Whether a company makes ten thousand or ten million, everyone is looking for ways to improve their business. We are all out there analyzing, researching, changing, twisting, and turning in an attempt to make our work (and lives!) run a little better.
We all know the basic things you need to do to improve your business – you can find the same tips in every single article ever written on the subject. But is that all there is to it?
I’m not saying you should ignore your SWOT analyses and market research, but I bet none of the lists you found on ways to improve your business mentioned using psychometric assessments!
Why haven’t psychometric tests ever been mentioned in these lists, you ask? I have no idea! The benefits of an effective, valid, and reliable psychometric assessment in businesses are endless, and just to prove it to you, here are 4 ways to improve your business with psychometrics.
1. Improve your recruitment and selection processes
Looking for a better screening process? Want to be able to identify job and culture fit easier? How about cutting down on your recruitment costs?
All of these sound amazing, don’t they? And a significant improvement in any one them can bring you one step closer to improving your overall business.
What would you say to a 30-40% reduction in your recruitment costs? Pretty great, huh? And what if I told you that a study has shown that good, valid, online psychometric assessment can have that impact on your recruitment process?
And that’s just talking about recruitment costs. We haven’t yet mentioned the impact that psychometrics can have on job-fit, cultural-fit, and even team-fit! When you have information about someone’s personality, their traits and innate reflexes, you can be confident you are choosing the right person, for the right job, and for the right company.
2. Improve training and onboarding
Let’s take a trip down memory lane to your first day in a new school. You had no idea what was going on, you could already see groups forming, some children seemed more comfortable than others, and some just looked like they were out of place.
Starting a new job can be just like your first day of school.
New place, new layout, new responsibilities, new people, new culture, and in some cases, even a new country. Everything is new, and let’s face it, we don’t all handle “new” the same way.
The majority of people will feel excited about starting a new journey, but none of them can ignore that small, anxious, tingly feeling in the pit of their stomach. The rest of the people, however, will experience an extreme emotion: pure joy, or pure horror.
Granted, the minority is well, a minority. But wouldn’t you love to know how your new employee will feel when they first walk in to start their new adventure? Wouldn’t you want to make them feel as comfortable as they can be so they can start being productive and efficient quickly?
And that was just us talking about their ease and comfort in new situations. What about their learning mode? How do they best acquire information? How do they assimilate complex data?
Now tell me that having that information wouldn’t help you create a more successful training program? Can’t do it, can you?
3. Create more synergetic teams
In addition to being invaluable in recruitment, selection, training, and onboarding processes, psychometrics can help you improve your business by allowing you to create more synergetic teams.
Psychometrics uncover someone’s personality profile, the hidden part of the iceberg. It sheds light onto someone’s thinking structure, motivation, leadership, sociability, and even resistance to stress. Having all of this information at your fingertips allows you to create balanced, composed, and synergetic teams.
Let’s take one of the bipolar scales on Atman’s psychometric test as an example. On one end of the spectrum, you have “Spontaneity”, and on the other, you have “Organization”. Sure, organization is great, right? It means someone will plan ahead, have contingency plans set up, and is generally on top of what’s going on. But spontaneity is a pretty great quality, too! It means someone is capable of handling emergencies very well, can multitask with ease, and has no problem being interrupted and being faced with new situations.
Just as each trait has its strengths, they also each have their weaknesses. But that is beside the point. The point is having too much of a good thing is never good. What we are all searching for is a balance. And how else can you create your balanced, synergetic team without psychometrics?
4. Reduce turnover
Did you know that the total costs associated with turnover range from 90% to 200% of a person’s annual salary?
And if you find that statistic a little hard to swallow, consider the actual costs associated with turnover; replacement costs, lost opportunity costs, acquisition costs, training costs, and the list goes on.
Psychometrics testing can help you with that. In fact, AtmanCo’s clients have reported an average of 22% reduction in turnover after using our solution.
When you take the time to really know your candidates and employees beyond what’s written on their resume, you will uncover new ways to improve your business in a matter of minutes.
- Are you giving them the motivation they need?
- Are you providing them with a comfortable work environment where they can reach their full potential?
- Do you know which of your employees are stressed and anxious and need a little extra care to avoid burnout?
The bottom line of this article is simple: when you invest in your most important asset, your employees, you will reap the rewards. Even though psychometrics testing is just one of the ways to improve your business, it can influence so many aspects of it that it simply can’t be ignored any longer. And the truth of the matter is that psychometrics can impact your business beyond the four points mentioned in this article! Any aspect of your company that relies on people can be improved using psychometrics. So, tell me, isn’t it at least worth a try?