Colonial Properties Improves Hiring Process, Reduces Turnover by 40%
Colonial Properties Trust is a leading real estate investment trust that owns a portfolio of multifamily, office and retail properties.They set a goal to significantly reduce turnover levels in their multifamily division. Colonial Properties Trust and Profiles International began working together in 2005.
In the beginning years of implementing this employee assessment to their organization, Colonial focused solely on using the ProfileXT for guiding their hiring decisions. As the real-estate industry was suffering, HR managers knew they had to focus on hiring the right people as opposed to spending money on other projects.
Hiring Process at Colonial
Colonial uses the ProfileXT at the very beginning of the hiring process. They hoped that by implementing the employee assessment at this stage, they would in turn be able to provide extra information for the hiring managers to guide them in making the best decisions for opening positions.
The ProfilesXT helps organizations identify job-critical characteristics of top-performing employees, and use this performance model as a basis for hiring ideal candidates.
It acts as a guide because without an employee assessment solution, these characteristics would go un-noticed.
Learning more about their current employees
Colonial were smart, by using the ProfileXT in other processes and asking all employees to complete an assessment they were able to obtain an abundance of data and information on their entire workforce. When hiring internally or promoting, this data in priceless.
Profiles International Vice President Philip Shuler Explains the Principles of Job Matching and Using Performance Models to Make Better Hiring Decisions
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Communicating messages to employees
Colonial made sure they communicated their overall objectives of using these employee assessments to all company. That these assessments were not just to analyze or assess an individual, but to understand employee strengths and weaknesses, as well as keeping thorough records.
Understanding the products
Everyone involved in the implementation and use of the assessments received training on the ProfileXT . They learned about statistics, how the products work, and how to interpret the results of the assessments and determine which candidates results would likely be most suitable for a position or staying at their job.
ProfileXT – Not the final decision
These employee assessment tools act as a guide for hiring managers. They provide extra information that otherwise would not have been obtained. However, results from these do not have the final say. Hiring managers may still hire an employee who is not evaluated as a good fit.
Since implementing the ProfileXT, new trends have been developing in Colonial. These trends are that the overall number of people hired, are still in their position 12 months on. ProfileXT has helped Colonial identify these people.
In the past, Colonial did not share the results of an individual’s assessment with them, but now they see the benefit of doing so. Employees can now identify their areas of strengths and weaknesses so they may set career goals on work on problem areas.
Results are also shared with executives to outline people’s aspirations and goals within the organization and identify those candidates for possible promotions/career development.
In the recent years of using Profiles products, Colonial have exceeded their expectations and reduced turnover by over 40%.
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