How important are assessments in the hiring process?
Eddy Ricci, Jr., CFP ®, CEPA ®: Assessments certainly have a place in hiring for certain positions but we believe some clients can be too reliant on them. Firms have invested in countless assessments for 30+ years to help in predicting if a start up advisor will be successful- and retention have not really improved in 3 decades. Either the assessments don’t work, or firms don’t know how to use them or they ignore what the data is telling them…..whatever it may be the end result is still retention isn’t great! In employee positions, we have “perfect fit” candidates per an assessment quit/get fired within 60 days. And it goes the other way- I remember a Wealth Management practice owner who needed an EA. A GREAT candidate bombed the assessment – but the owner took a shot anyway- 4 years later they are still doing great work together!
Michael P. Connaughton, CFP®, CLU®, ChFC®: Can assessments provide valuable feedback around your next hire? Absolutely. Should assessment output preclude you from engaging with a candidate that checks several other boxes? NO! We’ve seen candidates that nail an assessment that don’t have the necessary intangibles and candidates that don’t “score” well who hold the needed skills and are a fit for the role. Assessments are a decent guide but can also be manipulated so don’t put too much emphasis on them in your hiring process. Factor in soft skills, culture fit, interview approach and communication effectiveness along with assessment data to make the right hiring decision.