a positive employer brand –
Research shows that a fair selection process helps to create a powerful first impression of a company’s brand. Psychometric testing provides a level playing field and guarantees that everyone’s merit is equally judged which can help to position you as an employer of choice.
Helps to shape your HR strategy –
Any effective HR strategy needs to be built on a foundation of quality data and information. Psychometric assessments can provide important insights which can help to shape your HR strategies and initiatives. This can include anything from selection, talent management and company culture to workforce capability, employee engagement and succession planning.
If you think your business could benefit from using psychometric testing in your recruitment process, please feel free to contact Chiswick Consulting for more information and we will be more than happy to help.