Organisations who want to fast-track business growth and sustain competitive advantage, must hire talented professionals, retain the best talent, and consistently improve the quality of their workforce. But accomplishing these tasks can be daunting in the daily sprint to satisfy the customer and meet deadlines and benchmarks. To ensure employee development and the resulting service excellence across the organisation, more businesses are turning to strategic talent assessments.
What are strategic talent assessments ?
Strategic talent assessments are designed to provide you with a thorough understanding of your employees and potential hires. By utilizing a series of behavioural, psychological, critical thinking, and problem solving tools or questionnaires, employers are armed with the knowledge of who their employees are, and how they will best fit into the organisation.
The advantages of using strategic talent assessments are clear. According to a study by the Aberdeen Group, companies that utilized talent assessments experienced a “75% year-over-year decrease in hiring costs, ” and “2.5 times greater year-over-year increase in profit per full-time equivalent” compared to companies that did not use assessments.
However, even companies that incorporate assessments are not leveraging them to their full potential. While 55% of the Aberdeen study participants used some form of assessments for the entire employee lifecycle—pre-hire to post-hire—only 48% reported regularly using assessments to evaluate employees against a set of criteria or competencies. This underuse and lack of awareness about the full potential of assessments results in losses in efficiency, employee morale, and, ultimately, profits.
There are five major reasons why employers should consider using assessments for the entire employee lifecycle:
The Competitive Edge
While many companies have begun incorporating talent assessments into their hiring process, this step is only the tip of the iceberg. Used across the entire employee life cycle, talent assessments are proven to improve efficiency, morale, retention, customer service, and sales—leading to greater profits. In an increasingly global and competitive economy, that’s a competitive advantage that businesses cannot afford to ignore.
For a sampling of free strategic talent assessments, and to find out how assessments can help your organisation, visit www.workforcegroup.com/assessment-tools/.
Bolaji Olagunju is the Lead Consultant/CEO of Workforce Group; a Management Consulting Firm that offers diverse services in the areas of Learning, Development & Research, HR and Business Consulting, People & Task Outsourcing and Recruitment Services. He is a lifelong student of Strategy, Human Resources, leadership and Personal Development and a part time teacher of the same subjects.
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