Is Psychometric Testing for Recruitment Expensive?

Recruiting the right candidate is a crucial business decision, and the cost of making a hiring mistake can be substantial. Consider this scenario: you hire someone for a $60,000 position, and within three months, it becomes evident that you have made an error. In addition to the $15,000 in wages paid during those three months, you have invested time and resources in the recruitment and training process, not to mention potential opportunity costs.

Such recruitment errors can lead to significant financial losses, and this simple example illustrates the point. Imagine the consequences of a mis-hire for a senior role or one that takes longer to rectify. Even after resolving the issue, you may face the challenge of re-recruiting, with the possibility of making the same mistake again.

This is where psychometric testing can be a game-changer. It offers a cost-effective solution to minimise the risks associated with hiring mistakes.

At Fermion, we offer psychometric testing services at a reasonable cost. For just $90 per aptitude test, skills test, or a test of emotional intelligence, and $170 for a personality profile, you can gain valuable insights into your candidates. We recommend a battery of tests that includes assessments of general intelligence, emotional intelligence, and a personality profile. This is a comprehensive battery of test which takes the candidate only 45 minutes to complete, yet, it will give you excellent data to help inform your recruitment decision.

Going back to the $60,000 position example, by spending $1,400 to test four candidates, you can significantly reduce the risk of a mis-hire. Not only will you save thousands of dollars, but, more importantly, you will hire a qualified candidate who is the right fit for your organisation. In these terms, psychometric testing proves to be a cost-efficient investment that will save you a substantial amount of money in the long run.

ABOUT THE AUTHOR:

Christopher Apps is an Organisational Psychologist and owner of Fermion. I enjoy keeping up to date with the latest research in psychology and sharing that information. There are a lot of fads, gimmicks and clichés in the people & culture field, and I believe it is important to be sceptical of hyperbolic claims about human behaviour and to adopt an evidence-based approach to work.

The focus of Fermion is "Psychometric Testing for Recruitment" and “Recruitment to Retention: How to select good staff and keep them”. If you would like to learn how to select good staff and keep them, please feel free to contact us at Fermion.

“Learn from the mistakes of others. You can’t live long enough to make them all yourself.”

Eleanor Roosevelt.