the business value of pre-hire assessments...2 the 2012 ibm tech trends report, fast track to the...
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THEBUSINESSVALUEOFPRE-HIREASSESSMENTS
Acomprehensivereportshowingthehighcostofmakingpoorhiringdecisions
THEWORLDISFACINGATALENTSHORTAGE,ANDYOUAREHIRINGTHEWRONGPEOPLEAccordingtoarecentAberdeenResearchdocument,79%ofcompaniesindicatethereisashortageofcriticaltalentavailableinthelaborpool.AndanIBMTechTrendsreportdeterminedafull90%oforganizationsdonothavetheskillstheyneedtobesuccessful.Withsuchadearthoftalent,choosingtherighthiresismoreimportantthanever.Andthetaskisbecomingmoredaunting.Mostorganizationsspendcountlesshourssiftingthroughresumes,lookingfortheperfectcandidate.It’sagamble.Asthisreportpointsout,resumescan’ttellyouifacandidateisaperfectmatchforyou.Worse,46%ofresumescontainsomeformoffalseinformation.Youneedsomethingbetter.Usingthedatainthisdocument,you’llbeabletoquantifythehighcostsofchoosingthewrongcandidatesineveryareaofyourorganization.Youwillalsoseethefinancialbenefitsapre-hireassessmentstrategywillprovide.
TABLEOFCONTENTSTheWorldisFacingaTalentShortage..............................................1
TheHighCostsofaBadHire.............................................................2
CompaniesareHiringtheWrongPeople.Why?..............................3
TheHighCostsofaBadHire.............................................................4
Pre-hireAssessmentsImproveHiringSuccess..................................4
WebAssess:ABetterWaytoHire.....................................................5
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THEWORLDISFACINGATALENTSHORTAGE
79%OFCOMPANIESINDICATETHEREISASHORTAGEOFCRITICALTALENTAVAILABLEINTHELABORPOOL.
Despitehighunemploymentnumbersaroundtheglobe,accordingtoarecentAberdeenreport,79%ofcompaniesindicatethereisashortageofcriticaltalentavailableinthelaborpool.1
AFULL90%OFORGANIZATIONSDONOTHAVETHESKILLSTHEYNEEDTOBESUCCESSFUL
And,accordingtoanIBMTechTrendsReport,afull90%oforganizationsdonothavetheskillstheyneedtobesuccessful.2
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COMPANIESAREHIRINGTHEWRONGPEOPLE.WHY?
CITEINSUFFICIENTTALENTINTELLIGENCE
AccordingtoaCareerBuildersurvey,companiesarehiringthewrongemployees,despiteadiminishingpoolortalent.Employersciteinsufficienttalentintelligenceandtheneedtofillthejobquicklyasthereasonsforbadhiringdecisions.3
SAIDTHEYNEEDEDTOFILLTHEJOBQUICKLYIntheCareerBuildersurvey,26%ofemployerssaidtheyweren’tsurewhytheymadeabadmistake,buttheycitedinsufficienttimetoproperlyvetcandidatesandalackofsufficienttalentintelligenceasthetopreasons.Andwhenyouconsider46%ofresumescontainfalseinformation,yousimplyneedmore–andbetter–datatohiretherightcandidate.
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THEHIGHCOSTSOFABADHIRE
NEARLYSEVENINTENBUSINESSESAREAFFECTEDBYABADHIREEVERYYEAR4
Hiringmismatchesresultinhighturnover,lowersales,poorcustomerservice,absenteeism,higherhealthcarecosts,workplaceviolenceandtheft–substantialcoststoanorganization'sbottomlineandreputation.
ITCANCOSTFIVETIMESTHEANNUALSALARYTOREPLACEABADHIRE5
AccordingtotheSocietyforHumanResourcesManagement(SHRM),itcancostfivetimestheannualsalarytoreplaceabadhire.AndaCareerBuildersurveyshowed25%ofemployersreportedabadhirecostthemmorethan$50,000USD.6
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PRE-HIREASSESSMENTSIMPROVEHIRINGSUCCESS–DRAMATICALLY
29%LESSTURNOVERMEANSLESSCHURNANDBURDENONLONGERTERMEMPLOYEESANDMANAGERS
Morethanever,companiesareincreasinglyrelyingonnewtechnologyandprehireassessmentstomakeeducatedhiringdecisionsandreducethecostsofbadhires.Pre-hireassessmentsproducenewhireswhowillbeactivelyengagedandeagertoperform.BersinbyDelloitediscoveredpre-hireassessmentsreduceemployeecompetencetimeby25%,reduceturnoverby29%,andyield13%moretopperformersand17%fewerpoorperformers.7
25%FASTERCYCLETIMEGETTINGANEWHIREUPTOSPEED
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WEBASSESS:BETTERWAYTOHIRE
WEBASSESSUSESANINDUSTRY-LEADING3-STEPPROCESS
WebAssessusesanindustry-leading3-stepprocesstoquicklyandconfidentlyidentifytherightcandidate:
• Skillsandabilitytestswillidentifywhatacandidateknowsandcando.• Personalityinstrumentsdetermineifthecandidatewillbeagoodfit.• Structuredinterviewtoolsmakeiteasyforyoutoconductyourfinal
screeningwithquestionsproventoidentifythestrengthsandweaknessesofthecandidate.
WebAssessisthe#1on-demandpre-hireassessmenttoolforenterprises,smallbusinessesandstartups.Tostartyourfreetrialvisit:
trywebassess.com/trial
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TryWebAssessForFree!Nocreditcardrequired.Startyourtrialtoday.
Visittrywebassess.com/trialnow!
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EndNotes
1AberdeenGroup,2015:ZachLahey,“Pre-hireAssessments:AnAssetforHRintheAgeoftheCandidate2The2012IBMTechTrendsReport,FastTracktotheFuture,IBMCenterForAppliedInsights,20123CareerBuilderSurvey-CareerBuilder,2015:JenniferGrasz4CareerBuilderSurvey-CareerBuilder,2015:JenniferGrasz5CareerBuilderSurvey-CareerBuilder,2015:JenniferGrasz6CareerBuilderSurvey-CareerBuilder,2015:JenniferGrasz7ImprovingtheCandidateExperiencewithPrehireAssessments:AFormulaforSuccess,April2014.©BersinByDelloitte