When it comes to selecting and developing talent, assessments are used across a global market as a tool to hire the right people and to make them better managers and leaders. Simply put, they are a fundamental component of the talent management process. When it comes to creating a successful program, consider starting with a scientiﬁcally validated assessment that will match or map to organizational goals or key competencies required for specific job functions.
Organizations that invest in the proper program design can see signiﬁcant value for matching the right person to the right role, as well as identifying areas of strength and for professional development. For example, organizations that use assessments as part of their learning and development process report receiving economic beneﬁts in areas such as improved hiring success rates, reduced employee turnover, increased employee productivity, and a strengthening of overall corporate culture.
Here are five reasons to support the use of assessments as a component of your talent management process:
- Return on Investment - Leveraging assessments and simulations help organizations quickly identify top talent, grow and develop current and future leaders, and minimize turnover – saving time and money directly impacting the bottom line.
- Scientiﬁcally Valid and Reliable - Valid and reliable assessments ensure precise measurement of talent by utilizing the best available tools. Consider working with a firm that provides clients with access to scientifically validated tools for programs throughout the employee life-cycle.
- Develop High Potentials - Whether identifying or developing a potential leader in an organization, there are a number of assessments that can be used to ensure your leaders have what it takes to reach their full potential.
- Nurture Company Culture - Assessments can help identify people who will keep or create the culture you envision. The use of these tools can also break down barriers and reinforce the power of teamwork and communication.
- Increase Self-Awareness - Assessments provide a perspective on an individual’s interpretation of themselves and provide a foundation to set goals for personal development.
As an example of how assessments can impact ROI, when the United States Air Force (USAF) recruiters were suffering from high rates of first-year turnover, the USAF used the EQ-i assessment to study the differences between successful and unsuccessful recruiters. Notable score differences between the two groups were evident in areas such as: assertiveness, self-actualization, stress tolerance, ﬂexibility, problem solving, and happiness. Using their findings from the EQ-i 2.0, the USAF developed a pre-employment screening system which led to the following:
- 92% increase in retention
- $2.7-million in training cost savings in the first year alone
- Data supporting that fact that the Air Force recruiters were now twice as productive as recruiters in other branches of the armed forces
If you are planning to bring assessments to your workplace they can be ideal for use in coaching, organizational and leadership development, selection, and succession planning.
Do you currently utilize assessments in your organization? If so, how do you leverage them and have they led you to uncover some interesting insights?