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4 Ways to Cut Talent Acquisition Costs with Video Interviews

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4 Ways to Cut Talent Acquisition Costs with Video Interviews

Several years ago, many organizations struggled to find ways to reduce HR and operational costs while maintaining their same level of efficiency. While markets have bounced back today, many HR and talent acquisition teams never regained their budgets and continue to look for ways to keep costs low when recruiting new talent and managing loses due to turnover. The bottom line is hiring is expensive.

The average cost of hire ranges based on the industry and job type, but according to a 2014 report by Bersin, the average cost per hire rose to approximately $4,000. The same study reported that time-to-hire had increased to 52 days.

In order to manage rising costs and changes in the job market, including the infinite ways job seekers have begun to use technology to research and apply for jobs, talent acquisition leaders sought out more ways to keep their costs low, prompting them to turn to video interviews to meet with talent long-distance, reducing their need for travel.

How Video Interviews Cut Talent Acquisition Costs

1. Reduce Travel Costs - Many of organizations have begun to cut travel budgets in a variety of departments, affecting talent acquisitions teams who needed to find to new ways to connect with candidates despite costly travel. One of the main ways video interviews help cut talent acquisition costs is by decreasing the need for travel, thus helping organizations manage lower travel budgets while maintaining the same level of personal interaction through video. In 2015, we helped clients save more than $32.6 million largely due to reduced travel requirements (as well as time and efficiency).

2. Faster Time to Hire - Because leaving positions unfilled costs businesses money, a hiring process that produces a faster time to hire reduces overall talent acquisition costs, and it keeps the workforce more productive due to proper staffing. Video interviews are proven to reduce time to hire by at least several days, saving you valuable time in the hiring process and filling positions faster in order to prevent revenue loss as a result of employee turnover.

3. Increase Efficiency - With many talent acquisition teams feeling overwhelmed and understaffed, a solution like video interviews help increase the efficiency of teams so that they can accomplish more in a shorter period of time, improving company ROI longterm. Video interviews allow recruiters to schedule interviews easily from the online platform, manage multiple at a time, and review reporting and analytics data right from the dashboard. Businesses that use video interviews are able to accomplish their hiring goals through more efficient processes that save recruiters valuable time that they can spend with candidates instead, ensuring higher quality employees.

4. Improve Quality of Hire - In addition to improving the way recruiters source and interview talent, video interviews are able to improve organizations’ quality of hire thanks to their more in-depth method of communication. When organizations utilize a combination of recorded videos and live virtual interviews, they have the opportunity to get to know candidates better and screen them more efficiently before even meeting with them one-on-one, improving the overall quality of candidates that reach the final stage of interviews. Because the process is more efficient, it allows recruiters to spend more time getting to know candidates and less dealing with scheduling and travel issues.

The benefits of video interviews are clear – organizations save money in the long run while gaining other valuable benefits. If your organization is serious about cutting costs, try implementing a video interviewing strategy that fits with your goals and can help you save money on travel, speed up your time to hire and increase your overall hiring efficiency.

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HollyWade
Holly Wade is the Marketing Manager at GreenJobInterview. She comes from the technology world with a background in marketing and public relations, where she specialized in content management, brand development and social media. Connect with Holly via LinkedIn: https://www.linkedin.com/in/hollycwade