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Procurement Market Intelligence Report

Psychometric Testing Services
Sourcing Guide & Market Trends

Comprehensive intelligence for making smart purchasing decisions

Learn about actual and potential costs

How much should I pay for Psychometric Testing Services?

What is the average price of Psychometric Testing Services?

This procurement report includes pricing information to help you purchase Psychometric Testing Services. Our analysts provide a benchmark price and a price range based on key pricing factors to help you understand what you should be paying for this specific product or service. To see the average price for this and hundreds of other products and services, subscribe to ProcurementIQ.

Has the price of Psychometric Testing Services been rising or falling?

Analysts look at market data from the previous three years to determine an overall price trend. You can use the recent price trends to help you understand price volatility and plan your budget.

I’m not ready to purchase Psychometric Testing Services yet. Will I pay more if I wait too long?

We forecast the next three years of price movements by looking at factors likely to affect the market's supply chain, such as inputs, demand and competition. You can then use the price forecast to figure out the best time to purchase.

What other costs are associated with purchasing Psychometric Testing Services?

Our analysts calculate the total cost of ownership and assign a level of low, moderate or high, depending on things like customization, integration and installation. Use this information to budget for Psychometric Testing Services with a reduced risk of unexpected costs.

See how we display average pricing information, trends and market data.

Find the vendor to meet your needs

Where can I purchase ?

The psychometric testing market is highly fragmented, with the top four vendors generating less than 30.0% of total market revenue and no major vendors holding a significant share of the market. There are an estimated 2,430 suppliers of psychometric testing services, and the overall number of enterprises has remained fairly... Subscribe to learn more.

Questions to ask potential suppliers

How can I gain leverage during negotiations?

Experience and Expertise

How long have you provided these products to your longest-tenured client?

What qualifications does your staff have and what measures do you take to keep those qualifications up to date?

What industry do you most commonly supply this product for?

To what extent will ordering multiple products from your firm allow me to save on costs?

What is your repeat business rate for businesses in my industry and how does that compare to your overall rates?

Supply Chain Risk

Over the past three years, what percentage of your revenue has been dedicated to raw input materials? How has that changed?

Has the availability of raw materials tightened due to the coronavirus outbreak?

Over the past three years, what percentage of your revenue has been dedicated to labor?

How have fluctuations in input prices affected the prices of your products during the past three years?

How do you mitigate sudden price increases in raw materials?

When input prices rise, how much of the cost is absorbed by you and how much is passed onto buyers?

How, if at all, has your supply chain been affected by import tariffs levied in 2018?

Regulation

How do you manage regulatory change? Do you have regulation advisers or methods to track regulation?

How have changing regulations influenced your pricing now and how will the changes affect prices over the life our proposed agreement?

What ongoing training procedures do you provide for your staff?

Have you ever been found to be noncompliant with regulatory frameworks?

Amid widespread health concerns during the COVID-19 pandemic, what contingency plans are in place to mitigate risk to your clients and employees? Do you offer clients any flexible exceptions, such as contract suspensions?

Qualifications

How long have you been providing psychometric testing services?

How often do you conduct research or update your databases? Do you benchmark your standard trends against other firms?

Do you have verifiable results showing how your tests have helped previous buyers? Do you have references?

Do you employ psychologists or other relevant specialists to assist buyers in interpreting test outcomes? What skills or traits do you seek in your employees?

Value

Do you offer other supplemental services that can bolster the usefulness of your cognitive or personality assessments?

How do you recommend that buyers evaluate the true return on investment when purchasing your testing services?

Is there a risk that these tests may be discriminatory against certain groups of test takers? What evidence do you have to support your stance on this?

How will your tests help a business or organization reduce turnover and improve hiring efficiency?

Quality

How do you ensure that your psychometric tests measure stable behavioral traits? Are these tests designed for a specific occupational context?

Do you implement any checks or controls to protect and improve the security of your tests? How do you prevent individuals from cheating?

How do you make sure your services offer a consistent level of measurement across individuals?

What procedures have you implemented to ensure your tests are objective?

Competition

Who are your largest competitors and what makes you stand out from the competition?

Do you offer any incentives for changing suppliers?

Have you considered merging with or acquiring another firm? How will this affect your business model?

What steps have you taken to improve your firm's reputation during the past three years?

External Drivers

How have changes in corporate profit levels affected your operations in recent years?

How do you encourage businesses to invest their earnings into your services as the broader economy is expected to improve?

How do you monitor national hiring trends?

Are you experiencing fluctuations in demand as a result of the coronavirus outbreak? What measures are you taking to handle changes in demand?

Internal Operations

How do you recruit and retain high-quality consultants and technical staff?

What sort of relevant market research do you conduct to stay up to date with psychometric developments?

Do you offer a mixture of online and in-class testing? Would offering more virtual tools improve operational efficiency? How would these benefit buyers?

How have you managed to maintain control over your wage expenses? How does this affect the quality of your staff?

Amid widespread health concerns, what contingency plans are in place to mitigate risk to your clients and employees? Do you offer clients any flexible exceptions, such as contract suspensions?

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Key elements for every RFP

What should my RFP include?

Project Budget

If one exists, buyers should specify their budget for the desired testing services.

Buyers should define payment schedules.

Buyers should request detailed cost breakdowns for the tests requested.

Buyers can reference the Benchmark Price and Total Cost of Ownership sections of this report for assistance in creating a budget.

Selection Criteria

Buyers should evaluate suppliers based on the viability of their submitted work plan and their proven experience.

Buyers should evaluate suppliers based on their timeliness.

Buyers should also evaluate suppliers based on cost.

Buyers should request references from current and former clients.

For detailed selection criteria requirements, buyers should reference the Buying-Decision Scorecard section of this report.

Project Schedule

Buyers should outline when proposals must be submitted.

Buyers should communicate to prospective suppliers when bid awards will be posted.

Buyers should outline the length and terms of the contract and cancelation policy.

Evaluate major factors to mitigate risk

How risky is the supply chain?

Buyers do not face significant risk from the supply chain for psychometric testing services. Most of the goods that suppliers require to conduct services are widely available, reducing the likelihood that a disruption in the supply of critical inputs will result in service interruptions. To provide psychometric and skill test... Subscribe to learn more.

HIGH

MEDIUM

LOW