The Return on Investment of a Video Interview Platform

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The Reason Recruiters Are Making the Switch

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A video interviewing platform will not only help recruiters save time while keeping everything organized, but it also has a positive return on investment, or ROI, proving the system is well worth the purchase.

From this, businesses and individuals are able to determine the value of their purchase. You’ll be able to see the positive ROI of video interviewing when evaluating factors such as time, cost, and the quality of your hires.


How to Measure Your ROI From Video Interviews

Costs

Recruiters often experience a wide range of expenses throughout the hiring process. Those costs add up to have a significant impact on spending. There are regularly occurring expenses nearly all recruiters find video interviewing helps them with, seeing this return on investment occur. These expenses include:

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  • Travel: Travel expenses often occur when a candidate is applying from a distant location, whether it be for a position they would relocate for or your company is hiring remote employees. Oftentimes, recruiters will have to pay for travel and accommodation for a candidate they are interested in interviewing and would like to speak with face-to-face.T
  • Overtime: Video interviewing opens doors to many scheduling conveniences, among them the ability to eliminate the need for it all together when it comes to pre-recorded interviewing. This means recruiters no longer face the need to work overtime hours to accommodate multiple candidate scheduling needs, saving both time and costs.
  • No-Show: Many recruiters know the frustration of a candidate simply not showing up to an interview without notice. This is disappointing as it costs time that could have been dedicated towards another candidate or another task, and oftentimes resources are wasted. With video interview, there are no resources invested ahead of an interview, so when a candidate does not show up or complete their pre-recorded interview, it has no effect on a recruiter’s productivity level.

Time to Hire

With deadlines on a regular basis, time is always valuable in the world of recruiting, a factor that can sometimes be an issue when we are dedicated to doing our jobs carefully to make sure we are making the right decisions about our candidates. The 2017 SHRM Talent Benchmarking Report suggested the average amount of time taken to fill a position in 2016 was 36 days, valuable time that can become costly to company productivity levels.  That is why it can be frustrating when we are faced with unnecessary difficulties in our day to day work that slow down the process, with a wide range which includes:

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  • Reduce scheduling time: A video interviewing platform allows recruiters to eliminate the difficult task of manual scheduling with options such as automated scheduling features for live video interviewing, or by eliminating scheduling all together through pre-recorded video interviews. In doing this, recruiters no longer waste hours just trying to set their interviews up and can focus on what matters.  
  • Spend less time in interviews: According to the 2017 data of the SHRM, it takes an average time of seven days to screen candidates in the U.S. These platforms ensure a focused, organized interview with templates and set time limits for candidate responses, preventing off-topic conversations and unnecessarily long answers. An organized structure also creates a strong set of interview questions that focus on the most important information, preventing lengthy questioning that is not significant.
  • Increase your productivity levels: Often, the smaller scale factors we don’t think of quickly add up, delaying our hiring processes on a much larger scale once fully evaluated. These smaller factors range from time spent on communications with multiple candidates, time spent trying to maintain organization, and time spent preparing for interviews. A video interviewing platform simplifies all of this, increasing productivity, therefore decreasing time wasted.

View the 2017 Talent Acquisition Benchmarking Report

Quality

The goal of an organization, in the end, is typically to find the highest quality candidate that they can rely on. Unfortunately, this is not always easy and when not achieved, can have costly results that create difficulties for that organization. These difficulties include but are certainly not limited to:

  • The expenses of hiring a bad candidate: It is not uncommon for a poorly qualified candidate to be hired for a position due to their lack of qualification and skill going unrecognized throughout the interview process. Sometimes these candidates will cheat or lie, or other times they are able to slide by due to easy questions. Whatever the case, these new employees end up being bad for productivity and company representation, making major mistakes in their work, showing indifference, and so much more. Video interviewing helps recruiters get a strong idea of the candidates they are speaking with, and are better able to structure their interviews to ensure they are making the best decisions for their company.
  • Decrease turnover rates: When a company hires a new employee, they invest resources into their training, onboarding, and maintenance required to keep that employee on board. The SHRM Talent Acquisition Benchmarking Report states that the average cost of each hire was USD$4,425 in 2016, a high price for employers with high turnover rates. Because of this, when employees are repeatedly quitting after only short periods of time, the costs lost on that employee, and the cost of hiring a new one become extremely expensive. A video interviewing platform is proven to help recruiters find employees they are confident in that will remain dedicated to their position for a long period of time.  
  • Create a positive candidate experience: When a recruitment process is disorganized or outdated, candidates tend to become disengaged and often withdraw their applications. Not only is this frustrating as it is viewed as wasted time, but recruiters lose extremely valuable candidates that may be high in demand, sought after by another company. With a user-friendly, organized experience offered through video interviewing, high-quality candidates are far more likely to remain on board and excited about the process.

Everything Else You Need to Know About Video Interviewing

Video interviewing is becoming one of the most popular tools used by recruiters today, helping to solve a number of problems with advanced technology. Before using video interviewing, however, recruiters should be well aware of the features and aspects of the specific product they are purchasing. Learn more about VidCruiter’s two different video interviewing platform or visit one of the links below.

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