On July 1st 2017, Pexitics held the first of its official webinars to talk about technology and analytics in the space of hiring and to introduce PexiScore. This is the third article in the series that delves into key points of discussion that were raised in the webinar and focuses, on the PexiScore itself. While assessments for hiring is not an entirely new concept, no one yet, has developed a scoring system to measure the level of Job Fit for candidates applying for a job.
While scoring is now widely applied in the financial sector to measure the credit worthiness of an individual seeking a loan, its application till now, has been limited to just that. The webinar leader Subhashini Tripathi and Founder and Chief Data Scientist at Pexitics spoke about how, when credit scores were first implemented, they had been met with a lot of scepticism. Overtime however, they have become the industry standard and a publicly used standard to measure the credit worthiness of an individual, making it that much easier for the right or more difficult for the wrong individuals to obtain loans. This has simplified operations for lending institutions globally and made debt recovery a much more certain process.
Credit Scores like CIBIL successfully measure the credit worthiness of an individual through certain parameters and generate a numerical score. So now, 15 years down the line from when CIBIL was first introduced, you even have advertisements that say: if you have a CIBIL score of 700, walk in and walk out with a personal loan.
If such parameters were identified for the purpose of measuring the Job Fit (worthiness) of an individual, couldn’t a composite score then, simplify the process of hiring and make the process much more reliable? This is the idea with which Subhashini and Reuben Ray, Founder and CEO of Pexitics started to develop the idea of a Job Fit Score and two years down the line successfully launched PexiScore.com. Both had rich experience within the financial sector, had witnessed the credit score implementation and understood the workings of score calculation.
The PexiScore itself is calculated using the 7AS (Attributes Scale) Methodology which includes 7 Psychometric Attributes, custom defined skill measures and aptitude measures.
All these 16 parameters are measured and numerically calculated through 35 equations that run in the background and respond to variations in all the above parameters or attributes. These variations could be in terms of years of experience required, criticality of certain skills, level of expertise required in certain technologies, personality attributes required for a certain job etc. The score generates a relative ranking of candidates against the Job Description they are being assessed for. The score itself ranges between 300 – 800.
While the score is highly effective in shortlisting a manageable number of candidates, it’s the PexiScore report that breaks down each aspect of the score and helps recruiters make key decisions while trying to select a few from a set of very similar candidates. Subhashini explained this further with the example of hiring for a business development role. If a KPO decided to hire a Business Development Manager and used the PexiScore assessment, the hiring manager would probably receive applications and assessments for people looking for a BDM role, from several sectors. These candidates might also perform equally well in the assessment especially in the behaviour and aptitude section.
However, the PexiScore will be higher for candidates who perform well in the aptitude and behaviour section of the assessment and have experience in the KPO sector than candidates who perform well in the aptitude and behaviour section but are from other sectors. The 7AS framework and methodology has made an algorithm that understands the difference between experience and relative experience possible and makes score calculation accordingly. The PexiScore report clarifies these differences at a minute level helping hiring managers prioritize the attributes according to the Job Description and select the most suitable candidates for interviewing.
All the components that go into the calculation of the PexiScore can be assigned weights according to the Job for which the assessment is being set up. For example, while numerical ability would be of critical importance while seeking to hire a data scientist, it won’t be as useful while hiring a customer service executive who in turn would probably need to exhibit more emotional intelligence in the form of diplomacy and have good language skills. Scoring to measure Job Fit is now a reality and PexiScore is helping the organizations build the workforce of the future.
If you want to learn more about PexiScore visit https://pexiscore.com/ and request a demo. You can also connect with Subhashini Tripathi at https://www.linkedin.com/in/subhashinitripathi/ and Reuben Ray at https://www.linkedin.com/in/reubenray/
Stay tuned for the next article in this series and subscribe to get notified every time a new article is published. We will also be hosting more Webinars. Please follow us at https://www.linkedin.com/company/pexitics.com to get updates regarding this.
To register for our next webinar on understanding the KEY DRIVERS OF EMPLOYEE ENGAGEMENT visit: https://pexitics.com/events/
Read other articles in this series:
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