With demand for talent at an all-time high, businesses are relying more on new tools and technologies to help streamline the recruiting process and find the talented candidates they need. Video interviewing software is one particular tool that has taken a powerful position in the hiring process. In fact, 60% of hiring managers report that they have incorporated video interviewing technology into their recruiting toolkit to make the entire process easier, quicker, and more convenient for recruiters and candidates alike.
Video has come a long way and continues to evolve. As consumers, we are used to creating (via Instagram, Snap, etc) and consuming this content. Further, many people have now completed a video interview as part of a job-seeking process.
With all that in mind, we wanted to share some of the key benefits to using video interview software for recruiting and HR teams. While some HR software is design specifically for large or small companies only, video interviewing software really is applicable across company size and role types.
Without further adieu, here are the key benefits of using video interview software.
Save Time and Increase Efficiency:
For recruiters and hiring managers, finding the right person for the job can be a very time-consuming endeavor. In fact, it takes an average of 42 days to fill a position. Video interviewing can help speed up this process and save your recruiting team massive amounts of time by limiting the time they spend talking to unqualified candidates.
For example, many recruiters can tell if they want to move forward with a candidate within the first few minutes of an initial screen, and about a third of employers have made up their minds about a candidate within just the first 90 seconds. With phone screens and in-person interviews, a recruiter may have to spend another 30 minutes talking to a candidate. With video interviewing, on the other hand, the recruiter need only watch a few minutes of video and doesn’t have to waste time on unqualified candidates.
By saving time, video interviewing gives you and your recruiting team the opportunity to vet more candidates. This not only allows you to find the best candidates faster, but also helps you spot talent you might otherwise have missed. Vetting more candidates also reduces time-to-fill which ultimately saves your business money.
Eliminate Scheduling Issues
Employees and recruiters alike are all too familiar with the hassle of scheduling and rescheduling phone screens. With video interviewing, you can reduce the headaches associated with coordinating schedules because both the candidate and the employer are able to complete the interview on their own time.
This decreases time to fill, and enhances the candidate experience, and also decreases the likelihood of a candidate dropping out of the process due to scheduling issues.
Improve Quality of Hire
A study by Harvard Business Review suggested that 80% of employee churn is the result of poor hiring decisions, so getting your recruiting to focus on the hiring quality applicants is paramount. Video interviewing helps improve your hiring outcomes by allowing you to read body language and facial cues, thus giving you access to more information that you would get in a phone screen.
By allowing you to screen candidates faster, video interviewing also lets you spend more time talking to the best fit candidates to give you a better idea of who is right for the job. With bad recruiting costing companies over $50,000 on average, improving your quality of hire through video interviewing is a must.
With phone screens or in-person interviews, it is difficult to perfectly replicate the interview process for each applicant you talk to. Video interviews, on the other hand, allow you to create a more consistent interviewing process. By setting the questions in advance, you ensure that all candidates receive the same questions and the same amount of time to answer those questions. Having a standardized interview not only makes it easier for you to compare the candidates, but also puts the candidates on an even playing field since they are all operating under similar conditions.
Invite Collaboration between Recruiters and Hiring Managers
Video interviewing can also increase collaboration between recruiters and hiring managers.
While recruiters might not have the industry savvy to ask candidates technical questions, video interviews let them pre-define technical questions. Candidates’ recorded answers can then be shared with hiring managers to better determine an applicant’s fit for a certain position.
Remove Geographic Constraints
By enabling candidates to interview remotely and on their own time, video interviewing removes the geographic constraints that in-person interviews often pose for candidates. This allows a business to reach a broader pool of talent to ensure they’re finding the best person for the job. Video interviewing can also help alleviate the costs of candidate travel that a business has to bear by enabling companies to thoroughly screen applicants so they only have to bring in the candidates they really want to talk to. In fact, video interviews can save as much as 67% on travel costs compared to conventional recruitment techniques.
Many companies miss out on talented applicants when they disregard passive candidates in their recruiting process. While these passive candidates are not actively seeking a new job, they might be open to exploring a new opportunity at your company, but finding time for an in-person interview or phone screen during business hours may be too difficult if they are currently employed. Video interviewing solves this issue by creating a convenient interview experience that allows you to engage and attract these passive candidates. Since they can create videos in their own home at a time that is convenient for them, passive candidates can easily become applicants. Conducting video interviews with passive candidates helps you expand your talent pool and keeps you from missing out on the talent you’re looking for.
Improve the Candidate Experience
Video interviews also play a role in enhancing the candidate experience. Being able to choose the time and location of their interview not only helps those who have to work their schedule around their current job, but can also make all candidates feel more comfortable, focused, and relaxed so they can concentrate on performing better. Video interviews also alleviate many of the stressors associated with in-person interviews such as being able to find the office or arriving on time. Instead of worrying about these factors, candidates can just focus their energy on presenting themselves in the best possible light.
Review and Compare Candidates Answers
If you’re conducting a lot of interviews, trying to remember which candidate said what can be a challenge. With video interviews, it’s easy to compare candidates’ responses in real-time and to see which candidates stand out. Having the interviews in video form also makes it easier to have multiple people review it which can reduce the potential for unconscious bias.
With so many benefits, video Interviewing has the potential to be a huge asset for your company. If you care about saving time and money and you want to be on the cutting edge of the recruiting landscape, you should definitely think about integrating a video interviewing solution into your tech stack.
This post originally appeared on SelectSoftware's blog where we write about the latest in HRTech.