Issue link: https://www.e-digitaleditions.com/i/316485
[ 48 ] HRO TODAY MAGAZINE | MAY 2014 In today's war for talent, finding qualified workers is becoming increasingly difficult. In fact, a recent study by Leadership IQ tracked 20,000 new hires and found that 46 percent failed within 18 months. The cost to replace an employee ranges from 50 to 150 percent of a position's salary. Plus, these totals do not factor in the indirect costs of lost sales opportunities, lack of productivity, and lowered morale. It is clear: Make the wrong choice and your new employee will most likely impact the growth of your business, damage your team's morale, and cause involuntarily turnover. On the other hand, make the right choice and your new employee has the potential to help your business grow, stay longer, and help the company succeed. With so much riding on making the right hire, HR has had a recent increased interest in pre-hire performance assessments. A recent issue of Forbes listed evolving assessment science as one of the nine hottest trends in HR technology, and The Atlantic featured people analytics on its December cover, and how it is "already transforming how employers hire, fire, and promote." Most HR professionals would agree that past performance is the best predictor of future performance. According to the International Journal of Selection & Assessment, its peer- reviewed, published research shows that organizations that utilize pre-hire performance assessment data in their hiring process achieve clear benefits: The Power to Predict Pre-hire assessment tools that mine data deliver true gold: the right candidate for the job. By Ray Bixler Talent Acquisition