There are clear signs that recruitment technology can have a hugely positive impact for organisations of all sizes across nearly every industry. But because this notion is still relatively new, many are still hesitant to adopt it.
The use of recruitment technology like video interviews in the hiring process is experiencing a huge surge. At least 63% of companies use video recruitment software, according to Office Team, many for more than 75% of interview processes, and of the applicants who have tried it, the majority prefer video to other, more traditional methods, as Software Advice explains.
Despite these lofty statistics, video interviewing has not yet become standard operating protocol for many organisations. This is in part because it’s relatively new, which might suggest that old-guard decision makers can have an unclear conception of exactly how (and why) it works.
Out of the polled organisations who haven’t yet tried video interviewing, almost 70% prefer phone interviews — which is surprising, considering we live in an age when the traditional phone call is an increasingly rare phenomenon, according to the Atlantic. Late adoption of forward-thinking tech by senior professionals is to be somewhat expected, but organisations can’t afford to be left behind in today’s competitive recruitment market.
As Fast Company predicts, video will come to be an even more integral part of hiring in 2016, enabling recruitment professionals to “get a more realistic picture of [a candidate’s] interpersonal skills than a traditional resume can provide.” It’s one thing for an HR manager or recruitment professional to recognise these trends – but how do you convince a wary board to think the same way and invest in these relatively new technologies?
The best way to win over the Board is with statistics and structure. What are the current trends in recruiting, and what does a business stand to gain from implementing a more tech-centric approach? How will the plan be executed? When it comes selling the Board on any new idea, clarity is key.
For example, because video interviews are instantaneous and eliminate distance, most companies who incorporate video see a 67% reduction in travel expenses, a 47% reduction in the overall time-to-hire, and experience a 32% reduction in cost-per-hire, according to recent research by Aberdeen.
Technology like video interviewing is especially important as companies seek to attract younger hires. According to Deloitte (via CISCO), for 78% of Millennials, a company’s level of technological innovation strongly influences their decision to accept or decline an offer. It’s also helpful to note that video interviewing software from some service providers is compatible across both mobile and desktop platforms.
One of the key benefits of recruitment technology is to bolster diversity and inclusion (D&I) within an organisation. By using video technology and predictive analytics to reduce the possibility of unconscious bias entering the recruitment process and influencing business decisions, companies can build a more diverse and inclusive workforce from the ground up.
Importantly, D&I has become a key selling point for companies looking to attract forward-thinking, millennial talent. According to a recent Fast Company article, nearly 83% of millennials report feeling more invested and engaged in their work if they’re part of a diverse team, both culturally and intellectually. Why? Because 86% of millennials feel that intellectual and cultural diversity is a key driver of creativity and innovation.
But don’t just take their word for it – the proof is in the numbers: a recent report from the Center for Talent Innovation suggests that companies with solid D&I strategies are 45% more likely to improve their market share within a given year, and 70% more likely to capture a new market within that same period of time.
Inclusivity is equally as important: a recent study conducted by the Harvard Business Review indicates that employees are 3.5 times more likely to actively contribute and reach their full innovative potential if they work within an inclusive, “speak up” environment.
Ultimately, the goal of recruitment technology is to create a stronger, more successful company. Though this goal is multi-faceted (cutting recruitment costs, reducing turnover, bolstering D&I, etc.), it’s important to recognise that these issues are all directly related. By utilising technology to facilitate a smarter, more systematic approach to hiring, organisations can address potential problems of bias and discrimination at the root, while simultaneously finding the best fit for every opening in the most time and cost effective manner possible.
With such obvious and tangible business benefits, convincing the Board to buy into recruitment technology should be a walk in the park – just keep it simple and stick to the facts.
(Main image credits: Buildings/Unsplash)