The increasing need for identifying, attracting and retaining the right talent has led to an increase in the utilization of Talent Assessment at various stages of employee life cycle. The Talent Assessment Study by Mettl reveals that the use of talent assessments has risen by 114 percent from 2016 to 2017, across 21 industries.
It’s probably the shortage of highly-skilled people that has compelled organizations to adopt innovative ways and technology tools to assess and identify the quality talent. In fact, it could also be the need to define warranted ROI, which more and more HR Teams are now identifying as a necessity.
Ketan Kapoor, Co-Founder and CEO, Mettl, said, “While most organizations continue to face a scarcity of talent, the demand for high-quality skilled talent is constantly rising. I have seen the uptick in the number of assessments across various degrees in the last 2 years - a primary reason for the same is the warranted ROI which HR teams across the board have started to realize.”
Deep diving further into the types of assessment, the report highlights that simulation tools have seen the maximum increase in the application by 219 percent, as compared to other tools like Cognitive (34 percent), Domain (76 percent), Technical MCQs (105 percent), and Psychometric (49 percent). Interestingly, the adoption of Anti-Cheating Technology and Remote Proctoring also grew significantly by 231percent in 2017.
The report also suggests that through the usage of such data-driven and scientifically researched tools, the pain to hire has been reduced by about 60 percent.
For industries such as IT, BFSI, Retail, Manufacturing, Pharmaceuticals, and Consulting finding talent with specific skill sets and proficiencies has been challenging. And the availability of such assessment solutions helps them in identifying the talent or skill gap, making processes like talent acquisition and learning and development more effective.
As per the report, the BFSI industry saw the maximum growth (217 percent) for assessments, followed by Consulting (157 percent), IT (132 percent), Education, Manufacturing and E-commerce.