The ROI of Video Interviewing. grow your team and your wallet

Transcription

1 The ROI of Video Interviewing grow your team and your wallet

2 Table of Contents 3 What is Video Interviewing? 4 Scenario 1: Pitching Your Candidates You need a better way to sell qualified candidates to your managers 6 Scenario 2: Interviewing the Wrong Candidates You re tired of wasting time in in-person interviews with unqualified candidates 8 Scenario 3: Justifying Travel Travel costs of interviewing remote candidates are too high and you need a way to see which candidates are worth the cost 10 Scenario 4: Cost of a Bad Hire You ve filled open positions with an adequate employee rather than waiting for Mr/s Right. What s it costing your organization? 12 Calculate Your ROI

3 Video interviews is recruitment designed to help recruitment teams solve their biggest recruitment challenges without breaking the bank. In fact, video interviewing brings recruitment teams a positive return on their investment so that they are able to allocate their time and valuable budget to other areas within the recruitment process Pre-recorded video, voice and written interviews as well as live video interviews enable recruitment teams to create a more efficient hiring process by decreasing their average time to hire, reducing travel costs, providing insight into candidates personalities, communication skills, social skills, etc. Take a look at the four most common recruitment challenges and how video interviews solve the problem while giving you a return on your investment. 3

4 Scenario 1 Company size Small Recruiting for All level positions The Challenge Your HR managers are rejecting interviews with candidates even though recruiters interview notes say they could be a good fit. Days and weeks are going by and you wish you could find a way to help sell these qualified candidates. It takes an average of 6-8 days for a recruiter to get in touch with a candidate about their first interview. A top candidate can become uninterested after not hearing from a recruiter for 10 days. Top candidates may become uninterested even before the interviewing process really begins! 4

5 Solution Pitching Your Candidates Pre-recorded video interviews are an efficient way to get top candidates in front of your hiring managers quickly. The quicker you can get your candidates in front of your hiring managers, the faster you fill vacant positions and the more money you save your company. Let s say your company... Generates 100 Million Annual Revenue Employs 1.6K individuals $171 daily cost of vacancy per individual = Video interviewing decreases your average time to fill a position by 16 days, saving you $2,739 5

6 Scenario 2 Company size Mid-large Recruiting for All level positions The Challenge You can t seem to find candidates who fit the skill requirement as well as the cultural fit and you re tired of wasting time in in-person interviews with unqualified candidates. 6

7 Solution Interviewing the Wrong Candidates Video interviewing enables recruiters to automatically send candidates pre-recorded video, voice or written interviews for the candidates to complete and send back on their own time. Recruiters can review interview responses as they arrive, in bulk or at their convenience. Let s say your company... Has 4 open positions Screens 10 candidates per of 30 minutes on open position Spends an average each phone screen Pays recruiters $30 per hour = 1,200 minutes and $600 spent on each candidate The average amount of time a recruiter spends screening a video interview is 7 minutes. If you screen 40 candidates per open position with video interviews You save 15 hours and $450 per hire! 7

8 Scenario 3 Company size Mid-large Recruiting for Senior and manager level positions The Challenge For higher-level roles you tend to tap into outside geographical talent pools, but travel expenses are adding up and you can t justify hefty travel expenses unless the candidate has a real chance at landing the role. You need a way to vet remote candidates at a minimal cost. 8

9 Solution Justifying Travel Pre-recorded and live video interviews help recruiters tap into outside talent pools and conduct insightful interviews so that they know who would have the greatest chance of succeeding in the open position. Video interviewing helps recruiters better choose which candidates they should invest in bringing in for in-person interviews. Let s say your company... Pays $350 per candidate on airfare $50 for transportation $100 for hotel = Video interviewing saves you $500 on travel expenses per each unqualified in-person interview 9

10 Scenario 4 Company size Mid Recruiting for All levels The Challenge You can t seem to find your dream employee, but figure it s better to fill the position with an adequate employee than no one. 10

11 Solution Cost of a Bad Hire The amount of information recruiters gain through video interviews helps them make sure that they are only hiring highly qualified candidates who fit in with the company culture, have the skill set to succeed in the role and will stick around. Video interviews help avoid the cost of a bad hire. Let s say your company... Hires a below satisfactory employee with an annual salafy of $50,000 The cost of a bad hire is 30% of the individual s first-year earning $15,000 lost on a bad hire = Video interviewing helps avoid the cost of a bad hire, saving you the 30% error margin 11

12 Video interviewing helps solve some of recruitment teams biggest pain points while saving valuable budget dollars and providing them a positive return on their investment. Interested in seeing how quickly you can get a positive ROI with video interviewing? Calculate the cost of video interviewing for your organization! Calculate Pricing Or call N. Wacker Drive, Suite 135 Chicago, IL 60606