The biggest problem companies face is not employee retention, but rather, the retention of the right talent. High turnover of top talent and low turnover of low performers is costly. What if every applicant could be objectively screened for key traits that indicate the probability of success within both the job position and your company culture? How much time and money could your company save if every new hire was the right hire? At The Bureaus, Inc. we’ve been solving the hiring puzzle for almost two decades. By integrating the TTI Success Insights assessment through The Rainmaker Group into our online application process, we’re saving our organization from the negative effects that one “bad apple” can bring to an entire organization.
Avoid Costly Wrong Hires
Data is the basis of our employee selection process. By implementing a research-based and reliable assessment as part of our application process, The Bureaus, Inc. can make unbiased hiring decisions. We prioritize applicants who demonstrate characteristics and traits that will be the best match for our jobs and our company culture. When top performers leave, the company loses time and money through position downtime, others working overtime to complete missed work, time spent in ad placement and interviews, and the training/onboarding of new hires. By using analytics to select the right candidates early in the process, we can filter weaker candidates and prevent the entry of low-performers from even occurring.
Hiring vs. Selecting
It’s a fact that employee turnover is costly. On average, it costs $4,000 and takes 52 days for U.S. businesses to fill an open position. The way to solve this problem is to narrow the focus and spotlight candidates with the most potential for success during the initial job application. Since the implementation of the TTI Success Insights assessment in 2010, The Bureaus, Inc. has increased our employee retention rate to an average of 12 years. We’ve achieved this longevity by using data to eliminate human bias which can cloud judgement and lead to costly wrong hires.
Hiring is a subjective process and usually done with the pressure to “fill the seat.” Decisions are often made by others, who, trusting gut instinct, waste time searching for people like them. Selection is an objective process based on data-driven decisions. The selective process deployed by The Bureaus, Inc. consists of a three-tiered approach. As candidates move through each tier of the selection process, expectations become higher. This process has streamlined our identification of candidates with the highest potential and probability of long-term success.
3 Steps to Success
The Bureaus, Inc.’s search for the right talent is a deliberate and systematic process. Behaviors, values, and attributes are found by evaluating the how, what, and why behind a person’s actions using the TTI Success Insights assessment. By matching new hires with the position most closely aligned with their assessment results, we significantly increase the likelihood of a successful fit within our organization. Over time, we have developed a three-step process which is used in selecting every employee:
- First, we assess the job. The Bureaus, Inc. deploys a patented process to measure each job within our company and create benchmarks that align with each position. Benchmarks are not based on high-performers, but rather, created through zero-based hiring. These benchmarks provide practical language for ads, job descriptions, and employment expectations.
- Next, we assess and measure each candidate. With each applicant taking the same 35-minute online assessment, behaviors, values, and attributes are assessed, providing results in 81 areas of measurement.
- Finally, we compare each candidate to our job benchmarks. Using spreadsheet analysis and our unique scoring system, we compare each candidate to job position benchmarks and compare candidates against each other to find the candidate most suited for success within the position and our organization.
Communication is Key
The TTI Success Insights assessment provides key information on communication strengths and weaknesses. The Bureaus, Inc. uses this information as part of the onboarding process for new employees. Through a facilitated meeting between the new hire and management, communication styles and assessment results of the employee and manager are reviewed to understand communication styles in the workplace. This helps to set expectations and prevent future problems that may arise from miscommunication.
Build Stronger Business Relationships
The Bureaus, Inc. also incorporates the TTI Success Insights assessment to predict the viability of business relationships. As a Master Servicer, we must work with companies and partners who embrace our core philosophies and company vision. With our unique approach to the recovery of accounts, it is important that we collaborate with others who share our values and fit within our culture. To evaluate a potential partnership, we require an executive from each of our vendors and third-party partners to take the TTI Success Insights assessment. Those results help us identify relationships with the most potential for a favorable outcome.
“Using analytics to drive recruitment has consistently provided The Bureaus, Inc. with high-quality employees and more profitable partnerships,” says President Aristotle Sangalang. “We have been implementing the TTI Success Insights assessment since 2009 and since then, we have exponentially increased the retention and replication of our top talent. Our goal is to create success for our company, our partners, and our consumers. Finding and retaining the right talent is an integral part of how we have built a strong team of not just of our internal staff, but also of strategic partners, each of whom contributes to driving our company growth and building our positive corporate culture.”
About The Bureaus, Inc.
The Bureaus, Inc. is a master servicer for accounts receivable portfolios and a Certified Professional Receivables Company. Using cutting edge technology, internally developed proprietary tools, and the vast expertise of its management team, The Bureaus, Inc. combines technological strategies with data mining capabilities to identify opportunities not usually found by other asset management firms. Founded in 1928, The Bureaus, Inc. is located in Northbrook, Illinois.
This article courtesy of The Bureaus, Inc.