Currently, the global cognitive assessment and training market is anticipated to grow at a compound annual growth rate (CAGR) of 32.39% from 2018–2022. So, it’s becoming apparent that many organizations spanning many industries are beginning to see the value of cognitive assessments and how cost-effective they are, especially when recruiting and onboarding new hires.
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Typically, cognitive assessments assess a candidate’s or employee’s abilities and assess how he or she:
- Remembers and processes information
- Makes decisions and solves problems
- Perceives his or her environments and the behaviors of others
- Demonstrates certain verbal and mathematical skills
- Acquires new job-related knowledge and his or her overall aptitudes to do so
According to research highlighted by Hire Vue, 62% of companies are using some sort of cognitive assessment during their recruitment phases. Below are some of the reasons why.
Cognitive Assessments Double or Triple the Quality of Your Screening Decisions
When you conduct cognitive assessments as you’re screening candidates who are seemingly qualified for positions across your organization, you’re three times more likely to interview only those candidates who are actually likely to succeed at your organization and in the roles for which they are applying.
Unfortunately, it’s sometimes easy to forget that bad hires lead to more costs for all organizations. According to Society for Human Resource Management, it can cost an organization up to a quarter of a million dollars to find and hire a new employee. So, just consider how much it will cost your organization if you must find and hire an employee for just one position multiple times within a span of a few years.
Cognitive Assessments Have Low Implementation and Administrative Costs
Overall, cognitive assessments are low cost because they can be administered via online platforms, which saves your employees a lot of time. There are now plenty of third-party online entities available that offer low-cost platforms and software for employers to screen job candidates remotely too.
The assessments can take less than 20 minutes to administer and complete and are typically evaluated instantaneously, so candidates and employers don’t have to wait around for scores to be calculated. They significantly speed up the overall efficiency of your organization’s recruitment process.
Cognitive Assessments Provide Organizations with a Competitive Advantage
When organizations administer cognitive assessments, they’ll significantly increase their chances of hiring only top-tier talent and outstanding performers, which will place them way beyond the competition. In addition, many cognitive assessments are customizable, so you can customize them to test only those skills and aptitudes your specific organization needs in most or all of its high-performing employees.
As you work to perfect your recruiting process, be sure to consider the value of cognitive assessments as detailed above because chances are high that your competitors will even if you don’t.