Companies are starting to depend on assessments to help acquire, develop, and promote the best talent. Assessment instruments are one of the best tools to support your hiring and selection processes, people development initiatives including succession planning, and helping to define you high potential candidate or future leader.
The challenges facing companies today include employee turnover, lack of employee engagement in the work environment, recruiting the right person for the right job, and retaining the future stars of tomorrow. These are the major issues that affect the bottom line of any company today.
Most companies understand the various costs involved when a bad hire occurs. It is estimated today that the cost of replacing a high achiever in any company is between three and four times the individual’s annual salary. Your company’s investment spent on recruiting, development and retention can be a significant portion of your budget.
Cost savings and outcomes more than justify the cost of an effective assessment process. Here is how that assessment process can make it happen: