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How Much Does Psychometric Testing Cost?

3rd February 2020 0 Comments

When you initially begin to look into adopting psychometric testing within your company, it can be useful to weigh up the costs and benefits. Before any company decides to include a new aspect in their recruitment process, it is important to know that it is worthwhile and cost effective. Current statistics show that a poor hire, at mid-level management, can cost a company upwards of £132,000. UK businesses waste billions of pounds each year as a result of poor hiring decisions[1].

Psychometric Testing Can Help

Psychometric testing, introduced at the recruitment stage, can reduce employee turnover significantly as a result of less poor hiring decisions being made. Psychometric testing provides another layer of information on candidates that proves very useful when trying to find the right candidate for the role. 85% of HR decision-makers acknowledge that their company has made a bad hire. By utilizing psychometric testing to gain information on a candidate’s abilities and personality, this figure can significantly drop.

How Much Does Psychometric Testing Cost?

When the cost of psychometric testing is being analysed, it is important to also consider the amount of money that companies can lose as a result of bad hires. There are a few different ways you can include psychometric testing in your recruitment process and the cost will often be dependent upon which one you choose. Some companies will choose to use psychometric testing at the initial application stage in order to help them whittle down the candidate pool. Whereas others might choose to test a smaller number of candidates once long or short listing has taken place.

Big Five Assessments have a plan to suit your needs. Most of our candidates choose a fixed annual subscription. For example the unlimited use subscriptions, which are used for assessing unlimited candidates, start at just £1,500 per annum and many of our clients end up paying “Pence, not Pounds” for their assessment use! There are different plans for different needs, so whether you are choosing to opt for unlimited candidates, or just a one-off, you are still able to harness the power of psychometric testing.

Summary

With poor hiring decisions costing companies in the UK billions of pounds, it is important that your recruitment process prevents you from making bad hiring decisions. The inclusion of psychometric testing within the process helps you to ensure that you have all of the required knowledge about the candidates to make the best decisions for your company.


[1] https://www.rec.uk.com/news-and-policy/press-releases/hiring-mistakes-are-costing-uk-businesses-billions-each-year-rec

Filed in: Selection

About the Author:

Nikky van Bommel is the Marketing Director for Big 5 Assessments and has worked in the Psychometric Testing industry for over 10 years. Nikky is responsible for all marketing and social media for the organisation.

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