Predictive Analytics: The CEO’s Tool for Reducing Attrition Costs Attrition is a significant challenge for organizations, leading to substantial costs related to hiring, training, and lost productivity. For a 300-employee organization with a current attrition rate of 25%, this translates to losing 75 employees annually. The cost of replacing each employee, including recruitment, onboarding, and training, can be approximately 30% of their annual salary. If the average salary is ₹6,00,000, this results in an attrition cost of ₹1.35 crores per year. Predictive behavioral and cognitive analytics offer a robust solution to this issue. By utilizing tools such as the Predictive Index (PI), organizations can gain deeper insights into the behavioral drives and cognitive abilities of their employees. This data helps in creating more accurate job descriptions, aligning candidates' natural behaviors and cognitive strengths with job requirements. For instance, if the analytics reveal that top
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What is The Predictive Index Behavioral Assessment used for?
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The Predictive Index Behavioral Assessment is a tool that is primarily used for assessing the behavioral drives and needs of individuals in a work setting. The assessment is designed to help employers and managers better understand their employees' behavioral tendencies, such as their natural inclinations, motivations, and communication styles. The assessment can be used for a variety of purposes, including: - Recruitment and selection: The assessment can be used as part of the hiring process to evaluate job candidates' behavioral fit for a particular role. - Onboarding and development: The assessment can be used to help new employees better understand their work style and strengths, as well as to help managers tailor training and development programs to each individual's needs. - Team building and collaboration: The assessment can be used to help teams better understand each other's communication and work styles, and to facilitate collaboration and teamwork.
Why Candidates should Not Fear taking Psychometric Assessments
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Psychometric assessments are widely used in the recruitment process and as an effective tool for screening in candidates. Psychometric assessment tools are scientific tests designed to assess an individual’s personality traits and cognitive abilities. These may include predictive index (PI), cognitive ability tests, behavioral assessment tests, emotional intelligence tests, etc. Their extensive use in the recruitment process is because these assessment tests help evaluate a candidate’s performance, skills, knowledge, attitudes, competencies, personality attributes, and job as well as academic potential. Psychometric assessment tests are standardized tests useful for HR managers and recruiters in the hiring process because they are accurate in predicting a candidate’s behavioral tendencies and his or her competency for a particular job role. The insight about the candidate’s personality and skills enables recruiters make better job-related decisions and provide training for employee
Psychometric Assessment – Why Indian Organizations have been a late starter?
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Psychometric assessment tests are scientific tests which are designed to help assess an individual’s personality traits and cognitive abilities. Psychometric assessments evaluate an individual’s performance, skills, knowledge, attitudes, competencies, personality attributes, and job as well as academic potential. These standardized tests are useful for recruiters in the hiring process because these tests accurately predict a candidate’s behavioral tendencies and how competent the candidate is for a particular job. The insight about the candidate’s personality and skills help recruiters make better job-related decisions and provide training for employee development. In leading organizations, recruiters have started using psychometric assessment tools in the hiring process to select candidates who respond well to training, are efficient in their area of work, and possess the required skills for a particular job, so as to enhance business productivity. Psychometric assessment tools hel
Why is EQ Important for Teamwork
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Daniel Goleman (1998), author of the bestseller, Emotional Intelligence: Why it can Matter More Than IQ, defined emotional intelligence, commonly called EQ (Emotional Quotient), as “the capacity for recognizing our own feelings and those of others, for motivating ourselves, and for managing emotions well in ourselves and in our relationships.” According to Salovey and Mayer (1990), “emotional intelligence is a set of skills that are thought to contribute to the appraisal of emotions in oneself and others. It can also help contribute to the effective regulation of emotions as well as feelings”. How Components of EQ Aid Teamwork? Teamwork is a collaborative and collective effort of a particular group towards achieving a common goal or completing some task in an effective manner. It has some important aspects such as cooperation, coordination, communication and interdependence. All these aspects are influenced by an underlying dimension or factor – emotional intelligence of the team me
Why cognitive ability test is increasingly becoming important for pre-employment screening?
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Pre-employment screening is an important process while hiring a suitable candidate for a particular job role. In this process the recruiters or the organization verifies the information which the candidates have supplied through their applications and resumes or CVs. In pre-employment screening, recruiters use different tests, tools, methods, activities or tasks to verify the information and learn more about the candidates and their personalities, strengths, weaknesses, and how suitable they are for the position or job the organization has to offer them. Pre-employment screening till now primarily consisted of administering some IQ or knowledge tests, resume screening, and requiring candidates to do some job-related tasks to assess their skills. However, the trends are now changing. Today, in the modern world of technological advancement marked by changing working environments, cognitive ability tests which help assess a candidate’s ability to adjust to change and other important com
Why EQ is Importance for Leaders
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Peter Salovey and John D. Mayer (1990), were the ones who coined the term emotional intelligence and defined it as "the subset of social intelligence that involves the ability to monitor one's own and others' feelings and emotions, to discriminate among them and to use this information to guide one's thinking and actions.” In 1998, Daniel Goleman, in his bestseller defined emotional intelligence as “the capacity for recognizing our own feelings and those of others, for motivating ourselves, and for managing emotions well in ourselves and in our relationships. Emotional intelligence describes abilities distinct from, but complementary to, academic intelligence or the purely cognitive capacities measured by IQ.” In his book, Emotional Intelligence: Why it can Matter More Than IQ, he defined emotional intelligence as “abilities such as being able to motivate oneself and persist in the face of frustrations; to regulate one’s moods and keep distress from swamping the abi