Scepticism in Psychometrics (Part 2)
Continuing from one of our latest blogs, Scepticism in Psychometrics (Part 1), we will now discuss possibly the most common reason why companies are sceptical towards psychometrics: The cost.
“It’s Expensive!”
On the face of it, this can be true. It is also true in the case of many test publishers. The most important factor to consider is, “Will this cut costs and provide a good ROI?”. With unvalidated test providers, the answer to that question is no. On the other hand, a validated test publisher will save time and money.
Here are some of the ways that psychometric testing can prove to be value for money.
Streamlined Screening Process
The typical recruitment process involves: screening, selection, interview and decision-making before hiring a candidate. A smooth screening process will ensure that the latter stages are also streamlined, therefore ensuring that the most appropriate candidates are interviewed.
The screening process can take a lot of time to go through, as naturally, this is the stage you’ll be dealing with the most individuals. With this being the case, it is incredibly time consuming to look at all applicants, simply because you don’t have the time! Reading 50, 100, or even more CVs is a very time exhaustive task. As well as time consuming, Schmidt & Hunter (1998) concluded that CV’s and personal letters have low validity in predicting performance.
High Candidate Success Rate & Staff Retention
Staff turnover can be a massive cost for any company. Hiring and training new staff repeatedly is a massive expense. The higher the staff turnover, the more often you will need to hire and train, needlessly spending money when you could have just hired a successful member of staff initially.
The combination of hiring staff with high potential to perform well in their role, and hiring staff that are likely to stay at the company (due to a positive work culture fit and job performance etc), will cause costs to drop exponentially.
To learn more about the psychometric tests we provide, use the following link: https://www.inpsyght.co.uk/solutions/
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