8 Ways Video Interviewing Can Slash Recruiting Costs
2/3 of HR and recruiting pros are already turning to video interviewing and screening because of their established return on investment. However, not everyone knows just how many areas of recruiting costs can be drastically reduced by implementing video interviewing. Furthermore, if you’re trying the buy-in on video interviewing software, you should know just how cost saving it can truly be.
No More Multiple Rounds Interviews
We know all too well that sometimes multiple interviews are unavoidable. Very often, when multiple people need to be able to participate in the interviewing and hiring process, schedules don’t match up and therefore the candidate will have to interview a few different times which also means that the resources spent on the interviewing process for this one candidate are now multiplied. With video interviewing, the candidate’s responses are recorded and can be reviewed, shared and commented on by anyone who needs to be a part of the interviewing process.
No Scheduling Hassles
If you’ve ever been in charge of interviewing for any length of time, you know that frustrating feeling that comes over you when you realize that your candidate isn’t coming. Most recruiters run a pretty tight schedule, and it’s a waste of time, resources and sanity when a candidate is late or doesn’t show up. Video interviewing eliminates these resource-wasting incidents.
One Shot Screening and Interviewing
It’s common sense that the more interviews or screenings a recruiter has, the more resources they are going to be expending. That is not so for video interviewing and screening. Recruiters and hiring mangers need only to record one set of interview questions in order to interview as many candidates as they want, greatly reducing the resources spent on what makes up a huge part of the recruiting process.
This is the popular one for more professionals who go with video interviewing –they can now almost eliminate travel costs for long-distance candidates. What a lot of recruiters don’t consider is the everyday, local travel and prep time for each individual interview. That adds up fast, and it is a thing of the past with video interviewing.
When You Know, You Know
Video interviewing allows recruiters to get to the “When you know, you know” part of the process before inviting the candidate to travel for an in-person interview. When the candidate and the recruiter can get face-to-face via a live interview, they can both more accurately gauge whether or not there should be an in-person interview arranged.
A Better Candidate Experience
Thought-leader Dr. John Sullivan said:
“Most people in recruiting routinely say that they want to improve ‘the candidate experience,’ but forcing candidates to lie to their boss and travel multiple times is not a positive experience. It may impact their willingness to accept an offer and what they tell their colleagues about your firm.”
Consider that the typical phone screen can take up to 30 minutes. Now consider your average number of applicants and how many make it to the interview which takes even longer. Because video interviewing so drastically reduces the amount of time that traditional screening and interviewing can take, it speeds up the entire hiring process. Recruiters are crazy about their time-to-fill metric, and this tool gets the job done faster.
There are arguably very few things more expensive than a lawsuit. I know, that’s a scary word, but it doesn’t have to be. Video interviewing makes documentation and EEOC compliancy a breeze. All interviews and screenings are stored for 3 years. Let’s think about those recorded interviews; the recruiter has recorded one set of questions for multiple candidates, virtually eliminating the chance of bias in the interview process.
These are just the big cost savers, there are multiple ways that video interviewing and screening can reduce recruitment costs. Want to know more about how you can slash recruiting costs by implementing video interviewing into your own organization? Take a demo today, or give us a ring!