If “elevate talent acquisition” is your department’s business objective in 2017, then cloud-based video interviewing is critical technology to explore. However, not all video tech can deliver the same benefit. It is the operational advantages and candidate acceptance of purpose-built solutions that currently drive mainstream integration of video interviewing within hiring workflows worldwide. In fact, purpose-built solutions are transforming the way hiring is done on such a wide scale that within the next five years, non-adopters will find themselves seriously ill-equipped in the war for talent.
The Undisputed Operational Advantages
Video interviewing has been part of Human Capital Management (HCM) tech long enough now for the market to mature. Though some organizations still test-drive video interviews with a chat tool such as Skype or even conferencing tools like WebEx, most quickly turn to technology that’s been designed specifically for the business of hiring. A track record for critical hiring metrics has emerged with these purpose-built solutions:
• Time to fill: Talent Acquisition (TA) teams are able to shave time from the hiring process at many junctures. Shortlisting goes faster when recruiters can simply email candidate information and recorded video screens to hiring managers; the time it takes to schedule interviews is less; interviews can happen faster since key members of the hiring team can join a video interview from any location; feedback and decision-making also can happen more quickly when key stakeholders meet via video to discuss potential job offers.
• Interview to offer ratio: Screening with recorded, on-demand video interviews enables recruiters to quickly and accurately identify top candidates, allowing them to spend more time evaluating the best fit. TA teams using video interviewing can present a smaller slate of more highly-qualified candidates to hiring managers.
• Cost to hire: Large enterprises especially realize cost savings in the millions by reduction of travel expenses. They can fly in a much smaller number of candidates after evaluating the candidate pool via video interviews. Recruiters working across locations can also accomplish more from their home base, spending less time and resources on travel.
“The use of video interviewing can help protect companies against the risk of discrimination by supporting consistency, transparency, and interview record retention”
The operational advantages of video interviewing are significant for companies of all sizes and have an impact in most hiring scenarios. In highly competitive talent markets, the ability to increase speed to hire and lower the interview to offer ratio means TA teams can secure top talent more often–and at a lower cost–rather than making average hires.
The Strategic Advantages of Purpose-Built
With the maturing of the video interviewing market, the technology has evolved to include functionality that drives strategic advantages for TA departments. Unlike chat or conferencing tools, these purpose-built solutions are designed to improve the hiring experience for recruiters, candidates and hiring managers. They present essential opportunities for TA leaders:
• Improving TOFU: Improvement in hiring performance starts with improvements at the ‘Top of the Funnel’ of the talent pipeline. Video interviewing technology helps TA teams advance quality in the top of their hiring funnel in two ways: By extending candidate reach geographically and socially, and through more effective screening via on-demand video interviews. With the efficiencies of video interviewing tech, TA teams can make this improvement without a significant increase in time or resources required.
• Elevating the candidate experience: Video interviewing actually enriches candidates’ hiring experience by enabling convenient, face-to-face interviews with the hiring team. Candidates can get a deeper look into a potential employer’s culture and work environment without taking time off from current work to travel for the interview. On-demand video interviews enable candidates to present a more complete picture of their skills, abilities and aptitude. Purpose-built solutions are designed to offer candidates convenience, ease-of-use, and closer connection, which can all help build candidate engagement and encourage acceptance of job offers.
• Elevating the employer brand. With video interviewing, TA teams can put their employer brand message forward visually through on-screen elements that are consistent with their own look and feel. Perhaps even more importantly, the employer brand message can come through as candidates speak face-to-face with members of the hiring team, and see videos by hiring managers, potential colleagues and even company leadership which are integrated into the on-demand interview process. TA leaders can leverage their employer brand to its fullest extent to help build emotional connection with top talent.
• Delivering hiring consistency across the enterprise: The use of video interviewing helps TA teams standardize the hiring process across locations and business units, providing a fair and consistent experience for all candidates. For organizations in industries with a high level of merger and acquisition activity, such as healthcare, this can be an extremely important advantage. On-demand video interviewing ensures the same questions are asked in the same manner for all candidates being screened and evaluated for a certain position. In addition, the use of video interviewing can help protect companies against the risk of discrimination by supporting consistency, transparency, and interview record retention.
Elevating Talent Acquisition
The advantages of video interviewing in elevating talent acquisition are clear. Purpose-built solutions present opportunities for strategic transformation of the hiring process, better performance against key hiring metrics, and a richer candidate experience. Within the next 10 years, use of this technology is projected to grow as it becomes essential software for human capital management.