Can we avoid the wrong hire?
Recruiting a new employee is risky. Companies could hire the wrong person and face serious consequences. According to the survey mentioned by the Times of India, in an Indian context, one bad hire cost nearly 20L Rupees, and we stand at 4th position globally for the risk of making such errors. Isn’t it alarming? “Cost of a bad hire” or “lack of competency” within the company is difficult to measure. Along with the payouts and hiring expenses, it costs an opportunity for the establishment. In the dynamic world where opportunities are treated like a gold mine not having clear knowledge about your teams, abilities may look like a threat to existence.
Go back to your own company data and find out how many bad hires you have done in the last couple of years. Every company look at it in different way, but the most basic way to look at finding people left your organization before they become productive. Hardly any big company addresses this problem statistically. I am sure it will be a large and depressing number. There will be a counterargument saying ‘not hiring is a bigger risk!’ which is undeniably true… This is a classic Catch-22 many corporates are facing in today’s world.
Initially people tried making stringent interview processes, some opted for keeping minimum IQ criteria, some moved to psychometric tools however the best winner of this process was a MCQ based question answering. Several companies are now using MCQ assessment for talent management and recruitment. They find it more accurate and efficient than the traditional process of interviewing individuals with psychometric assessments. Although some may see this as a controversial approach, the benefits greatly outweigh any harm it may bring about.
This post will outline some key arguments for why using MCQ is a more suitable tool than any other available method.
1. Saving time and money
One of the most common objections to using MCQ assessments is that it takes too long and requires too much time and resources to complete. However, by implementing MCQ, they can test a large number of candidates in a short amount of time, meaning that they can save tones on recruitment expenses.
2. Eliminating bias in decisions
Some companies may be tempted to give preferential treatment when making their decision as regards hiring the best candidate for the job. This could be based on gender, race, or any other non-relevant criteria, which MCQ assessments can avoid without a doubt because they consider all available data before making any decision at all.
3. More accurate assessments
Interviews can be very subjective and therefore have many flaws. For example, if a candidate has a strong accent, the interviewer may not understand what they are saying. It could be easy for them to miss vital information or ask unhelpful questions. Although this is due to the human element involved in interviews, interviews can also lead to incorrect information being provided by candidates who may lie about their qualifications or work experience in order to gain an unfair advantage over their competition.
4. Data used for analysis
The MCQ assessments helped speed up hiring processes, but there was still so much data to analyze that it would have been very time-consuming without any assistance at all. With automated MCQ assessments, companies are able to use the data in order to make better hiring decisions.
5. Reduced stress levels
Rather than spending time with an interviewer, applicants are able to be assessed anonymously and privately, reducing the pressure they may feel from the anticipation of an interview. This can help them feel more confident and self-assured when responding to the assessment, which is essential for painting an accurate picture of who that candidate is as a person.
Oto_Qualify is an AI-powered platform we developed for non-tech assessment. It makes life easy for HR professionals by offering featured that take care of the daily tasks at hand. Resumes and profiles could be the misleading piece of information we tend to depend on, however, as soon as you put the knowledge-based test on the table, there is a high possibility that imposters would be eliminated. With Oto_Qualify we bring you the best of both worlds where you can integrate all your resume sources to attract candidates. Also qualify the candidate though assessment as a service and get quality data to work on. With
1. AI/ML supported technology advancement
2. Extremely easy candidate experience
3. Visibility for all stack holder
Oto_Qualify will be the best solution to adopt for recruitment as well as Talent management.
The key points outlined above are some of the more common ones, but there are many more to go through and consider when looking into this issue. However, it’s likely that your company will find most of these advantages to be very beneficial once they are put into practice, making it so much easier to make the right decisions once you’ve decided that MCQ is a viable way forward for you.