Boost Your Bottom Line With Video Interviews

Video interviews reduce time-to-hire

Video interviews enable recruiters and hiring managers to save time, as well as money on travel costs for remote candidates, all while reducing their time-to-hire and boosting their bottom line. About 47 percent of companies use video interviews to reduce their time-to-hire, according to a recent Workforce survey of over 500 companies. About 22 percent of these companies said that they used video interviews to reach candidates from around the world.
 

Live Two-Way Video Interviews

Live two-way video interviews enable recruiters to both limit the amount of money and time spent on travel costs to bring in remote candidates for in-person interviews. With live video interviewing, hiring managers can interview any candidate at any time, regardless of their geographical location. Both recruiters and candidates avoid monetary and time-related travel costs associated with in-person interviews.
 
This flexibility allows for a more positive candidate experience, as a candidate can save time and money on coming in or even traveling for an in-person interview and take their video interview from the comfort of their own home. About 60 percent of job seekers have a poor interview experience, according to a survey conducted by CareerArc, and 72 percent of these candidates share their experience on an online platform. Anything that can improve the interview experience helps both the candidate and the company’s reputation.

The Pros of One-Way Video Interviews

One-way video interviews offer both candidates and hiring managers even more flexibility. Candidates are able to record their interview anytime and anywhere, responding to pre-recorded video, voice and written questions from hiring managers.
 
One-way interviews free-up time for hiring managers, as they are able to create the interviews ahead of time and use a standard pre-recorded interview for all candidates. Once candidates have submitted their one-way interviews, hiring managers can quickly watch them and move onto the next candidate interview if they find that one candidate is not the best fit. Recruiters are also able to rate the candidates while watching their one-way interview and share their responses with other hiring managers.
 
In addition to creating a great experience for recruiters and hiring managers, one-way interviews offer an even more flexible and positive hiring experience for candidates than live two-way interviews, as candidates can choose to take their interview at any time. This interview method works particularly well for candidates who are already working full-time, as they do not have to try to find time during their workday to take an interview with another company.

How Video Interviews Help Boost Your Bottom Line

Companies that purchase live video interviewing software boost their return on investment, as live video interviews tend to save businesses about 30 percent or more, up to millions of dollars, on travel costs for remote candidates. Not only does this technology help companies save money, but it also enables businesses to efficiently pre-screen candidates during engaging real-time video interviews, while cutting down on inefficient phone screens and reducing or even eliminating the need for time-consuming in-person interviews.
 
One-way interviews eliminate the need for phone screens, as recruiters are able to offer one-way interviews to all candidates to gauge personality and cultural fit for the company, then quickly run through the interviews and screen the candidates for the next phase of the hiring process. Due to the efficiency of one-way interviews, recruiters and hiring managers are able to save up to thousands of hours of time per year on screening and interviewing candidates, allowing companies to increase their return on investment, as they are able to spend less on personnel.
 
An improved candidate experience also improves a business’s employer brand, which speaks to the market’s perception of a company as an employer. If done well, boosting an employer brand helps market a company’s positive reputation, attracting happy, motivated, hard-working employees and in turn, boosting a company’s return on investment. Improving a candidate experience also increases return on investment, as 65 percent of candidates with a five-star hiring experience increase their employer relationships, spending more money on products and services offered by the company due to a very positive candidate experience, according to The Talent Board.
 
Live two-way interviews and one-way interviews both enable companies to save time and money as well as improve and promote their brand, boosting their return on investment.

Additional Resources

Why One-Way Digital Interviews Enhance the Candidate Experience
 
How One-Way Video Interviews Trump Phone Screens

Author Bio

As RIVS Content Marketing Specialist, Alex Kilpatrick creates content for email marketing, webinars and other marketing materials for RIVS clients and prospects.  Visit www.rivs.com Connect Alex Kilpatrick