Different types of assessments will help your credit union hire better.
Sponsored by The Omnia Group
The importance of conducting pre-employment assessments has never been greater. Knowing what qualities would best fit your open positions will most effectively determine if the applicant will positively impact your organization. Pre-employment assessments are great at helping you do just that because you can assess your applicants' behavioral traits, skills and abilities. It's one of the best ways to ensure that you're finding good employees, and in the long term, it will help keep your turnover rate low.
Why Are High Turnover Rates Bad for Credit Unions?
High turnover rates are costly for any company and create morale and productivity problems. A high turnover rate can also indicate that your organization has difficulty attracting and retaining good employees. All of these factors can harm your bottom line. Credit unions experience this more than most industries because of the personal connection made with their members. When members see a new face every time they come into a branch, it signals red flags.
What Causes High Turnover Rates?
Several reasons can contribute to high turnover rates. Assessing these factors can help you determine how to lower your company's turnover rate most effectively.
- Poor Hiring Practices: If your company is not taking the time to properly assess candidates during the hiring process, you are more likely to end up with associates who are not a good fit for the job. This can lead to frustration, dissatisfaction and a high turnover rate.
- Lack of Engagement: If employees are not engaged in their work, they are more likely to become dissatisfied and look for another position outside of your company.
- Poor Management: If employees do not feel supported by their managers, they are more likely to become disengaged and look for other opportunities.
- Poor Work/Life Balance: If employees feel like they are working too much and not having enough time for their personal lives, they could burn out and decide to leave.
- Compensation: If employees feel like they are not being compensated fairly, they may start looking for better income opportunities elsewhere.
How To Use Pre-Employment Assessments?
When using pre-employment assessments, it is essential to ensure that you are using them correctly. Here are a few tips:
- Make sure they are job-related: The assessment should be relevant to the job that the candidate is applying for. This will help ensure that the evaluation is an accurate predictor of job performance. For example, if you are hiring for an accounting role, consider an accounting skills test.
- Ensure it is valid and reliable: The assessment should be useful and reliable to predict job performance effectively. Make sure it’s scientifically validated.
- Use multiple measures: Using various measures (e.g., cognitive assessments, behavioral assessments, work samples) can help to increase the accuracy of the predictions.
Pre-employment assessments can be a valuable tool for reducing your company's turnover rate. When used correctly, they can help you hire employees who are more likely to be a good fit for the job and who will be more engaged and satisfied with their work. Reach out to the team at Omnia by calling 800.525.7117 or emailing us at firstname.lastname@example.org so we can help lower your turnover rate today!
Robby Coles is a born and raised Nashville, Tennessee resident. He has a 15-year career in marketing and is the Brand & Marketing Manager for The Omnia Group. He enjoys writing compelling content that drives engagement. Robby is a wine enthusiast and dog dad who splits his time between Nashville and Vienna, Austria.