In today’s hyper connected labor market, companies that have adopted integrated strategies for recruiting and retaining the right talent have a significant competitive advantage. However, only a small fraction of the Fortune 500 have an integrated selection strategy. According to research recently published by McKinsey, 82% do not believe their companies are effective at recruiting highly talented people. In addition, only 23% of senior executives and managers believe their current acquisition strategies will work.
Considering the critical role of talent, an increasing number of firms are using psychometric assessments to support key aspects of their talent lifecycle. These assessments go below the surface to look at the true predictors of success. In our experience, we have watched companies benefit from the use of validated executive assessments leading to consistency in a firm’s talent acquisition process and enhanced accuracy in identifying high-potential talent.
According to The Aberdeen Group, businesses using executive assessment data are 36% more likely to be satisfied with their new hires than others. Organizations that integrate executive assessments into their hiring process add metrics to the human element. The result is insight and prediction that you really can’t get with any other selection methodology. Validated assessments can provide greater prediction that about any other profile element.
Companies that consistently utilize validated assessment have also seen a measurable improvement in the diversity of their leaders as the instruments measure true predictors of success, not the more discriminatory selection elements such as college attended and level of education attainment.
Keeping in mind the high value in using assessments, we have outlined the key insights you should know when using assessments:
- Build for the future
One of the top strategic drivers for companies is to identify critical skills and leadership gaps and come up with strategies to bridge them. This requires a focus on development throughout the talent lifecycle. Companies must identify and nurture high potential talent, including constant monitoring of progress in development. Utilizing executive assessment tools for pre-hire assessments and post-hire assessments can help face these challenges.
- Turn assessments into actions
The use of executive assessments can play a major role in helping companies understand the gaps and risks. More importantly, it is essential to turn those insights into action. You can have a clear process by creating targeted individual development plans based on assessment output. As mentioned earlier, it is critically essential to continue the use of executive assessments throughout the talent life cycle. To really be effective, these tools can help inform an individual’s path after they are brought into the organization.
- Support assessment & development
In addition to adopting executive assessment tools and strategies, having a set of capabilities in place can aid in the achievement of critical business outcomes. This leads to closing the leadership gaps and further development throughout the talent lifecycle. Having a clear understanding of business needs and what matters and aligning assessments to business priorities, can enable high impact.
“Assessment can be a powerful tool for identifying and developing talent, but assessment can also be misused and even risky to the organization. It is critical that companies work with an experienced partner to establish assessment tools and protocols.” ~ Maryanne Piña, CMP CEO
CMP’s Talent Assessment Advantage eBook is a great resource to help you understand assessment at a deeper level and gain insights into how assessments can play a crucial role in predicting fit and higher talent selection. Our executive assessment process highlights crucial strengths, gaps/risk, and candidate potential with results available in real-time. Learn more about CMP’s executive assessment tools or get in touch with us today!