Workplace Expert Identifies Top Trends for Leveraging Behavioral Data to Drive Business Strategy, Employee Performance Talent Management Executives Share Lessons for Working Smarter through Science-based Assessments
WELLESLEY, Mass., Nov. 13, 2012 /PRNewswire/ -- Nancy Martini, President and CEO of the global consulting network PI Worldwide, has identified three break-out trends in how behavioral assessments positively affect productivity in the workplace, especially relevant in today's challenging business climate. Martini moderated a recent webcast in partnership with the Human Capital Institute (HCI) which discussed how behavioral data can drive job decisions that impact performance and affect the bottom line. Martini was joined by executives from Miami Children's Hospital, Brown-Forman and Signature HealthCARE who shared how assessments have provided positive outcomes at their respective companies, from dramatically reducing turnover to building stronger teams to enhancing management effectiveness.
In discussing the corporate landscape, Martini highlighted three critical trends prompting companies of all sizes, across all industries to adopt behavioral assessments as part of a successful business strategy:
- National and global corporations are less tolerant of hiring mistakes: Studies have shown the total costs associated with turnover can reach as high as 90%-200% of an employee's individual salary. Compounded with less quantifiable repercussions like diminished morale and lost productivity, organizations are investing in the front-end of the hiring process, adopting predictive, data-driven hiring and development tools.
- Increased importance of every individual: As organizations have become leaner, management has become more focused on an employee's contributions today and what they can potentially provide tomorrow. With the increasing use of behavioral data, companies are now better equipped to tap into the motivations and drives and leverage the insight to more effectively manage, engage and develop employees for long term success.
- Corporate focus is shifting from selection to retention: While it is critical that organizations identify the right people for the right jobs, the greatest and often most expensive challenge is retaining quality talent over the long-term. Behavioral assessments help executives during the onboarding process to develop a customized performance plan, resulting in longer tenures, higher levels of productivity and stronger performance.
"After 30 years of analyzing workplace data and interacting daily with top CEOs globally, I can say it's rare to see three such clear breakout trends," Martini said of those she identified on the recent webcast. "This tells me that people seek tools to help them work smarter and they realize that using a statistically sound instrument like Predictive Index® (PI®) to accurately predict workplace behavior can quite literally save thousands of dollars and impact the entire employee lifecycle from onboarding, training, team building and organizational change to succession planning."
Michael Kushner, Vice President and Chief Talent Officer for Miami Children's Hospital, stated that by using an assessment, first year turnover was reduced from a high of 70% in 2007 to a low of 14% in 2012.
Kirsten Hawley, Vice President and Director of Organizational and Leadership Development at global wine and spirits company Brown-Forman Corporation (NYSE: BF.A), said assessments have been instrumental in improving senior management retention. Hawley comments, "With offices around the world, Brown-Forman's use of PI helps emerging leaders understand their own behavioral style and its impact on individuals, the team and the organization to improve communication, decision-making and employee effectiveness."
David Kahn, Regional Vice President of Human Resources at Signature HealthCARE said his company uses an assessment as a hub of information for decision-making in hiring, leadership development, team building and job design, conflict management and coaching.
A tool once reserved almost exclusively for Fortune 500 companies as a screening mechanism in the hiring process, behavioral assessments are now available to companies of all sizes delivering vital and mandatory data points across the full employee lifecycle. In fact, a study by the research firm The Aberdeen Group noted behavioral assessments are used by 92% of Best-in-Class companies and 87% of the Fortune 500 turn to assessments to achieve results in the workplace. As the use of behavioral assessments within corporations continues to increase 10% to 20% each year, the overall global employment assessment market is expected to grow beyond the current $2 billion annually.
With over 2,000 personality assessments available to businesses across industries, Martini cautions executives that not all assessments are created equal. She advises leaders to verify that the instrument is scientifically and statistically sound before making the investment. To learn more about selecting a behavioral assessment, click here.
To access the previously recorded webcast "The Personality – Productivity Connection: Using Personality Assessments across the Employee Lifecycle," visit: http://bit.ly/UfCRIT.
About PI Worldwide:
PI Worldwide and its global consulting network combine the power of predictive data with business expertise to help organizations worldwide achieve a competitive advantage. Trusted advisors since 1955, we help businesses align their people with their strategy to create long-term sustainable results. Our clients realize measurable value through our scientifically proven talent management analytics, philosophy of self-sufficiency, knowledge transfer approach and our integrated technology platform. PI Worldwide's products, including the behavioral assessment, Predictive Index® (PI®), span over 65 languages (including Braille) and are used in over 140 countries by nearly 9,000 organizations to create high performance cultures.
Visit PI Worldwide at www.piworldwide.com.
SOURCE PI Worldwide