What is the true value of assessment?
Usually we say it is ‘to get the best candidates’, but what does that mean in real terms?
Let’s stop for a moment and reflect on some trends and findings from the talent assessment market.
The global talent assess-ment market has grown from $3bn in 2015 to $4.5bn in 2020 [RocketHire]. Within this market, many tools and methods are used, and we talk to our clients daily about how they can make the best use of the right tool for the role, level and type of recruitment campaign being scoped.
Research in 2019 by Aptitude Research Partners found companies that invest in assessments are four times more likely to improve the quality of hire, three times more likely to improve retention and 42% more likely to improve candidate experience.
We believe this is through better ‘realistic job previews’ and the continuation of engagement that starts with great recruitment marketing.
So, it is really important to weigh up the cost of assessment against the value it brings.
The value is seen in good in-role performance, right fit for your role and culture, an engaged and productive member of your team who requires less training budget, and who remains in role longer.
And now, with online, virtual assessment readily available, we think it’s time to rethink assessment.
Ann Hartley is head of assessment at Penna
Ann.hartley@penna.com