All organizations, regardless of size and industry, seek the right talent to fuel their growth. But, finding this talent can be a daunting task. From shortlisting profiles to assessing their skills, there's a lot that needs to be done by HR. Thankfully, to simplify the process, different candidate assessment tools are now available.
Numerous reasons have made screening a big challenge today, like:
According to a Korn Ferry Report, by 2030, the worldwide talent shortage is expected to climb to 85.2 million workers. Businesses worldwide will face a potential $8.4 trillion revenue loss. Technology can be a game-changer here. Like it or not, technology is rapidly evolving and opening new avenues ready to explore. o
Studies show that about 76% of companies with more than 100 employees rely on recruiting assessment tools for skills and personality tests for hiring. And over the next few years, that figure is expected to climb to 88%.
The global candidate skills assessment market size was valued at $1.93 billion in 2020 and is projected to reach $5.64 billion by 2023. And rightly so.
Recruitment has seen a number of shifts in the recent past, due to which talent acquisition teams now need several software to aid the process. AI recruiting software, for example, is handy right from sourcing to shortlisting candidates, and they can help companies overcome challenges faced during the hiring cycle. Because of this, AI recruitment tools have become indispensable for companies worldwide.
It was estimated by the World Economic Forum that over 60% of the world’s workforce will have to upskill by 2025. This means the time to invest in upskilling and reskilling is … well, now!
‘Bad hires’ is a term the entire talent community is well aware of, and it is also a term they avoid like the plague. Bad hires cost as much as four times the cost of a single hire, not to mention the loss of time, effort, and training costs. Pre-employment assessments help you save that.
Traditionally, pre-employment assessments were manual, time-consuming, cost ineffective, and had a tendency to be biased. They weren’t created keeping a specific job role in mind, so predicting a candidate’s on-the-job performance was impossible with those assessments.
Traditionally, talent acquisition has always relied on 'gut feeling' and intuition. But that isn't the best measure in today's world. In the last few years, the industry has been changing working patterns, changing EVPs, and new-hire attrition increasing well over 15%.
Multiple Choice Questions (MCQs) and Coding Simulators have been widely used as assessment question types for years to hire programmers. But they both have their set of limitations.