Challenges like these are common for many organisations and businesses in NSW today. To help reduce the risk of hiring mistakes, consider integrating Fermion’s psychometric testing in Sydney into your recruitment strategy.
The recruitment process involves evaluating candidates' strengths, skills, and potential to assess their fit for a role. While candidates highlight their abilities, employers aim to determine how these traits match the organisation's needs. However, recruiters are human and can be influenced by personal biases or distractions, which may cause them to overlook a candidate who could be an excellent fit.
Although cognitive assessment, interviews, and reference checks are crucial, a successful selection process depends on timing, the person conducting the interview, the types of questions asked, and knowing when to integrate psychometric testing.
Hiring mistakes come with a high price tag. From separation expenses and reduced productivity to the time spent sourcing and training a replacement, the cost of turnover is significant. According to the Society for Human Resource Management (SHRM), replacing an employee can cost a company six to nine months' worth of that employee’s annual salary. For a position with a $60,000 salary, the replacement cost could fall between $30,000 and $45,000 in recruiting and training expenses, not including the lost opportunities.
Psychometric tests, whether they involve IQ tests, EQ tests, cognitive assessments, or personality profiling, complement structured interviews by offering a fuller picture of candidates. This allows for better recruitment decisions, as it evaluates not just their skills and experience, but also their cultural fit and potential for growth.
Studies show that relying solely on traditional interviews is not the most reliable way to predict future performance. That’s why Fermion offers high-quality, online psychometric tests to enhance the recruitment process. We are independent and not tied to any specific test provider, but we carefully select the most effective psychometric assessment tools, all based on the latest research.
Psychometric assessments are more than just sending a link to candidates and receiving the results. They should be administered and interpreted effectively. We use proven assessment tools and testing methodology to guarantee accurate and dependable outcomes.
Before candidates take the psychometric tests, we conduct an initial assessment to ensure they fully understand the process. We also provide clear verbal and written instructions and later interpret the results in the context of each client’s specific needs.
At Fermion, our approach is practical, data-driven, and adheres to the latest best practices in organisational psychology.
The term 'psycho' is derived from the Greek word for 'mind,' while 'metric' means 'to measure.' Therefore, 'psychometric' refers to measuring aspects of the mind. Today, this term involves measuring various psychological elements, from diagnosing anxiety and depression to assessing behaviour, intelligence, skills, and personality traits, particularly in organisational psychology.
Psychometric testing for recruitment services are commonly used in clinical, educational, research, and organisational environments. To be considered high-quality, a test must meet two key criteria: reliability and validity.
Reliability refers to a test's ability to produce consistent results when taken by the same candidate multiple times. For instance, if a person takes a psychometric assessment today and retakes it in a few weeks, the results should be similar, provided no significant changes have occurred in the individual’s psychological state. This consistency is crucial for the test to be meaningful.
Validity refers to a test’s ability to measure what it is designed to. For instance, a cognitive assessment should reflect an individual’s cognitive ability, such as reasoning and problem-solving skills, rather than being influenced by unrelated factors. A key aspect of validity is predictive validity, which indicates how well a test predicts future behavior, such as job performance or training success.
In organisational psychology, general intelligence is the most reliable predictor of job performance. While other skills and traits matter, research shows that it is the strongest predictor of success and training results.
Yes, psychometric testing can greatly improve recruitment decisions when used properly. Here’s how:
It’s important to note that psychometric testing should be integrated into a comprehensive recruitment strategy, alongside interviews, reference checks, cognitive assessments or intelligence tests. When used together, these components can greatly enhance the quality of hiring decisions.
Psychometric testing in Sydney may come with an upfront cost, but it’s far more affordable than dealing with the consequences of hiring the wrong person. For example, hiring someone for a $60k position and realising after three months that they aren’t a good fit could result in $15k in wages, plus recruitment, training, and lost opportunities. The cost of hiring mistakes can be even higher for senior positions.
Fermion offers psychometric tests that help reduce this risk and support better hiring decisions. Our aptitude or skills tests are priced at $120 per candidate, and a personality profile costs $210. We also offer a comprehensive test package, including general intelligence, emotional intelligence, and personality assessments, for $450 (excl. GST) per candidate, which can take 45 minutes to finish.
Using the $60k example, testing four candidates for $1,800 could help avoid a costly mis-hire. Not only would you save thousands of dollars, but more importantly, you would secure the right candidate. Psychometric testing offers excellent value for money and has the potential to save you significant costs in the long run.
Fermion can enhance your recruitment process to prevent mis-hires and improve retention rates.
Fermion is an HR consultancy based in Wollongong specialising in psychometric testing and organisational psychology.
Phone: 02 4258 3480
Mobile: 0401 752 602
Address:
Ground Floor, Enterprise 1 Building, Innovation Campus, Squires Way, North Wollongong, NSW 2500