{"id":3885,"date":"2020-02-03T16:56:14","date_gmt":"2020-02-03T16:56:14","guid":{"rendered":"http:\/\/www.big5assessments.com\/blog\/?p=3885"},"modified":"2022-04-25T11:29:31","modified_gmt":"2022-04-25T10:29:31","slug":"how-much-does-psychometric-testing-cost","status":"publish","type":"post","link":"https:\/\/www.big5assessments.com\/blog\/selection\/how-much-does-psychometric-testing-cost\/","title":{"rendered":"How Much Does Psychometric Testing Cost?"},"content":{"rendered":"\n

When you initially begin to look into adopting\npsychometric testing within your company, it can be useful to weigh up the\ncosts and benefits. Before any company decides to include a new aspect in their\nrecruitment process, it is important to know that it is worthwhile and cost\neffective. Current statistics show that a poor hire, at mid-level management,\ncan cost a company upwards of \u00a3132,000. UK businesses waste billions of pounds\neach year as a result of poor hiring decisions[1]<\/sup><\/a>.\n<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Psychometric Testing Can Help<\/strong><\/p>\n\n\n\n

Psychometric testing, introduced at the\nrecruitment stage, can reduce employee turnover significantly as a result of\nless poor hiring decisions being made. Psychometric testing provides another\nlayer of information on candidates that proves very useful when trying to find\nthe right candidate for the role. 85% of HR decision-makers acknowledge that\ntheir company has made a bad hire. By utilizing psychometric testing to gain\ninformation on a candidate\u2019s abilities and personality, this figure can\nsignificantly drop.<\/p>\n\n\n\n

How Much Does Psychometric Testing Cost?<\/strong><\/p>\n\n\n\n

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

Big Five Assessments have a plan to suit your\nneeds. Most of our candidates choose a fixed annual subscription. For example\nthe unlimited use subscriptions, which are used for assessing unlimited\ncandidates, start at just \u00a31,500 per annum and many of our clients end up\npaying “Pence, not Pounds” for their assessment use! There are\ndifferent plans for different needs, so whether you are choosing to opt for\nunlimited candidates, or just a one-off, you are still able to harness the\npower of psychometric testing.<\/p>\n\n\n\n

Summary<\/strong><\/p>\n\n\n\n

With poor hiring decisions costing companies\nin the UK billions of pounds, it is important that your recruitment process\nprevents you from making bad hiring decisions. The inclusion of psychometric\ntesting within the process helps you to ensure that you have all of the\nrequired knowledge about the candidates to make the best decisions for your\ncompany.
<\/p>\n\n\n\n

\n\n\n\n

[1]<\/sup><\/a> https:\/\/www.rec.uk.com\/news-and-policy\/press-releases\/hiring-mistakes-are-costing-uk-businesses-billions-each-year-rec<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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 […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-3885","post","type-post","status-publish","format-standard","hentry","category-selection"],"_links":{"self":[{"href":"https:\/\/www.big5assessments.com\/blog\/wp-json\/wp\/v2\/posts\/3885"}],"collection":[{"href":"https:\/\/www.big5assessments.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.big5assessments.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.big5assessments.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.big5assessments.com\/blog\/wp-json\/wp\/v2\/comments?post=3885"}],"version-history":[{"count":1,"href":"https:\/\/www.big5assessments.com\/blog\/wp-json\/wp\/v2\/posts\/3885\/revisions"}],"predecessor-version":[{"id":3887,"href":"https:\/\/www.big5assessments.com\/blog\/wp-json\/wp\/v2\/posts\/3885\/revisions\/3887"}],"wp:attachment":[{"href":"https:\/\/www.big5assessments.com\/blog\/wp-json\/wp\/v2\/media?parent=3885"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.big5assessments.com\/blog\/wp-json\/wp\/v2\/categories?post=3885"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.big5assessments.com\/blog\/wp-json\/wp\/v2\/tags?post=3885"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}