As businesses head into 2016, efficient and effective recruitment will be a top priority. However, many are still clinging to traditional hiring methods, which is putting them at a competitive disadvantage. According to CEBR, the average cost per hire is £25,100, and a recent study by Oxford Economics found the average cost of replacing an employee is an astounding £30,614, as outlined in a recent article by HR Review. In large part, these staggering costs can be back traced to a single, long-standing issue: good candidates are hard to find.
It’s essential that businesses embrace new technologies to help reduce this skills gap and lower costs. This is why, in 2016, video recruiting must be a top priority for firms looking to remain competitive in their search for top talent.
Thoroughly Screen a Broad Applicant PoolThe biggest benefit of video interviewing is that it dramatically improves the remote interview process. With video pre-screening, recruiters can quickly identify best-fit candidates from a much broader applicant pool – applicants are automatically selected out if specific criteria aren’t met, and are otherwise scored based upon a variety of questions and answer types.
All of this not only saves HR professionals a considerable amount of time and effort in comparison to traditional methods like phone and face-to-face screening interviews – it also gives recruiters an opportunity to evaluate the so-called “soft skills”, like personality and communication skills, much earlier on in the process. Then, recruiters can perform pre-recorded or live video interviews with qualified candidates before inviting their top choices for a final, face-to-face interview.
Bolstering Diversity Within the Organisation
In the same vein, video recruiting allows organisations to increase the cultural and intellectual diversity of new hires and create a more inclusive workplace.
While laws and social shifts in modern society have largely quelled overt discriminatory hiring practices, “unconscious bias” still exists in the workplace, according to the BBC. Some major British firms are going so far as to institute “name blind” recruitment processes this year, according to The Big Story, after PM David Cameron lamented that it was “disgraceful” that people with "white-sounding" names are twice as likely as others to be considered for jobs in the U.K.
Moreover, companies with diverse and inclusive work environments are often more productive, especially those with a mostly young workforce. According to a recent article from Fast Company, 83% of millennial employees are more invested and engaged in their work when they feel their organisation offers a diverse and inclusive environment, both culturally and intellectually.What’s more, 86% of millennials feel that differences of opinion are crucial for workplace teamwork and innovation, yet less than 60% feel that leaders in their organisation share this mindset. Clearly, companies could be doing better on this front.
By enabling hiring managers to evaluate candidates’ skills and relevant experience in a highly-systematised, objective manner, video interviews help to eliminate the potential for unconscious bias to influence important hiring decisions – and when videos can be shared among an entire HR department, individual biases are much less likely to affect the process.
Improving Experience and Brand PerceptionsVideo intros and outros give recruiters a meaningful opportunity to introduce candidates to the company brand and work expectations. By articulating core business values, showcasing the company culture and better clarifying the job description and hiring process, HR teams can eliminate much of the hiring confusion that causes frustration among recruits – all while ensuring that the candidate and the company are a great fit for one another.
This lends itself to an incredibly positive candidate experience – making right fit candidates much more likely to accept an offer after it’s been made, or at the least, remain receptive to other potential employment opportunities down the line. Moreover, this demonstrates that your company is technologically fluent, has an ear for candidate expectations and embraces innovation in order to secure better outcomes – all of which will be key in your ability to attract and secure top candidates.
Video Is the Future
The reality is that video recruiting technologies are becoming increasingly ubiquitous in the world of modern HR – a trend that’s unlikely to change anytime soon. Mark Sasson, a recruiting specialist with Rayboy Insider Search, has tracked the rapid proliferation of video interviews in recent years, according to Yoh: “Since starting my recruiting career about five years ago, there has been a consistent increase in the amount of video interviews year over year,” he explains.
As recently as 2011, Sasson reports that less than 20% of the interview processes he was running included video –but that number that has soared to 75% last year.
Moreover, all signs point to continued growth going forward. Why? Because video is fast becoming the medium of choice for digital content and communications: according to CISCO, the adoption of advanced video communications tools by businesses will cause their internet traffic to double by 2019. Already, video content accounted for roughly 66% of total internet traffic in 2015, which is expected to surge to 80% by 2019.
While we can’t completely predict what will happen in the future, one thing is clear: companies must embrace these consumer preferences if they want to remain relevant and attractive to job seekers in the years to come.
(Main image credit: Pexels)