Companies are only as strong as the sum of their component parts – as such, a solid recruitment strategy should be a focal point for any organisation looking to achieve sustainable growth and success in the future. However, many still cling to traditional hiring methods, which in turn puts them at a significant competitive disadvantage.
As the challenge of identifying, attracting and ultimately retaining top talent becomes increasingly nuanced and complex, companies are looking for new, creative solutions in order to revitalise existing processes – here are four reasons building a video recruitment strategy is the solution:
Screen More Candidates, More Efficiently
If you’re sitting there thinking you’ve already got the whole recruitment process all figured out, here are a few stats to consider:
Average time-to-hire – 43 days
Average cost-per-hire – £25,100
Average cost-per-replacement – £30,614
Most of these issues can be traced back to one, simple fact: good candidates are hard to find – especially in high-volume recruitment drives.
One of the biggest benefits of video interviewing is that it dramatically improves the remote interview process. With video 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.
Bolster Diversity Within the Organisation
Video recruiting enables organisations to build culturally and intellectually diverse teams, thereby creating a more inclusive, innovative workplace. Not only is there a strong moral argument for this endeavour, but there’s a actually a measureable business argument for D&I as well.
Recent data suggests that ethnically diverse companies are 35% more likely to generate financial returns above the national industry median. What’s more, employees who are part of diverse teams exhibit:
1.12x more discretionary effort
1.19x greater intent to stay
1.57x more collaboration with the team
1.42x greater commitment
By enabling interviewers to screen candidates in a highly systematised, objective manner, video recruiting allows for a more comprehensive picture of each individual candidate, greatly increasing the likelihood of identifying right-fit hires – and when videos can be shared among multiple decision makers, it keeps individual biases from skewing results, enabling the process to remain objective and aligned with the best interests of the business.
Improve the Candidate Experience and Strengthen Your Employer Brand
Global skills shortages have dramatically increased the level of competition for top talent – as a result, candidates are finding that they are the ones holding most of the cards during the recruitment process. In order to remain attractive to today’s top recruits, companies must focus on two, key areas: the candidate experience and their employer brand. Luckily, building a video recruitment strategy takes care of these two birds with a single stone.
Video intros and outros enable you to more effectively articulate your core business values, showcase your company culture and better clarify potential discrepancies in your job description and hiring process. This eliminates much of the potential confusion that typically causes frustration among recruits, simultaneously helping to ensure the candidate and the company are a good match.
The result? An incredibly positive candidate experience, increasing the likelihood that a right-fit applicant will accept an offer once 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 business outcomes.
Video Is the Future
The reality is that video recruiting technologies are becoming increasingly ubiquitous in the world of modern HR. Indeed, many organisations already depend on video technologies for up to 75% of their interview processes – a trend that’s unlikely to change anytime soon.
Why? Because video is fast becoming the medium of choice for all digital content and communications: recent data suggests that any business that adopts advanced video communication tools will see their internet traffic double by 2019. Already, video content accounted for roughly 66% of total internet traffic in 2015, which is expected to surge over 80% in the next two years.
While we can’t completely predict what will happen in the future, one thing is clear: if companies want to remain relevant and attractive to job seekers in the years to come, they must recognise these broader consumer trends and candidate preferences and adapt their hiring processes accordingly.