There is no better time to be hiring as a small or medium-sized business.
The unprecedented challenges of recent years have changed the recruitment landscape. It presents a unique opportunity for businesses to rethink and revamp their hiring processes.
The traditional problems that small or medium-sized businesses have faced are now easily addressed using tools like competency assessments.
Continue reading to learn why now is the ideal time to incorporate assessments into your hiring process, and the specific problems they solve. You’ll discover how it generates substantial savings by streamlining recruitment, improving training, and reducing turnover.
Here’s how hiring assessments can help reduce costs during the hiring process:
- Speed Up The Hiring Process
- Expertly Navigate the Employer’s Market
- Attract and Retain Top Talent
- Optimize Training Programs
- Reduce Turnover
Speed Up The Hiring Process
The Problem
Every day a position remains unfilled costs a company money. The strain is felt especially by small and medium-sized businesses with fewer resources and more multidisciplinary employees.
The Solution
Reduced time-to-hire means less productivity loss and quicker return on investment for the new hire. Talent assessments streamline the hiring process by providing objective data on candidates’ skills and competencies.
This data enables hiring managers to make quicker, more informed decisions. Faster hiring means positions are filled promptly, reducing the downtime associated with vacancies and accelerating the return on investment for the new hire.
Take Advantage of the Employer’s Market
The Problem
The balance of power in the job market has shifted over the past few years, many calling it an employer’s market. More job seekers are available than ever before, giving employers the upper hand when finding the right talent for their team. Just because there are more candidates however, doesn’t mean that finding the right candidate is simple.
With more similarly qualified candidates, the hiring process can quickly become a time-sink when searching for someone who will do the job well, and also fit in with your team.
The Solution
When employing an assessment during the hiring process, you use a structured and data-driven approach to identifying the right candidates. Assessment technology like what powers Reveal by Hiring Indicators easily shows where candidates stand based on competency. Competencies can even help ensure culture fit, specifically when there are specific competencies that make up the company’s culture.
By using an assessment as a part of your hiring process, you can test the competencies of each candidate using tests designed for that specific position. Hiring assessments help you to directly compare the competencies of candidates, even if they have different certifications, education, and experience levels. By combining assessments with the traditional interview process, you can be confident that the candidate you’re hiring has the skill level to do the job and do it well.
Did you know Reveal by Hiring Indicators has competency assessments for almost 1000 jobs? We can also create custom tests based on specific job descriptions – contact us for more info today.
Attract and Retain Top Talent
The Problem
A common challenge for small and medium-sized businesses is the fierce competition they face when it comes to retaining their best employees.
The Solution
It’s important to understand the motivation, skills, and overall fit of your employees within your company culture for retention. When an assessment is used during the hiring process, it offers valuable, unbiased insights into a candidate’s preferences, strengths, and weaknesses.
Once hired, supervisors can use this information to provide target coaching, personalized growth opportunities, and tailored incentives that align with what the candidate is looking for in their career. Can you think of a better way to foster loyalty and long-term commitment?
The Reveal Assessment by Hiring Indicators is incredibly effective in helping hiring teams select the best candidates. So effective, in fact, we guarantee results! If you use a Reveal assessment in your hiring process, and that candidate turns over in 120 days or less, we will automatically credit you for the assessments you used in that hire – no questions asked.
Optimizing Training Programs
The Problem
With small and medium-sized businesses especially, new employees often have to wear many hats. This can lead to drawn-out training processes, impacting the productivity of the new hire and other team members.
The Solution
Efficient training programs are crucial when operating a small or medium-sized business. Assessments that test specific job competencies can help you tailor your training to individual employees’ needs. This approach allows you to invest time and resources where they are most needed and skip redundant or less relevant training components. This not only saves time and money but also enhances the overall training experience.
Targeted training programs are more cost-effective and efficient. They reduce the time and money spent on generic training that may not be necessary for all employees, resulting in faster onboarding and higher productivity. Additionally, employees who receive training that aligns with their competencies are more likely to stay with the company, reducing turnover costs.
Reduce Turnover
The Problem
Small and medium-sized businesses face fierce competition when retaining their best employees. High employee turnover rates can be a significant drain on a company’s resources.
The Solution
Assessments help identify candidates who are a better fit for the organization, leading to improved employee satisfaction and engagement. When employees feel they belong and are appreciated, they are more likely to stay with the company for the long term, reducing the costs associated with recruiting, onboarding, and training replacements.
Assessments also help supervisors understand the motivations, skills and overall fit of their employers to the company culture – which is vital for retention. Talent assessments can offer valuable insights into employees’ preferences, strengths, and weaknesses. Armed with this knowledge, supervisors can provide targeted coaching, personalized growth opportunities, and incentives that truly align with what the candidate is looking for in their career. This, in turn, fosters loyalty and long-term commitment.
Reducing turnover not only cuts the costs associated with finding and hiring new employees but also leads to more experienced, loyal, and productive teams, ultimately increasing profitability. Assessments can improve employee retention, significantly reducing recruiting and training costs.
In Conclusion
Incorporating talent and competency assessments into your hiring process is not just a forward-thinking strategy; it’s necessary in the current job market. As the tides shift and the business landscape evolves, SMBs that embrace these assessments will position themselves for success by saving time, money, and resources, all while fostering a more productive, satisfied, and loyal workforce. This strategic investment will not only propel your company forward but also ensure you remain competitive in an ever-changing business environment. Now is the perfect time to make this valuable transition and reap the many benefits it offers.
Interested in learning more about Reveal and how assessments can help your company attract and retain talent while reducing costs? Schedule a 30-minute demo with us today, and get a free trial pack of assessments!
Through the use of Reveal’s C-fit technology and competency-based candidate assessments, you can be sure that the general manager you end up with is truly the right person for the role. Want to reduce your time to hire, and get the right people in the right seats? Reveal can help!