In this multi-part series, FurstPerson will examine the award-winning results a telecommunications customer achieved through the use of FurstPerson’s hiring assessment tools. The series will examine specific obstacles, goals, statistics, and results that FurstPerson and the customer witnessed from the use of these assessments.
When you select a hiring assessment tool, you’re making an investment. The decision to use hiring assessments in your hiring process means you’re investing in an effort to uncover the best candidates, target the highest performing employees, and reduce turnover, amongst many other things.
First and foremost, however, is that when you choose a hiring assessment tool you’re making an investment with your money.
If you’re selecting a tool “just for the sake of having one” you’re going to feel like you’re gambling with both your money and your hiring process.
However, a hiring assessment tool shouldn’t feel like a gamble because you should be considering not only what it will do for the hiring process, but how it will deliver on it’s return. When it comes to the success of your assessment tools, your ROI is as much of a factor as the success of the candidates you find and choose.
Previously, we discussed two different payoffs one telecommunications company achieved from the use of hiring assessments. These were:
- A reduction in early stage attrition from 36.7% to 5.9%
- An improvement in first call resolution (FCR) performance from 72% to 99%
Both these statistics are a credit to the type of candidate the telecommunications company hired since their adoption of a hiring assessment tool. Because of these statistics candidates were retained longer and performed better, resulting in an overall ROI of 2,900%.
A key influence in this ROI was due to assessment customization and continuous monitoring and improving upon the assessment itself. Assessment customization is key for any hiring team. The reason for this is because, generally, out of the box assessments don’t target specific skills that a job requires. They may target an assortment of skills, or may be tailored for certain jobs, and that can be helpful…to a degree.
But when you’re evaluating a candidate, you’re not investing in just “close to the job” feedback, you’re investing in an evaluation of job-critical skills and traits.
With the telecommunications company, the assessment was customized to fit the job-specific skills that the candidate would need to use as an employee. These skills were discovered through an effort between the company and FurstPerson working together to survey, assess, and observe the positions the assessment would be used for.
After the assessment was designed and launched, results and data began coming back. From this, FurstPerson and the telecommunications company could evaluate what they were seeing from the process, and make adjustments accordingly. This is important to ROI because, even after the assessment is implemented, the goal is to continue to improving upon the process.
By updating the assessments to better evaluate candidates for job-specific skills, the software’s ROI will continue to grow.
For more information on talent acquisition, download the talent acquisition commandments e-book below, or schedule a free consultation with one of our talent selection specialists today.