Generating more income or reducing operational costs drives every move a business makes. When it comes to the latter, business owners are always on the lookout to increase operational effectiveness and efficiency. Video Interviewing helps accomplish both by greatly reducing time and money spent on one of the costliest areas of any business: the hiring process.
By using video pre-screening, such as that offered by CandidateView, HR managers and business leaders can greatly reduce costs associated with time spent going through mountains of resumes. This frees people to focus on issues that require creativity and talent, rather than wasting time on routine tasks.
CandidateView offers a modern and efficient way to conduct interviews and assess candidates. By incorporating it strategically, companies improve their hiring process, attract top talent and build a stronger employer brand.
An Overview of How CandidateView Works
CandidateView uses asynchronous, one-way video interviews with job candidates that employers can
select from a library of interview questions. They also can customize their own questions.
When a candidate applies for a job, they respond to these questions, allowing employers to learn much
more about a candidate than they can from a process using antiquated resumes. Candidates respond to questions on their own time, and employers screen those responses on their own time. This gives companies the chance to only call in the most impressive candidates for an interview.
How CandidateView Can Reduce Time and Money Spent on the Hiring Process
HR managers and business leaders know how difficult and time-consuming the hiring process can be for
almost every position. Video pre-screening saves companies the time and expense of scheduling and conducting in-person interviews with people they may not know much about.
The costs of the hiring process vary with every company. But there are a variety of universal ways to break down what is spent on the hiring process that works for every business.
Video Interviewing Saves Time and Money Spent Reviewing Resumes
The time spent reviewing a resume can take as short as 6 to 8 seconds or as long as two to three minutes, depending on the research data you consult. Either way, that time begins to stack up quickly when companies receive hundreds – even thousands – of resumes for different positions. A large volume of candidates is expected for almost every position today because of the ease of online applications.
Even at just two minutes per review, sorting through 200 resumes in a week will take more than six and a half hours, or 16.25% of that person’s 40-hour work week. Now, extrapolate that over a year. For an HR specialist making $64,240 per year (the national average) , employers are paying them $10,429 a year – 16.25% of their total salary – to go through resumes.
These numbers can vary by the number of resumes company’s get per year or the number of HR workers who go through resumes. But even at a much lower number, 5%, that means employers
pay $3,212 for the time the average HR specialist took going through resumes.
Video Pre-Screening Saves Time and Money Spent on Setting Up Interviews
Setting up an interview also takes up a significant amount of time for an HR specialist. By knowing the
hours spent on doing this task, employers can quantify how much money is wasted. Even just 10% of an HR specialist’s time spent on this task equates to more than $6,000 annually. It’s even more expensive for managers, who make $130,000 a year on average.
It’s also often a waste of time. In the traditional system, little is known about the job candidate other than what is on their resume. Hiring managers may spend several hours setting up, conducting and reporting on a job interview, even though they knew almost immediately after meeting them that the job candidate would not work out.
Also, “ghosting” interviews is a trend on the rise. USA Today reported that as many as half of job candidates called in for an interview fail to show up. That completely wastes all the time and money spent by HR to set up the interview.
Video Pre-Screening Saves Businesses the Cost of Hiring the Wrong Person
With video pre-screening, hiring managers get the chance to see the person answer a set of questions that will give them a much better idea of whether they are a good fit for the job. On the other hand, using the traditional system not only means bringing in people for interviews who are not a good fit, but also increases the chances of missing out on the right person.
Things can show up on video that are not apparent on a resume. When looking at the list of traits employers want in job candidates, it’s less about technical skills than it is about ambition, eagerness, ability to work on a team, communication, confidence and determination. Those traits are easier to see in a video than discern from a resume.
Video pre-screening also helps HR get a fuller picture of a job candidate. When asked anonymously if they lie on their resumes, 36% say they do, according to the Society of Human Resource Management. That number jumps to 56% when people are asked if they “stretch the truth.” Video pre-screening gives businesses a better of detecting lies.
And the cost of hiring the wrong person is astronomical. Forbes cites research showing that the cost of hiring someone is 1.5 to 2 times the cost of the salary. While a good hire eventually pays that money back and then some, bad hires never make a positive contribution to the bottom line.
These are some of the cost considerations that the video interviewing offered by CandidateView addresses. The goal of the system is to make the hiring process less costly and more likely to result in hiring the best job candidate available.