Benefits and ROI of Video Interviewing

Benefits and ROI of Video Interviewing

Today’s guest post is written by Janette Sturm, consultant and community manager at Active Interviewing, provider of video interviewing software as a service.

Recruiting new employees can be a difficult task, regardless of the size of your company. Sometimes an organization could even spend weeks of effort and thousands of dollars on recruiting – only to end up without a single hire. Or, if a company ends up hiring, they merely settle for an ordinary candidate just to get over with the painful recruiting process.

How does this happen? Many times, there is something fundamentally wrong with the way most businesses hire new talent. The traditional mindset is to start by collecting resumes. But this can be very ineffective. Both paper and digital resumes can easily get misplaced, lost, and forgotten. Also, while a resume gives you a quick overview of a person’s documented credentials, the format lists these credentials chronologically rather than according to importance. This means that your hiring team will have to read every single qualified resume if they want to be thorough. After all, they might miss an important credential that’s listed in the middle or bottom of the page.

Another problem with traditional recruiting is that it simply doesn’t scale. Even if you find an efficient way to go through the resumes, the initial interviews can be exhausting, even if you do it by phone.

Furthermore, the traditional hiring process doesn’t involve the input and insight from the rest of the team that the selected candidate will be working with. There is no way for them to know in advance if their new team member will be a good fit for them.

Given these challenges, how can businesses make the hiring process easier, more cost-effective, and less time consuming?

Enter Video Interviewing
This is where video interviewing comes in. Video interviewing is basically conducting recruitment or applicant interviews using video. This means that the applicant is answering questions remotely, while the interviewer is usually in the main office.

There are two types of video interviews: asynchronous and real-time. Each of these types have their own benefits and disadvantages, so it’s best to be aware of their features to find a good fit.

Real-time video interviews take place at the same time. This means that both the interviewer and the interviewee agree to “meet” on the video platform at a specific date and time. The main advantage of this type of video interview is that both parties can have a more spontaneous discussion. The interviewer can ask more probing questions if she wants more details about the interviewee’s answers. Also, this puts the interviewee in a situation where she can ask any impromptu questions about the company or the position. While these benefits are important, real-time video interviews can be almost as time consuming as face-to-face ones.

Asynchronous video interviewing, on the other hand, doesn’t require both parties to be present at the same time. The interviewer can record a series of questions, input these questions into the video interviewing platform, and wait for a candidate to record their responses.
The asynchronous video interview has several benefits. First of all, both the interviewer and interviewee can conduct their end of the interview at their own convenience. This eliminates the need for scheduling, and it may end up being more cost-effective for the company. The disadvantage, though, is that both parties can’t have a spontaneous conversation. Still, the advantages of asynchronous video interviews makes it useful for filtering initial applicants.
Your choice of video interviewing style should depend on your needs, schedule, and the tools you’ll be using.

How Video Interviewing Works
Now that you know what video interviewing is, it’s time to explore the process. How does it start? What steps are involved?

The first thing that must happen in preparation for the video interview is that the interviewer should send in a questionnaire. Choose concrete, specific questions that can help you quickly determine if a candidate is right for your organization or not. Then, input this questionnaire into your video interviewing platform. You might have several options on how to do this. The question can be in text form, or even video. Once your questions are up, you’re ready to collect responses from the candidates. Just send them to the questionnaire and wait for the answers to pile up. When the hiring manager is ready to evaluate the responses, he or she can easily review candidates in their own time. They can even batch process the interview responses, completing the evaluation in a matter of days.

How is this different from Skype or a Video Resume?
Unlike Skype, which is merely a video chatting tool, video interviewing software helps you book, conduct, and process all your company’s job interviews in one interface. While Skype may be useful enough for businesses that are sole proprietorships, it’s not a scalable or sustainable video interviewing tool for medium to large businesses.

How is this different from a video resume? A video resume is a one-way file that just plays an audio-visual version of the applicant’s resume. It doesn’t have the interactivity and the question and answer capabilities of a video interview.

Video Interview Equipment
One of the main concerns of businesses who are interested in trying video interviews is the equipment. Who will provide the cameras? The good news is that you don’t have to worry about this. 79% of laptops now have a built-in webcam (http://weareorganizedchaos.com/index.php.)

This means that it’s likely for your candidates to either have a webcam, or they can easily borrow one. They could also go to a local library or internet cafe and use the webcam-enabled computers there. At the very least, you can leave instructions or suggestions about what candidates can do if they don’t have a webcam. You can also recommend your applicants to purchase a webcam. The most basic ones are available at around $5 each.
Also, you don’t have to worry about the candidate’s internet connection. Unless he or she lives in a far-flung rural area, it’s likely that he or she has access to fast internet connections. If not, there are many establishments that offer free or metered internet services. The process and the tools needed for a smooth video interview recruiting system are all simple and easily accessible.

The Benefits of Video Interviewing
Although there is something broken in the way companies currently recruit, what is it that makes video interviewing a viable alternative? There are several reasons for this, and among them are the following:

a) Save Time
When using video interviews, especially asynchronous interviews, you have a lot of opportunities to save time. There is no need to prepare a meeting or conference room for the interview, and there is also no need to coordinate schedules with the candidates. This is a relief, especially if your company commonly practices hiring contractors or employees abroad.

b) Save Money
Since there is no need for a face-to-face meeting, the company also saves money on travel expenses. You can easily screen candidates anytime and anywhere. More importantly, if you consider the hourly wages of the employees involved in the hiring process, the fact that you’ve saved any time at all also saves you money.

c) Hire from a Wider Pool of Talent
Video interviewing includes a lot of components that come with a face-to-face interview. Because you can do these types of interviews remotely, your company can hire from a wider pool of talent – a global pool. You can find the most skilled and the most competent workers from all over the world. This is much harder to do if your company is greatly dependent on in-person interviews.

d) Easily Evaluate the Communication Skills of Each Candidate
Video is a great way to evaluate a candidate’s communication skills. You can easily judge their demeanor, enthusiasm, attitude, tone, and body language. You can clearly see if they know how to express themselves effectively, as well as if they are good listeners. This is something that’s more difficult for phone interviews, but using video makes it so much easier.

e) Get Your Entire Team Involved
One weakness of the in-person interview system is that only a handful of people on your team can observe the interview. The truth is that if you want to hire someone who is an excellent fit for your company, you’d need to get as many people involved in the decision-making – especially those people who will be working directly with the candidate. Video interviewing makes this possible.

f) Make Quantitative Interview Analyses
Most video interviewing tools have sophisticated features that help you and your staff view all the candidates, comment on their responses, score the candidates, and rank them. This helps you see if there is a consensus on who the company should hire.

g) Record Candidate Responses for Later Viewing
Video interviewing tools also allow you to automatically record all candidate responses for easy reference later on. This helps you reevaluate each candidate, in case you doubt your first impression or need to make a more thorough analysis. You can’t do this with phone interviews, in-person interviews, or even with tools like Skype.

h) Support Environment-friendly Initiatives
With the lack of transportation involved in the interview process, your candidates don’t need to burn any fossil fuels to interview for a job they may not get. Multiply this over the course of your business’s life, and you would’ve saved a lot of energy, as well as limited the greenhouse gases produced from running your company normally.

The ROI on Video Interviewing

After exploring the process of video interviewing, as well as its benefits, you might wonder if there’s a real, measurable return on investment (ROI) on video interviews. The truth is that the ROI greatly depends on your company. Ask yourself these key questions:

– How many hours does your company spend in the preparation and evaluation of a single job interview?
– How many people in your company are involved in the hiring and recruiting process? How many hours do each of them spend processing, interviewing, or evaluating each candidate? Follow-up question: what are their hourly rates?
– How much does it cost you to screen each candidate today?
– How long does it take for you and your company to make a decision per candidate?
– How effective is your hiring process? Does your company make any mistakes or oversights?
Where do you waste your time?

When you quantitatively answer these questions, you can easily see how much a single job interview costs you. Multiply that based on how many job interviews your company conducts every year, and you’ll start to see the numbers add up.

Now, you’ll be able to see clearly that video interviewing is an investment – and we at Active Interview can help you get the best return on that investment. Plus, we can save you as much as 4 hours of work per candidate.

Want to know more about how Active Interview can help you start your video recruitment? Click here: http://activeinterview.com

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Aaron

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