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Why You Should Consider An Assessment Marketplace
Published on Jan 11, 2023
Talent assessments are very important for HR teams because they help them make better decisions about who to hire and how to promote them.
But when organisations use assessment tools on a larger scale, they run into operational [SR1] problems.
These operational problems are caused by the fact that when organisations grow, they often add more tools to meet different needs and end up with an ecosystem of assessments that need to be connected.
As businesses move toward streamlining, consolidating, and integrating, HR needs to look for these things in their architecture. One thing that has yet to change this way is how organisations buy and use talent assessments.
This is because organisations have always gotten their tools from individual assessment providers.
Three critical issues when working with different assessment providers
Personnel files store all pertinent information about an employee, such as their name, contact information, job title, and performance reviews.
1. Multiple Assessments for Getting Started
On the market today, there are many different types of talent assessments, such as psychometrics, simulations, video interviews, etc.
More and more companies are also considering bringing in different kinds of tests to improve the validity of their talent decisions.
A larger problem for many organisations is that most vendors only sell and specialise in one tool.
For example, most psychometric companies only sell psychometric suites, and most simulation companies only sell business simulations. And the amount of time it takes to find vendors with different specialities, evaluate the various stacks of tools needed and then move on to buying and putting them into use is tedious and very energy consuming.
2. Managing Multiple Vendors
Large organisations always have more than one vendor for different reasons. However, when they have more than one vendor for the same type of solution, HR often has trouble explaining why.
A Deloitte study found that large HR departments use an average of 11 to 14 different systems at once. If all of these systems worked together to give accurate results, there wouldn’t be a problem.
However, most of the time, the use of many systems can’t be justified. This could lead to procurement or finance deciding that HR vendor management is no longer needed.
Cost is another mandatory factor to consider.
Each vendor may have its prices and packages, which are managed separately. This makes it hard to show a return on investment (ROI). It’s also harder to get a discount for using a lot of something when more than one vendor sells it.
3. Making sense of more than one report
One of the most prominent problems organisations face when using more than one tool is figuring out how to read the different reports. This problem doesn’t just waste time, which is an operational problem, it also makes it hard to make good decisions, which is a strategic problem.
Each tool that is added will have its reports with different terms, measurements, benchmarks, formats, implications, etc. Putting these reports into one summary by hand is often a long and error-prone process.
Line managers often don’t want to use assessments because the results are too hard to understand or because the summary doesn’t help them hire better. The main problem is that each vendor’s data is treated as if it were its own, and there isn’t a way to combine the data and get insights from it.
How Talent Assessment Market Place is solving these issues
An assessment marketplace can help to alleviate all these concerns.
First, it already has a library full of different tools.
Over and above that, the vendors of an assessment marketplace take care of the sourcing and evaluating stage by ensuring the tools on the platform are qualified before they are added.
So, organisations that want to use an assessment marketplace can now just go to the platform, choose the tools they want to use, and know that they are using the best of each assessment type.
As a result, not only is the time to choose shorter, but there is also only one vendor with expertise in different assessments. So, organisations can now quickly look at pricing for large quantities, which often comes with discounts and saves them a lot of money.
On the reporting front, an assessment marketplace solves this problem with a built-in output engine that pulls data from multiple tools, figures out what that data means for talent, and then puts out a single consolidated report.
Since an assessment marketplace already has pre-qualified tools, the data from each tool is available and combined by algorithms to make a single report that HR and line managers can use as their source of truth.
As a result, HR no longer has to spend time manually putting together different reports. In addition, talent decisions are now more accurate because of the use of multiple tools with correct score interpretation.
With the war on talents raging, a talent assessment marketplace may be the next strategic consideration to up your recruiting game. And there is no better way to start by looking at Accendo’s TalentPulse solution as they aim to increase objectivity and accuracy in talent decisions with their best-of-breed assessments with over 100+ globally sourced and validated tools all in 1 marketplace