At a time where there is uncertainty facing the global economy, companies are thinking twice about where to allocate its funds in addition to deciding which programs to support. Companies continue to make cuts when necessary to increase profit margins and be better off in the long-term financially. This poses a problem for HR departments because the economy also affects the number of applicants. According to the Bureau of Labor Statistics, the average unemployment rate for 2013 thus far is 7.5, but it doesn’t account for discouraged individuals who aren’t in the job search. The high unemployment rate has changed the dynamic of HR departments because HR managers and recruiters have to manage more candidates for fewer open positions. In addition, advances in mobile, social and cloud technologies have completely changed the HR space as we used to know it.
Most recruiters’ volume recruitment toolboxes consist of CV or an application form matching answers to determine whether a candidate is a good cultural fit for the position in addition finding out if the candidate has the necessary skill sets for the position. In this new age of HR, this method leaves much to be desired as it doesn’t always provide an accurate picture of how the candidate will actually perform, or if they will truly fit in with the organization’s culture. This is one reason why many recruiters are turning to video interviewing.
Video interviewing has many benefits, especially when handling high-volume recruitment. Applications can be a great way to narrow down the candidate pool, but papers don’t typically tell the whole story. And when managing a large number of candidates, who has time to manually reach out and evaluate each qualified applicant?
More and more in the industry are realizing how video can help. According to a survey, 63 percent of HR managers said their company uses video interviewing, which is up 14 percent from the previous year and expected to continue growing as society becomes more digital.
People who aren’t taking advantage of video interviewing are not only missing out on the many benefits of the technology, but risk falling significantly behind competitively.
As HR departments continue to work with less resources, companies continue to make cuts throughout different areas within the organization. Hiring managers now have a greater responsibility to make the most of the limited resources, while expanding its competitive advantage. Video interviewing can fill the void between saving money and making the right hire. Video interviews have saved HR departments anywhere from 60 to 80 percent of its total hiring costs, in addition to allowing companies to save indirectly through greater efficiency in the process.
Gone are the days of flying in candidates for initial interviews as HR managers have the option to conduct live or pre-recorded interviews. This still gives both parties the face-to-face interaction they are looking for, but at a reduced rate.
In addition to the cost savings associated with video interviewing, the time saved is just as important and can indirectly help a company save money. The immediacy of pre-recorded videos allow anytime and anywhere interviewing, so the candidate can choose to take the interview at their convenience and the hiring manager and recruiter can watch the interview at his or her own time. Pre-recorded videos also solve the problems that come with scheduling conflicts. Recruiters don’t have to be bound to a specific time or schedule around meetings, and candidates don’t have to miss school or work to complete an interview.
The tool has been particularly powerful for HR departments conducting high volume recruiting to run more efficiently because it’s able to get through the interviews at a quicker pace without sacrificing the quality of the experience. This gives employees more time to take care of other duties and also can help fill the position faster, allowing work to be more quickly delegated to the new hire and taking the load off of another employee currently filling that void making that person more efficient as well.
Video interviews also are beneficial in getting to know a prospective client better. Resumes and applications can be deceiving and with phone screenings, the interviewer lacks the social cues necessary to gain more information. 70 to 90 percent of all communication is nonverbal, but none of the methods above allow the interviewer access to critical additional information. Video interviewing allows all parties in the interview to pick up on nonverbal cues such as body language, eye contact and gestures.
Having the means to tap into geographically diverse talent is another way video interviewing can provide a competitive advantage to an organization. The right hire may live thousands of miles away or even in another country, but video interviewing breaks down the boundaries allowing employers to reach a greater pool of applicants. Pre-recorded videos can also solve problems created by time zones because neither party has to deal with awkward interview times.
Increases in social recruiting present great opportunities for video interviews as recent reports show 92 percent of U.S. organizations use social media. With social recruitment trending, many HR departments are looking at new ways to stay social and compete in the “war for talent”. Video is the ultimate social tool and increasing in consumer popularity, which is why major social media outlets have recently created their own video channels, such as Instagram, SnapChat, and Twitter with Vine. Employers can and should leverage the power of video on social channels by creating and posting content that showcases a “day in the life” and company culture.
Using InterviewStream, online video interviews also allow candidates to link certain social accounts, such as LinkedIn, to their video responses. This gives recruiters and hiring managers a convenient glimpse of the candidate’s social profile, paired with video responses, compared to a traditional resume and phone screen. Integrating the two components also save the hiring manager time because they don’t have to track down (Google search) social media accounts as they are already linked to video responses. This also provides the candidate with a bit more control over what social profiles they prefer the employer to view, and ensure that the employer is viewing the correct profile for the candidate – rather than viewing the LinkedIn page for the wrong John Smith. In general, the use of video and social media provide a more engaging experience for the candidate, making the company appear more thoughtful about the hiring process and cutting-edge.
Video interviews aren’t meant to replace traditional face-to-face interviews (we know that’s where the real magic still happens), but using it as a screening tool can greatly benefit organizations, particularly when conducting volume recruiting. Video interviews not only save time when conducting a large quantity of screens, but also increase the quality of interviews as they provide greater insight into the candidates’ skills and abilities than the traditional route.
Video Interviews can also be stored and reviewed at a later time if needed, and easily shared for more collaborative feedback and evaluation. Using InterviewStream, organizations recruiting in high volumes can quickly build a large repository of candidate responses and associate tags with promising candidates for future open positions. Video truly is a win-win for volume recruiters.
Interested in learning more about how video can help save you precious time and money, while making volume recruitment efforts easier and more successful? Contact one of our highly-qualified Video Technology Specialists for a rapid, 20-minute demo today.