As many as 95% of employers admit to hiring the wrong people each year. Worse, more than a third of employers report being unaware of the true costs of bad hires, which can reach as high as five times annual salary costs.
In other words, a century of data tells us that the candidate with the highest number of degrees, straight A’s, and work experiences - even in the"right” industry - isn’t always the"right” candidate. Prestigious professional service firms, as one example, employ resumes and a host of other traditional screening techniques in their search for the"best and brightest” employees. Research tells us, however, that they often accidentally select employees based on"looking glass merit, ” or similar race, class, gender, and other traits to hiring decision-makers.
The Equal Employment Opportunity Commission actively polices"adverse impact, ” and candidates can sue employers for it. Between 2015 and 2018, for example, Target paid out almost $7M in fines and settlements over adverse impact in its pre-hire assessments and other recruiting screens. Again, scale is a challenge - but here, technology can help, delivering simulations that test skills, such as coding or clinical diagnosis, at unprecedented scale and with far more minimal risk of bias.
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