Cutting Recruitment Costs: the Benefits of Video Interviewing
As new technologies develop, traditional recruiting methods are becoming inefficient and obsolete. Companies need to get creative and embrace innovation if they want to stay on top.
Building a successful business begins with the hiring process. For companies looking to cut costs and grow, hiring the right people the first time around is key. But many hiring professionals are still struggling to efficiently identify the proper candidates, leading to high turnover and redundant spending.
A recent Harvard study indicates that 80% of turnover is linked to faults in the hiring process, according to Dice. Considering the fact that traditional recruitment methods require, on average, about 45 days to implement and cost anywhere from $1,500 (£900) to $5,000 (£3,300) per hire, it’s not hard to understand how the cost of replacing just one bad hire can quickly add up to four times an employee’s yearly salary.
In fact, many companies are hemorrhaging over $50,000 (£33,000) a year as a result of inefficient recruiting.
As computers and mobile devices become more powerful, video technology is improving and becoming increasingly pervasive. According to a report by Cisco, online videos will make up 55% of global consumer internet traffic by the year 2016. In an age when every device seems to have a built-in camera, more and more hiring professionals are beginning to realise the benefit of online video as a recruitment tool.
Video interviewing software offers a convenient and cost-effective alternative to face-to-face interviews during the initial screening process. It can cut travel costs by up to 67% by streamlining the process, resulting in fewer yet higher-quality “in-person” interviews.
The video platform also adds a degree of personal engagement at the base level, which can help you weed out less serious candidates who may lack genuine interest in your company.
A major challenge in the initial stages of any recruitment campaign is time. Scheduling interviews requires coordinating the availability of every potential candidate with the availability of the hiring manager. In a high-volume campaign involving ten-plus candidates, it’s easy to see how things could get chaotic rather quickly.
Video interviewing software allows potential candidates to record answers to questions at a remote location, which can then be reviewed and shared by hiring professionals at their convenience. It takes scheduling and availability issues out of the equation completely.
Video interviews also afford a more intimate feel for a candidate, providing recruiters with valuable information, such as body language, presentation, and other non-verbal cues that can’t be gleaned from a traditional phone interview. Recruiter.com found that the typical phone interview takes about 30 minutes.
Most HR professionals reported knowing whether or not a candidate was a good fit within 90 seconds when a visual component was added to the mix.
The main advantage of video interviewing software is that it allows recruiters to expand their reach at a fraction of the cost of the traditional recruiting model. But with a larger network comes the need to effectively manage a high volume of potential candidates. In many cases, it’s not just the technology that makes the difference, but also the infrastructure surrounding it.
Established industry innovators like LaunchPad Recruits can help guide HR professionals through uncharted territory. LaunchPad’s easy-to-use interface is backed by world-class support and customer service, ensuring its seamless integration into your existing system. Video interviewing software is a valuable tool, but it’s the ability to effectively implement and manage it as a hiring resource that will ultimately make the difference.