One can expect that companies take their strategic decisions backed up by informed data. So, when it comes to people management and employment, companies can always choose to apply psychometric assessment that contributes to making informed decisions. Certain jurisdictions in fact, are already making psychometric assessments a compulsory requirement to ensure that the procedure when hiring or letting go of an employee is valid, objective and more importantly, fair.
Psychometrics assessments assist with the HR strategic initiatives of selection, talent management, assessing workforce capability, employee engagement, understanding the organisational culture and effective succession planning.
"Companies need to make sure the recruitment process is as objective as possible and backed up with factual data. They also need to make sure they don't make the wrong decision when employing or developing an employee. It can cost up to 200% of the person's salary to replace a skilled position," states Joanne Bondin Director of MISCO.
Joanne Bondin just led the first workshop about psychometric assessments hosted at MISCO and noted how whereas in the recent past, the idea of psychometric assessments at the workplace was almost looked upon with trepidation and perhaps even with a little bit of suspicion, today many companies have started making regular use of them and it is also becoming part of their recruitment process or development programmes.
"However, today more companies are applying these assessments, not only to make more informed decisions when employing new people, but also to gauge existing employee's performance and ability as well as a tool for personal development and growth," added Joanne Bondin.
Attendance to this recent first workshop hosted by MISCO was very encouraging to the extent that in June, MISCO is planning a second workshop to cater for the demand.
One of the defining aspects of these particular psychometric assessments, Profile:Match2TM and which few are aware of, is the fact that these assessments are customisable, both according to the company but also according to the different roles within the same company.
"Companies which choose to use psychometric assessments need to make sure that they choose the right partner. The assessments in themselves need to be valid and reliable and the assessor needs to know how to use the results appropriately." added Nadine Cilia, Executive at MISCO.
There are numerous other advantages of using psychometric assessments. Profile:Match assessments are particularly useful in a work environment because it are based on Trait Theory. Trait theorists are mainly concerned with the study of traits, which can be defined in characteristic patterns of behaviour. This in turn, helps employers predict certain workplace behaviours that may be beneficial (or not) for certain jobs. The more a person matches behaviour that is aligned with a role the more job satisfaction the person will have. This, in turn, leads to high retention and commitment to the job and the company, which, let's face it, is every HR professional's dream. They help quantify human behaviour, they represent an affordable and effective way how companies can ensure maximum return on investment and they help professionals prepare reports in behavioural terms that are easily understood.
Companies who invest in these assessments communicate an image of professionality and commitment to invest in employing and retaining the right people. Psychometric assessments are a source of quality data which would otherwise be difficult to attain - they help you get to know your employees even more and are a great example of modern best practice recruitment, an aspect that will always help attract and retain the best talent on the market. In fact, more than 75% of Fortune 500 companies use psychometric testing in recruitment.
"When in doubt, we always remind companies that employees will always be one of their biggest investments, so making an informed decision before deciding to employ or let go of an employee is always better than a blind guess. We have statistics backing us. Studies have also shown that psychometric analysis can improve outcomes by up to 24%," added Joanne Bondin.
The next MISCO workshop on psychometric assessments will be held on the 12th of June at 4.00pm at MISCO Offices and is free of charge. To register your interest to attend, send an email to Nadine on [email protected]