As we start to emerge, hopefully, from the worst of the pandemic, we’re now witnessing the “Great Resignation”. This term was coined by associate professor at Texas A&M University Anthony Klotz, in order to represent the large number of people who have recently left their jobs in search of better opportunities. The Great Resignation has, of course, left many employers in a lurch. But – you’d be surprised to learn just how much pre-employment tests can help.
Thanks to social media, it’s never been easier for employees to find out about new jobs. The growing trend of remote and hybrid work has also helped to reduce job transition issues. People can now be more selective, and focus on finding employment that best meets their desired work/life situation.
The Great Resignation has been an unexpected distraction to many organizations’ strategic growth efforts. Businesses have been shelving expansion ideas, and questioning their projected metrics. However, companies that want to thrive must understand that their company goals are based on people. This means that guaranteeing employee happiness must come first. This is where pre-employment tests come into play – read on to learn more.
What Happens When Skilled Workers Leave
It’s always difficult when a large number of employees begin to quit or prepare to retire. Today, we’re witnessing this transformation on a huge generational scale. The Baby Boom Generation is heading for retirement at ever-growing rates. And that’s not a fact to ignore. According to Pew Research, those born between 1946 and 1964 make up around one-third of the workforce in the US!
The global skills gap and talent shortage only add to this problem of losing many seasoned employees. Businesses are increasingly finding themselves at risk of not being able to fill open positions altogether. USA CFOs, for example, have reported having difficulty finding accounting candidates with a diverse set of skills. This issue is precisely what pre-employment assessments are for.
The growing war for talent has forced employers to take a more proactive approach when it comes to employee retention. For example, many organizations have been increasing work benefits, offering remote work options, and encouraging work-life balance. And it’s not just an issue USA employers face. Globally conducted research from May 2021 also revealed some pretty interesting numbers. Without flexibility in terms of where and when they work, a full 54% of employees would consider quitting their jobs!
Another report emphasizes that when skilled workers leave their jobs, the workload increases – and the remaining employees will become overwhelmed. An overworked and stressed team can only lead to lower morale, reduced productivity, and an even higher percentage of staff turnover.
The best way to decrease this kind of pressure on your team is to quickly find qualified new hires. To do this, you can always turn to pre-employment tests.
Moving Forward With the Help of Pre-employment Testing
Finding the right employees for the job is crucial to any company’s success – but it’s also one of the most difficult tasks to complete. A great team can bring energy, cohesion, and innovation to any organization, as every company benefits from having a strong workforce.
While the dollar amount may seem exaggerated, the cost of a hiring mistake is noticeable – and can have a significant impact on the company’s bottom line. An Australian case study reported that hiring the wrong person can cost a company up to 15 times the annual salary of that person. While hiring the “right” person generates a positive return on investment (ROI) of at least three times the annual wage, hiring the “wrong” person has a potentially much larger negative ROI.
These disturbing numbers highlight the importance of “hiring right” from the get-go.
But how are you expected to know who’s qualified enough to replace your valued past co-workers?
To tackle that issue, organizations should avoid depending solely on interviews, and add pre-employment tests to the hiring process. Their main purpose is to evaluate both the candidate’s hard and soft skills, with the goal of making the best possible hire and saving money over time. However, in addition to that, you can also use these assessments to make sure a new hire will align with the company’s values and makes for a good cultural fit for the team. Finally, every pre-employment test can be tailored to the needs of the company. By doing this, you’re making sure the test stays relevant to the position that needs filling.
The Great Resignation is setting new records and in September 2021 alone, 4.4 million Americans quit their jobs according to the US Bureau of Labor Statistics. 1 out of every 4 Americans quitting has led to a skills gap and talent shortage. So – ensuring you fill these vacancies in a way that will least impact the bottom line is critical.
The best way to do this is to try avoiding hiring mistakes, which can cost businesses much more than proper talent acquisition from the get-go. Pre-employment assessments are there to ensure your applicants are up to the task.
Companies such as EmployTest specialize in developing pre-employment tests, which help identify the top talent in your hiring pool and significantly reduce the chances of a bad hire. Learn more about the pre-employment testing process at EmployTest.