Measuring the Value of Your Software
There’s lots of reasons why organizations are adding video interviewing to their HR strategy, and one of the main reasons is the return on investment. Pre-recorded video interviews are not only more convenient but are a much better economic option than traditional phone interview methods of screening candidates. Because the need to scheduling interviews is eliminated, the costs associated with time are minimized as recruiters can move on to the next applicant if they discover one who is unqualified. Recruiters also get more out of their questions due to the ability to see a candidate’s body language and “meet” them without having an introduction.
The platform can also save time in the later stages of the process as recruiters know they are getting the best quality candidates in the screening stage.
The Cost Savings That Come with Video Interviewing
Screening candidates can become extremely expensive. These costs include recruiters working overtime, and the price of an open position remaining unfilled for a period of time. During the screening stage, our clients see a 30% to 80% reduction in screening costs when using pre-recorded video interviews.
A lack of productivity has also shown to be costly for companies, especially when a position remains unfilled for a long period of time or when the hiring process is taking longer in the recruiting office. When a position remains unfilled, companies have critical tasks that remain unfinished, slowing down production rates, and in the recruiting office, the longer a task takes the more value is applied to a recruiter’s work.
Pre-recorded video interviewing helps recruiters reduce these unnecessary costs through its asynchronous aspect. If a candidate can only record their interviews at a particular time in the evening, this has no effect on the recruiter, who can simply watch the interview when they come into work the next morning. This method of screening has also proven to increase levels of productivity, meaning many of the costs associated with scheduling, conducting, and reviewing interview notes when done by phone are minimized or eliminated.
How a Pre-Recorded Video Interview Reduces Your Time to Hire
Recruiters spend significant amounts of time on the screening process, a stage of hiring that has traditionally been time-consuming for both candidates and recruiters.
For many years, recruiters have approached screening through phone interviews, interviews which are typically set up through email in advance with each candidate. One problem so common it’s become overlooked by recruiters over the years is the time that it takes to schedule these interviews, often taking even longer than conducting the actual interviews themselves.
Another factor of screening interviews conducted over the phone that is a major time-waster is long, off-topic responses candidates will often give in conversation. Recruiters can experience interviews at double the time they were supposed to take, which limits interfering with an entire day’s worth of interviews.
Pre-recorded video interviewing eliminates scheduling screening interviews entirely as the candidate, meaning the time typically spent on that task can be used to review interview responses quicker, and on a schedule that works for the recruiter. Because the interviews are one-way based, hundreds, even thousands of interviews can be completed and submitted all at the same time, depending on the candidates. With VidCruiter, recruiters decide how much time candidates are given to record their responses, ending the video when it reaches its limit. This means there’s no more time is spent reviewing than the recruiter can provide.
Increase the Quality of Your Hire
Recruiters, hiring managers, and executives all know and fear the cost of a bad quality hire. These hires end up costing the company more than the value they produce, meaning they are something we all try our best to avoid.
A common problem recruiters will run into is how to evaluate their candidates during interviews. Often, they will base their decisions off instinct, or take free-hand notes and compare these later.
The issue with this, however, is that these methods result in biased, unstandardized decisions that can result in poor quality employees. VidCruiter’s pre-recorded video interviewing software is equipped with structured interviewing, a feature that ensures candidates are rated fairly based on the same criteria, so recruiters can be sure they are choosing the best possible candidates throughout the process.
By being able to interview more candidates, the likelihood of finding a higher quality candidate is also increased. A fast, seamless interview process will encourage more candidates to apply and stick with the process, giving recruiters a higher quality candidate pool to choose from.
Additionally, quality is improved where there is no longer one person determining whether an applicant is qualified over the phone, as responses are easily shared amongst team members. This means more accountability and cooperation is made possible for recruiters, leading to more thorough and better decisions being made.
Pre-recorded video interviewing proves its value by giving recruiters a better picture, and a more organized process that will help them to select high quality, dedicated candidates for the next stage in their hiring process. It also shows its worth in its ability to create a quick, easy process for both the recruiter and the candidate, keeping candidates interested in your company and the position.
Interested in More Information About Pre-Recorded Video Interviewing Platforms?
VidCruiter has a lot of information on pre-recorded video interviews available in the articles below, but the best way to learn about it is to see it in action. You can do that by signing up for a live demo today.