The average cost of a wrong hire can set companies back up to more than $220,000, according to the National Business Research Institute. In today's digital age, employers can find the right technical talent with the help of effective candidate skills assessment tools.
The success of technical hiring depends on whether the candidate accepted for the position possesses the right set of skills to accomplish their tasks. Attractive applicants may appear friendly and possess an impressive educational background, but if they can't code, they are not fit for the job. It’s not surprising that NBRI's research singles out performance as the top factor for defining a bad hire:
The cost from a wrong hire adds up significantly when one considers the following factors:
By using candidate skill assessment tools and platforms, employers and recruiters can clarify the hiring conversation from the outset and refocus on what's most important: technical skills.
First impressions can be deceiving. Candidate skill assessments help interviewers avoid this error by narrowing a large pool of applicants to who can best do the job. Without an intentional focus on skill, unstructured technical interviews can favor certain personalities and backgrounds. Secondary factors such as education, affiliation, formal training, and personal attributes can take precedence in the absence of skill-based assessment. Worse still, a subjective technical interview process can turn away top talent by allowing superficial biases to influence judgment.
A skill-based assessment process immediately calls attention to the cream of the crop thanks to an objective, impersonal standard for evaluation. Ideally, HR and employers want to discern the best of the best in the field.
Speed doesn't need to compromise effectiveness. A skill-based technical hiring process speeds up time-to-hire by efficiently weeding out unqualified applicants early on. By putting skill assessments upfront, HR does not need to spend time engaging unfit applicants through a lengthy interview process. Job seekers are also free to move on more quickly from mismatched job positions.
An efficient technical hiring process helps HR and recruiters get to the right candidates faster. This quality is vital for technical positions where demand exceeds supply, such as for data scientists and engineers. Candidate skills assessments help companies quickly identify and secure qualified candidates. Employers also save time and resources from repeated advertising to fill a position by not missing out on top talent.
Candidate skills assessments not only fill positions quickly with a higher caliber of talent, but they also impact overall company health in terms of long-term performance and retention. Employees who have proven their worth at the hiring stage are more confident in fulfilling their tasks from day one onwards. It's no secret that underperforming employees can strain team dynamics and affect the workplace atmosphere. On the other hand, employees who know they are doing a good job have increased satisfaction and are likely to stay longer in their positions.
Another way candidate skills assessment helps lower turnover is by helping HR determine culture fit early in the hiring process. Skill-based assessment not only consists of coding challenges and live exercises. It also features structured interviews that use situational and behavioral questions. By comparing candidates’ responses to the same questions, interviewers can avoid subjective evaluation and see more clearly whether a candidate shares a similar vision with the company.
In summary, investing in candidate skills assessment pays off in dividends of increased quality of hire, a shorter hiring timeline, and lower employee turnover. Using candidate skills assessment saves employers from the costs of a wrong hire and productivity and sales losses. Putting a premium on candidate skills assessment entails time and effort and a complete change of perspective when it comes to technical hiring. But given the numerous benefits, it's a step worth taking.
Filtered simplifies technical hiring with specially designed candidate skills assessment tests and challenges. We offer expert coding challenges with support for 30+ languages. Our tests are designed to cover a multitude of skill levels within major engineering disciplines. Filtered is also equipped with robust fraud detection so that you can hire technical talent anywhere in the world with confidence.
Filtered is a leader in skill-based, data-driven recruiting technology. Our end-to-end technical hiring platform enables you to spend time reviewing only the most qualified candidates, putting skills and aptitude at the forefront of your decisions. We’ll help you automate hiring while also applying objective, data-driven techniques to consistently and confidently select the right candidates. To get started, contact our team today or register for a FREE demo.