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The Selection Lab raises €1.25M for further growth

The Selection Lab, a start-up with state-of-the-art assessment technology, has raised €1.25M in a recent investment round, reflecting the searing investor interest and market demand for user-friendly assessment software. The round is led by Borski Fund, and joined by a current investor Arches Capital.

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Founded by the married couple Lotte Welten (CEO) and Joeri Everaers (COO), and joined by Jordi Wippert (CTO), The Selection Lab has accomplished to break through the issues of complexity, pricing, and bad user experience that continue to stigmatise objective screening methods. The software developed by The Selection Lab is easy-to-use without prior HR experience, can be integrated with other HR software, and uses only scientifically validated tests. A smart data layer provides an objective way to analyse the soft skills of candidates. The layer allows recruiters to compare the skill profiles of candidates to different groups such as other applicants or best performing employees.

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Since its founding in 2018, The Selection Lab is set on a stellar growth path. The client base has expanded from 30 to over 180 over the last two years, and the traction unquestionably proves that The Selection Lab has developed a software that meets the demands of a highly versatile market. The investment will contribute towards the expansion of the tech and sales, as well as boosting client acquisition through marketing. More information on vacant positions can be found on the job page.

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"Due to our partnership with Borski, not only are we able to continue to grow our revenue, but also double down on impact," said Joeri Everaers, COO and co-founder of The Selection Lab.

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Laura Rooseboom, Partner at Borski Fund, viewed the benefits of the investment in a similar light: “Investing in The Selection Lab highlights our vision for the future of hiring – one that prioritises an objectivity, inclusivity, and fair process to ensure that organisations can confidently choose the best candidates for their success. This aligns with our core values of innovation, diversity, and the pursuit of excellence in finding the right individuals for organisations.”

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The Selection Lab was built on the belief that by objectively matching the right people with the right roles through skill-based hiring changes lives, organisations, and even society as a whole. "With this investment, we're one step closer to revolutionising the selection process of employees – making it more objective, more professional, and more focused on the soft skills that truly matter,” added Lotte Welten, CEO and co-founder at The Selection Lab. “Together, we will redefine what it means to be 'the right fit' and boost diversity at the same time."

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To celebrate the remarkable next step, The Selection Lab is offering a free 3-month period for all new clients that apply in October 2023.

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About The Selection Lab

The Selection Lab is an Amsterdam-based developer of assessment technology to screen applicants. Since 2018, the founders Lotte Welten (CEO),Joeri Everaers (COO), and Jordi Wippert (CTO), have helped envision an objective, skill-based hiring method that is both user-friendly and easy to implement. The team believes that objectively matching the right people with the right roles reshapes lives, organisations, and even the society as a whole. Focusing on the soft skills of candidates, and using a smart data layer to provide insights about the candidate profiles vis a vis the current employee base, The Selection Lab allows companies to answer the million dollar question: which soft skills determine the success of employees within my organisation?

The Selection Lab has been awarded the best e-assessment in the Recruitment Tech 35 of 2023.

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About Borski Fund

Borski Fund is an innovative Venture Capital Fund founded by the dedicated duo of Simone Brummelhuis and Laura Rooseboom in 2019. With an initial commitment of €21M, and current fund size of €40M through multiple closings, Borski Fund continues to ease the access of inclusive and gender diverse start-ups to capital. The Fund continues to provide driven entrepreneurs the key to a vast world of growth opportunities and success stories.

Borski Fund will attend the upcoming edition of Web Summit, which takes place in Lisbon from November 13-16 2023.

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About Arches Capital

Arches Capital is an Angel Syndicate of 100+ business angels, that is bridging the gap between venture capitalists and business angels. They act like a VC and engage, care and inspire as the angels they are. The angels in the syndicate are seasoned entrepreneurs and experienced angel investors. Arches Capital invests in entrepreneurs that build generation proof B2B software companies, through empowering the entrepreneurs and by accelerating the growth of their companies. They now have a portfolio of 17 B2B software companies and support its portfolio companies from initial investment all the way to a successful exit.

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Contact details

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Name: Joeri Everaers

Role: Founder & COO

Email: joeri@theselectionlab.com

Phone: +31 (0)654 36 17 57

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FAQ

Can game-based assessments promote diversity in the recruitment process?

Yes, game-based assessments can promote diversity by focusing on skills and behavior rather than traditional criteria like résumés, which may contain unconscious biases. This gives candidates from diverse backgrounds an equal opportunity to demonstrate their potential.

What is a game-based assessment?

A game-based assessment is a testing method that uses game mechanisms to evaluate candidates' skills, competencies, and personality traits. During these games, various aspects such as problem-solving ability, cognitive capacities, and behavior under pressure are assessed interactively.

What are the advantages of game-based assessments?

Game-based assessments can offer an interactive and engaging experience for candidates, which may contribute to a more positive perception of the application process for certain groups. For employers, these assessments provide deep insights into both cognitive and behavioral qualities in a way that traditional tests may not offer. Additionally, they can reduce the likelihood of socially desirable behavior, as candidates in a game environment often respond more authentically and spontaneously.

How reliable are game-based assessments compared to traditional tests?

If well-designed, game-based assessments can be just as reliable, and in some cases even more reliable, than traditional tests because they measure a wide range of behavioral indicators and cognitive skills in a dynamic setting. However, there is a significant difference in quality among various game-based assessments, so it’s important to be mindful of this.

How does a game-based assessment work?

In a game-based assessment, candidates participate in interactive games designed to measure specific skills and behaviors. During the game, not only the final result is analyzed, but also how the candidate makes decisions, responds to challenges, and handles different scenarios. These observations provide insights into their thought processes and behavior patterns.

Are game-based assessments scientifically validated?

The major disadvantage of game-based assessments is that they are relatively new, meaning many have not yet been thoroughly researched by independent researchers. Many companies cite their own studies, but these are rarely independently validated. Without independent research, you cannot be certain of the reliability of game-based assessments. Be aware of this when selecting the most appropriate assessment.

How can game-based assessments contribute to a better candidate experience?

This varies greatly depending on the target group. Due to the playful and interactive nature of game-based assessments, some groups of candidates experience less stress than with traditional tests. Research shows that certain groups (particularly candidates over the age of 35) tend to experience more stress from a game. Additionally, studies have found that men generally perceive games more positively than women.

Can you practice game-based assessments?

Although you can familiarize yourself with the type of games used, game-based assessments are difficult to practice specifically. They are designed to measure natural reactions and authentic behavior, so repetitive practice has less influence on the outcome than with traditional tests.

Will game-based assessments replace traditional tests in the future?

It is likely that game-based assessments will play a larger role in future recruitment processes, but a complete replacement of traditional tests is uncertain. Both methods can complement each other and be used depending on the specific requirements of the role and the company's preferences.

How are the results of a game-based assessment analyzed and interpreted?

The results of a game-based assessment are analyzed based on predefined parameters such as problem-solving ability, reaction time, and behavior under pressure. Advanced algorithms automatically collect and process the data to provide an objective and reliable assessment of the candidate's competencies and skills.

What skills are measured in a game-based assessment?

Game-based assessments measure a wide range of skills. For example, they evaluate a candidate's problem-solving ability, adaptability, decision-making under pressure, collaboration, and emotional intelligence. Depending on the specific design, cognitive skills such as memory, attention, and pattern recognition may also be assessed.

How long does a game-based assessment take?

The duration of a game-based assessment varies but usually lasts between 15 and 60 minutes. This depends on the complexity of the game and the number of skills being measured. These assessments are often shorter and more interactive than traditional tests, which can contribute to a more enjoyable candidate experience.

Are game-based assessments suitable for all roles?

Game-based assessments are particularly suitable for roles where cognitive flexibility, creativity, problem-solving ability, and interpersonal skills are crucial. For highly technical or specialized roles, additional tests or evaluations may be needed to measure specific knowledge and expertise.

What is the difference between a game-based assessment and a gamified assessment?

The difference between a game-based assessment and a gamified assessment lies in the extent to which game techniques are integrated. In a gamified assessment, traditional tests are enhanced with game elements to increase engagement, while in a game-based assessment, the game itself is the primary tool for evaluation. In a game-based assessment, candidates are assessed based on their interaction within the game, which is designed to measure specific competencies.

FAQ

How can I improve my company’s retention rate?

The retention rate can be improved by investing in employee development and satisfaction. This includes offering training, career opportunities, and recognition for their contributions. A culture of open communication and attention to work-life balance can also contribute to higher retention. Additionally, offering competitive compensation and involving employees in decision-making can strengthen loyalty.

What are the benefits of growth opportunities for employee retention?

Growth opportunities can promote employee retention by giving staff a sense of direction and motivation. When they have the chance to learn and develop professionally within the company, they feel valued, which increases their loyalty. This can prevent them from leaving to seek better opportunities elsewhere. kunnen het behoud van personeel bevorderen door medewerkers een gevoel van richting en motivatie te geven. Wanneer zij de kans krijgen om te leren en zich professioneel te ontwikkelen binnen het bedrijf, voelen zij zich gewaardeerd, wat hun loyaliteit vergroot. Dit kan voorkomen dat ze vertrekken om elders betere kansen te zoeken.

What are the key factors that influence employee retention?

Key factors that influence employee retention include salary and benefits, opportunities for professional development, work-life balance, company culture, and the relationship with supervisors. Employees tend to stay longer when they feel valued, challenged, and supported in their work environment.

Why is employee retention so important for organizations?

Employee retention is important because it helps reduce recruitment and training costs for new employees, and it contributes to retaining knowledge and experience within the organization. High retention also ensures continuity within teams, leading to a more stable company culture, higher customer satisfaction, and improved business outcomes.

Which recruitment strategies help improve retention?

Recruitment strategies that can improve retention include identifying candidates who align with the company culture, using assessments to evaluate soft skills, and providing transparency about role expectations during the hiring process. Employees who feel connected to the organization and have clarity about their role are more likely to stay longer.

How can a good onboarding process contribute to higher retention?

An effective onboarding process can contribute to higher retention by helping new employees quickly adapt to their role, the company culture, and expectations. By providing support and clear information from the start, their engagement is increased, and the likelihood of them leaving early due to feelings of being overwhelmed or lacking guidance is reduced.

What is the role of company culture in retaining employees?

Company culture plays a crucial role in employee retention. When employees feel heard, valued, and connected to the values and norms of the company, they are more likely to stay. A positive culture that fosters collaboration, respect, and personal growth can significantly enhance employee motivation and satisfaction.

How can leadership and management style influence retention?

Leadership and management style have a significant impact on retention. Leaders who inspire, support, and coach their team can increase employee engagement and satisfaction. Offering autonomy and trust can lead to higher loyalty, while inefficient or negative management styles can contribute to dissatisfaction and increased employee turnover.

What is the importance of recognition and rewards for employee retention?

Recognition and rewards play an important role in employee retention by showing staff that their work is valued. This can increase their motivation and loyalty. In addition to financial rewards, compliments, promotions, and other forms of recognition can also contribute to satisfaction and retaining employees.

What role does work-life balance play in improving retention?

A balanced work-life balance plays an important role in increasing retention. By reducing stress and improving job satisfaction, employees are more likely to stay with the company. Initiatives such as flexible working hours, remote work options, and respect for personal time can contribute to this balance.

How do I measure the success of my retention strategy?

The success of a retention strategy can be measured by tracking retention rates and turnover rates, and by gaining insights from exit interviews. Additionally, employee satisfaction surveys and feedback from performance evaluations can provide valuable information about the effectiveness of the strategies applied.

What does increasing retention mean within a company?

Increasing retention within a company means implementing strategies to keep employees with the organization for longer. This can be achieved by improving job satisfaction, offering growth opportunities, and fostering a positive and supportive company culture.

What are the costs of a low retention rate?

A low retention rate can bring significant costs, such as increased expenses for recruiting and training new employees. Furthermore, the loss of experienced staff can lead to lower productivity, reduced knowledge transfer, and a negative impact on company culture.

How can I increase employee engagement?

To increase employee engagement, involve them in decision-making processes, regularly ask for their feedback, and recognize their contributions. Offering development opportunities and maintaining transparent communication can also contribute to greater engagement.

How can technology help improve employee retention?

Technology can be a tool for improving employee retention by facilitating communication, feedback, and development. By using online platforms for training, recognition, and evaluation, companies can create a more engaged and satisfied workforce.