Measuring the True Value of Video Technology
The data shows that hiring managers save time and money with a digital and video led interview process, but there are even more advantages to adopting video assessment and interviewing technology.
Over the past few years, HR departments have adopted video technology in favour of more traditional and costly interviewing methods. According to HR Magazine, more than 50% of the respondents to a recent Monster and University College London joint study use some form of video recruitment software in their process.
Indeed, these statistics don’t just speak to video recruitment’s widespread adoption: they support the idea that such technology offers serious benefits, making it easy to see why video to engage and assess candidates is quickly becoming standard best practice for many industries the world over.
Across the board, HR professionals reported significantly reduced hiring times after implementing video into their programme, as opposed to relying on in-person interviews exclusively. The Undercover Recruiter calculates that “traditional hiring methods take 45 days on average to hire a new position.”
One of the biggest obstructions to speeding the time to hire is the logistical nightmare of traditional telephone screening. According to Kyle Lagunas, a talent acquisition analyst for the Brandon Hall Group, “The amount of time recruiters spend scheduling and executing screening calls is exorbitant — it is one of the biggest time spends in their day.”
This is where the benefits of recorded video and live video interviews over traditional phone calls really begin to shine through. Especially with recorded video interviews where there’s no need to coordinate around a hiring manager’s busy schedule. The manager can watch the video at their convenience – including on their mobile device. Plus, importantly the candidate can take it at their convenience too.
Phone screening takes about 30 minutes on average, which adds up quickly when you’re interviewing a large pool of applicants. With video interviewing, recruiters, hiring managers can typically get the same output in half the time. This allows hiring managers to see more people faster, progress the right fit candidates quickly through to the next stage of the hiring process.
As companies make the switch to video interviews, they find the quality of the candidates rises as well. Until recently, Europcar relied on a recruitment agency to hire for their Heathrow operations. Despite the premium pricing, there was only a 30% “show up” rate for interviews, and the overall quality of candidates was low.
On their first pass at using video recruiting, Europcar improved their assessment centre show up rate from 30% to 90%. The candidate quality also improved markedly resulting in 50% of assessed candidates receiving an offer. All this while reducing costs by an estimated £15,000.
Today, the candidate experience is more important than ever before, so making the application process as seamless and convenient as possible should be a priority. With video recruitment software, candidates can record their interviews at a time that’s best for them, meaning they’ll be able to put their best foot forward.
For companies, the ability to showcase specific aspects of brand and company culture is a major advantage. The applicants will be able to better understand the type of organisation they’re dealing with – ensuring a qualified candidate’s organisational fit will not only result in a more engaged and productive employee, but will dramatically increase the likelihood that they’ll stick around for the long-term. This can dramatically reduce attrition and the associated costs of replacing staff.
The very platform itself lets prospective employees know that your company is a forward-thinking and innovative place to work, which will play a key role in your ability to attract the best talent.
Some degree of bias exists within nearly every recruitment process (we are human after all!), which, if left unaddressed, could result in a less diverse workforce. A lack of diversity in your staff keeps you from reaping some of diversity’s measurable benefits.
Recent data from McKinsey indicates that ethnically diverse companies are 35% more likely to generate financial returns above the national industry median. In the UK, for every 10% increase in gender diversity on senior-executive teams, companies saw a corresponding 3.5% jump in their earnings before interest and tax. Organisations with greater diversity are 30% more likely to perform better, according to The HR Director – and potentially expose the company to discrimination lawsuits.
Video interviewing provides you with probably one of the most fair, ethical and repeatable process available in the market today. All candidates get asked the same question sets; all reviewers are asked to grade candidates against set review criteria; and simple share tools allow business to push candidates out for wider collaboration on assessing candidates.
Moreover, by embracing a more systematic, measurable approach to recruitment, hiring managers can mitigate the chances that someone’s personal prejudices might creep into the process, ensuring everyone gets the fair shot they deserve. Ultimately the ability to see and have an audit trail of why a candidate has progressed or not ensures that you can spot any inconsistencies and act accordingly.
The core objective is to ensure you engage with candidates and as a business you can truly make informed hiring decision. Simply put, hiring the best talent for your business results in company growth, increased productivity and a competitive advantage.
(Main image credit: Pexels)