The Bubble Has Not Burst: Why The Video Interviewing Industry Is Still Growing
Upon closer examination of the video interviewing hype, it’s clear that the industry is here to stay. Research shows that recruitment strategies should be utilising video interview technologies to reduce costs and increase efficiency.
Six months ago, video interview technologies were experiencing a tangible hype. After years of considerable buildup, it appeared that these technologies were ubiquitous among the most successful recruitment strategies.
Following 2013 research by American companies like Aberdeen, it became indisputable that video interview technologies have staying power: they reduce costs for candidates and clients, improve the broad slate of candidates, shorten hiring time, and enhance organisational fits.
Finally, recruitment firms and companies had readily available video technologies that solved the problem of inefficient and out-dated recruitment strategies—a problem that still plagues many slow-adapting companies today, according to Onrec.
The statistics tell a more complex story than ‘money is wasted on unsuccessful interviews.’ Of the businesses surveyed, more than half (55%) had never even used video interviewing technologies. So for many cases, the video interviewing bubble has yet to grow to its potential.
Despite that, the majority of businesses surveyed admit to never utilising video interview technology, one third (33%) describe themselves as ‘tech-savvy’, 30% use FaceTime, and 27% use video conferencing.
Therefore, it appears that many businesses assume they are using contemporary and useful technologies, when they really need catch up with their peers and begin utilising custom video interviewing technologies that stretch far beyond the standard FaceTime or Skype call.
As the Aberdeen research showed, video interviewing is already an established tool for recruitment firms in the USA. Video Interviews reduce costs and save time for short-listing candidates as well as improve companies’ overall efficiency in the recruitment process. But the Foosle research implies that this trend is lagging in the UK, in spite of the fact that the UK businesses surveyed said that they associate video interviewing with benefits like saving time (46%).
Foosle Managing Director, Alistair Rennie, says it seems that many businesses “are unaware of exactly how video interviewing can help them.” Thus, the problem is not a deficiency on the part of video interviewing technology, but a problem of lack of awareness of the benefits of the video technologies. Almost half (45%) of businesses admit that they never considered the technology an option, versus being too expensive (4%) or too difficult (4%).
But considering that 51% of the businesses are looking for new ways to save money in the recruitment process, it is perplexing that so many are not utilising the video interview technologies.
We cannot blame the research examining the use of video interviewing technologies for the misconception of the video interviewing hype—whether it’s positive hype or not—nor can we blame the businesses contributing to the research. The perceived potential, or state of the industry’s hype bubble, is important for the video interviewing industry to acknowledge.
This is where LaunchPad Recruits comes in. By offering state-of-the-art video interviewing technologies and software, equipped with mobile-optimisation and confidence-assuring security under the Data Protection Act (as explained by the Information Commissioner’s Office), LaunchPad is a pertinent option for the recruitment strategies of UK businesses.
The importance of utilising video interviewing technologies cannot be overemphasised, as the bubble is still growing. Video interviewing technologies are ubiquitous to the best American recruitment strategies, according to many analyses in addition to Aberdeen, such as Business2Community.
B2C suggests that the recruitment process is practically beyond video interviewing, with increasing use of social recruiting and mobile technologies. This extreme perspective further emphasises the importance of updating recruitment strategies to include video interview technologies. We also cannot forget that such technologies can be mobile-optimised, such as the technologies offered by LaunchPad Recruits.
The video interviewing bubble has not burst. To recruitment firms and companies seeking candidates: catch on while the bubble is still growing, ensuring your place in the contemporary recruitment industry.