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Currently, the global cognitive assessment and training market is anticipated to grow at a compound annual growth rate (CAGR) of 32.39% from 2018–2022. So, it’s becoming apparent that many organizations spanning many industries are beginning to see the value of cognitive assessments and how cost-effective they are, especially when recruiting and onboarding new hires.
When we think of entrepreneurs, we have a tendency to think of well-known visionaries like Walt Disney, Steve Jobs, and Bill Gates. Interestingly, while each of these men went on to run very large organizations, we also have a tendency to think of entrepreneurs as being part of very small or one-person organizations.
Finding the right fit for an open position can be a high-stakes game. Hiring and recruitment costs are high enough. When the costs of turnover are factored in, though, it’s increasingly clear that making the wrong hiring decisions can become extremely costly.
While wages remain the primary factor for most employees in determining whether to stay at their current job or look elsewhere for employment opportunities, other factors strongly impact employee satisfaction as well. Flexible hours, vacation time, and company culture can all impact an employer’s desirability in the minds of employees and potential employees.
In a previous post, we discussed some of the challenges inherent in traditional methods of employee assessment, specifically the fact that review of résumés and in-person interviews tend to focus too much on the objective skills of the employee rather than the subjective needs of the organization.
Finding the right fit for an open position can be a high-stakes game. Hiring and recruitment costs are high enough. When the costs of turnover are factored in, though, it’s increasingly clear that making the wrong hiring decisions can become extremely costly.
Hiring new employees is expensive. Not only are time and resources spent during the actual search—job postings, interviews, etc.—but also onboarding staff takes time and resources. And, if the new hire doesn’t work out, the costs of turnover also become a factor.
Hiring new employees is expensive. Not only are time and resources spent during the actual search—job postings, interviews, etc.—but also onboarding staff takes time and resources. And, if the new hire doesn’t work out, the costs of turnover also become a factor.
In part 1 of this article, we made a case for how a new recruiting approach might be required in these difficult recruiting times. Today, we’ll look at exactly how you might accomplish that.
Today’s workforce certainly looks much different than it did a decade ago, thanks to technological innovation, new generations joining the workforce, and expanding global commerce and communications.