Benefits of a Talent Assessment Strategy

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Benefits of a Talent Assessment Strategy
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If a business wants to grow it has to hire and
retain the best talent available in the
marketplace. The quality of a companys
workforce is what sustains its competitive
advantages. When seeking to outperform
competitors many businesses focus on their talent
assessment strategy.
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Talent assessments are designed to provide you
with a comprehensive understanding of your
current employees and your potential hires.
Talent assessment strategy drives positive,
measurable outcomes. Talent assessments have been
proven to improve efficiency, morale, retention,
customer service, and sales. All of these
outcomes lead to a better bottom-line for your
business.
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Improve Your Hiring Success Rate
If your company relies only on an in-person
interview your probability of hiring a high
performer is about 12 to 25. Research shows
interviews alone arent an accurate way to assess
the candidates skills and abilities.
Pre-employment assessments will show you what the
candidates strengths are, as well as the areas
where they need to improve to be effective in the
position.
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This information can then be used to create an
interview focused on their Challenge Areas. If
the talent assessment has identified that the
candidate will likely struggle working with a
team, your candidate interview should have
questions focused on that challenge. In 1998,
Frank L. Schmidt and John E. Hunter found that
cognitive ability accounts for about 50 of job
performance. Their research publication was
titled
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The Validity and Utility of Selection Methods in
Personnel Psychology Practical and Theoretical
Implications of 85 Years of Research Findings.
This research presents the validity of 19
selection procedures for predicting job
performance and training performance. Overall,
the 3 combinations with the highest validity and
utility for job performance were
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• GMA (general cognitive ability) plus a work
  sample test (mean validity of .63)
• GMA (general cognitive ability) plus an
  integrity test (mean validity of .65)
• GMA (general cognitive ability) plus a
  structured interview (mean validity of .63)

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Identify Competency Gaps
Periodically assessing your employees will help
you understand their strengths, weaknesses and
competency gaps. Talent assessments can also help
you understand when an employee is ready to take
on a management role. Individualized training
and coaching can be used to close these
competency gaps.
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Define Top Performance
Talent assessment tools can also help you define
high performance and identify future top
performers. High performer benchmarks are
created around a specific set of behaviors, work
motivations and cognitive abilities.
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Once established, you can create business
strategies around your highest-performing
employees, moving them into specific
brainstorming sessions, and bringing them into
the decision-making process for problem-solving
and innovation strategies. These high performer
profiles should be updated periodically by
integrating new high performers into the
Benchmark.
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Conflict Management
In the business world, we usually think of
conflict as a destructive force on productivity.
Poorly managed conflict costs businesses millions
of dollars per year. Conflict in business is
inevitable.
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Given the variety of personality types in any
workplace, and the types of internal and external
pressures that exist, it is no surprise that
conflict occurs. Talent assessments can help you
identify the root causes of the conflict.
Opposite personality types or traits are very
often the root cause of the conflict. It is not
realistic to think that we can remove conflict
from the workplace. However, it is possible to
manage conflict competently. If managed poorly,
productivity, operational effectiveness and
workforce morale decrease.
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When managed competently, conflict can lead to
positive outcomes like solving workplace problems
and innovation. Poorly managed conflicts have a
cost attached to them. Employees spend about 2.1
hours a week dealing with conflict. That is
equivalent to about one day a month. Poorly
managed conflict can lead to the loss of
customers and employees.
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When conflicts are not managed effectively,
emotions can run high and individuals suffer.
About 18 of employees say that people have left
the organization because of conflict. About 16
of employees say that people were fired due to
conflicts. About 9 say a project failed due to
disagreements between those involved.
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Next Steps
Review and discuss the benefits of your current
Talent Assessments. Contact us for some ideas on
how your Talent Assessment Strategy could be
improved.
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