{"id":3103,"date":"2022-10-27T19:42:27","date_gmt":"2022-10-27T08:42:27","guid":{"rendered":"https:\/\/greatpeopleinside.com\/australia\/?p=3103"},"modified":"2022-10-27T19:42:27","modified_gmt":"2022-10-27T08:42:27","slug":"the-need-to-hire-smarter-with-a-novel-approach-in-talent-acquisition","status":"publish","type":"post","link":"https:\/\/greatpeopleinside.com\/australia\/the-need-to-hire-smarter-with-a-novel-approach-in-talent-acquisition\/","title":{"rendered":"The need to hire smarter with a novel approach in talent acquisition"},"content":{"rendered":"<p>Impacting talent acquisition, the October NAB <a href=\"https:\/\/business.nab.com.au\/the-forward-view-australia-october-2022-56377\/\">Forward View<\/a> report cheerily tells us that:<\/p>\n<blockquote><p><em>\u201cThe labour market is expected to stay exceptionally tight in the near term, with unemployment bottoming out at 3.5% before drifting up to 4.3% over the next two years.\u201d <\/em><\/p><\/blockquote>\n<p>It looks like spotting superstars for job vacancies will continue to be tough. That is assuming you continue approaching your talent acquisition the same way as you always did!<\/p>\n<h3><strong>Rejecting applications<\/strong><\/h3>\n<p>According to <a href=\"https:\/\/www.indeed.com\/career-advice\/interviewing\/reviewing-resumes#:~:text=Hiring%20managers%20want%20to%20ensure,you%20provided%20an%20added%20explanation.\">Indeed<\/a>, \u201cwhen hiring managers review resumes, they often skim to find the most relevant information.\u201d In Australia, the result of this approach is that only 16% of resumes get an interview. Most would agree that statistically, among the 84% discarded, there must be the talent that can do the job. But they are rejected because of various issues with their application. The reasons for rejection range from:<\/p>\n<ul>\n<li>unsuitable qualifications<\/li>\n<li>not enough experience<\/li>\n<li>too much experience<\/li>\n<li>a poor cover letter<\/li>\n<li>spelling mistakes.<\/li>\n<\/ul>\n<h3><strong>Bias in talent acquisition<\/strong><\/h3>\n<p>Unfortunately, how we humans make decisions to move people forward in the hiring process is also flawed. <a href=\"https:\/\/www.bbc.com\/news\/science-environment-26258662\">Science<\/a> tells us that unconscious bias plays a key role in all our decisions. Our minds make decisions intuitively, even before we are aware of them. In his book &#8220;Hire with your Head\u201d Lou Adler puts it quite bluntly:<\/p>\n<blockquote><p>\u201cIntuition and gut feel don\u2019t predict on-the-job success. All they predict is the likelihood the company will make a wrong decision.\u201d<\/p><\/blockquote>\n<p>Another roadblock to successful hiring is that a staggering 5 in 6 applicants \u2013 or about 83% \u2013 report inflating their resume in some way.<\/p>\n<p>Let\u2019s reflect on this for a moment:<\/p>\n<ol>\n<li>When we review resumes, we are reading a document that is not accurate.<\/li>\n<li>As we read it, we are making decisions based on how we \u201cfeel\u201d about what we have read.<\/li>\n<li>The result is three out of four people we hire do not fit.<\/li>\n<\/ol>\n<p>Imagine a process in your business that delivered the right result &#8211; in this case, a top performer &#8211; only 25% of the time. Without a doubt, the process would be thrown out and a new one introduced.<\/p>\n<h3><strong>Predicting success in a role in recruitment<\/strong><\/h3>\n<p>Recruitment is all about trying to predict if a person you do not know will be a top performer in the job in your organisation. It doesn\u2019t matter whether you work in a trade, as a teacher, salesperson, or CEO. Many psychologists agree that the biggest predictor of job success is cognitive ability. In recent years \u201csoft skills\u201d are also considered significant predictors of top performance in a job.<\/p>\n<p>Soft skills used to be a \u201cnice to have,\u201d but today, emotional intelligence- \u201cthe ability to identify and manage your own emotions and the emotions of others\u201d- is recognised as a better predictor of success than exam grades or certifications. Both studies by Accenture and Virginia Commonwealth University support this claim.<\/p>\n<h3><strong>Use science to screen applicants as part of talent acquisition<\/strong><\/h3>\n<p>NAB tells us spotting superstars for job vacancies will continue to be tough. On top of this, the current approach to screening applicants may get hijacked by our bias and dodgy resumes. What other approach might be useful to add to our talent acquisition armour? <strong>The answer is objective data. <\/strong><\/p>\n<p>With most significant personal investment decisions, such as buying a car or new HD TV, we support our human decision-making process with data. We research the specs for options to understand the performance of new investments to best meet our criteria.<\/p>\n<p>Unfortunately, human beings do not come with a specifications list. To replicate our investment decision-making process when screening job applications, we need a simple economic tool that will provide us with objective data <strong>before we reach the stage of rejecting applications<\/strong>. Traditional fixed validated assessments just don\u2019t offer the flexibility that is needed for this task.<\/p>\n<p>The advancements made by the award-winning Great People Inside (GR8PI) platform allow companies of all sizes from all sectors to screen applicants cost-effectively.<\/p>\n<p>In one short, inexpensive psychometric assessment, you can assess candidates as part of your application process for Emotional Intelligence and Cognitive Ability. And the output is a ranking of applicants matched to your specific criteria, which guides you as to which candidates you need to talk to. Speed is of the essence in a tight market, and using this approach gives you objective insights that you can act upon quickly.<\/p>\n<p>If you&#8217;d like to learn more, <a href=\"https:\/\/greatpeopleinside.com\/australia\/contact-us\/\">reach out to us<\/a>.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Impacting talent acquisition, the October NAB Forward View report cheerily tells us that: \u201cThe labour market is expected to stay exceptionally tight in the near term, with unemployment bottoming out at 3.5% before drifting up to 4.3% over the next two years.\u201d It looks like spotting superstars for job vacancies will continue to be tough. [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":3104,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[115,33,14],"tags":[82,89,133],"class_list":["post-3103","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","category-decision-making","category-news","tag-gr8pi","tag-recruitment","tag-talent-acquisition"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The need to hire smarter with a novel approach in talent acquisition - Great People Inside Australia<\/title>\n<meta name=\"description\" content=\"Talent acquisition using a traditional approach can greatly affect the chances of hiring top performers. 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