One of the most important resources to a business is its employees. Hiring top-tier talent for the necessary jobs is the foundation of company success and managed costs. They place their money into resources that they believe gives them the best chance to succeed.

A perceived skills gap is emerging in today’s job market. College graduates no longer seem to be as job-ready as their counterparts of a generation ago. The field of ‘pre-hire assessment’ has begun to fill that vacuum. Businesses are now investing in employment assessment technology. This new approach pre-screens applicants to uncover the best candidates.

A young person’s traditional route to employment is vanishing. Carefully designed employment assessments have begun to replace resumes, college transcripts, and employer recommendations.

What is an Assessment?

An assessment is a way by which one person or group evaluates and estimates the skills and abilities of another. 

Today’s employers are moving to assessment technology to determine the best candidates for their jobs. Reliance on a person’s degree, transcript, resume, and recommendations is dwindling. Companies now use technology to measure job-specific competency results, candidate strengths, and opportunities for growth. They want to find the best fit.

There are many advantages to using employment assessments in the hiring process:

  • A top-talent hire makes for a better fit
  • Efficient use of hiring managers’ time – technology does the heavy lifting
  • Saves money on employee turnover – a new employee will more likely remain with the company
  • Establishes a great employee culture
  • A positive experience for customers

What is ROI, and Why is it Important?

When a company is investing in a new employee, they expect a greater return on that investment. A business expects the dividend from a new employee to be excellent work performance that leads to greater profit for the company. This is the return on investment, or ROI.

The hope is that the initial investment in HR technology will pay for itself with each quality hire. The ‘dividends’ realized by a company’s different departments may take different forms. Some may be either more concrete or abstract. A great employee culture may be a form of a dividend, for example.

It’s also important to determine whether the assessment technology actually works. Knowledge of one’s specific ROI numbers will help to measure the company’s return on a newly-hired employee.

How Do I Calculate the Factors of the Employment Assessment Process?

Employment assessment technology works best when hiring managers are aware of their target ROI numbers. Assessing an applicant against these numbers predicts company success and financial goals.

The goal of the automated employment assessment process is to identify quality candidates that represent a sound investment for a company. This process helps to narrow the pool of candidates to those who will produce the most benefit. Efficiency and fit come in the form of a streamlined hiring process, applicants likely to perform well, and those who would likely stay the course and deliver on the company’s investment.

In business, there are costs to everything. Some are obvious, and some aren’t as visible. One might call these ‘embedded’ costs. Hiring a new employee with employment assessment technology is no different. 

Working Smarter, Not Harder: Using Employment Assessment Technology to Highlight Your Candidate’s Strengths

50 years in the making, Hiring Indicators’ Reveal software assesses human potential and delivers a powerful way to learn about your applicants. If you have an awareness of your company’s targets for success and financial gain, Reveal HR technology can support you in your hiring, evaluating, and/or promoting talent throughout the employee lifecycle.

Contact Hiring Indicators today, or schedule a 15 minute call for a demo. The beginning of  top tier staff employees is only a phone call away.