The Easiest Ways to Measure the ROI of Video Interview!

8th March 2019

Are you wondering if the use of video interview software will save time, make money and increase conversion rates? The short answer – yes. The long answer - yes, why aren’t you already doing it?

The agencies already using video say it’s their best-kept secret. For them, the less people using video for engagement, the better.

But we believe the power should be in every recruiter’s hand, so we’re sharing our top 8 ROI metrics you can expect once your agency makes the inevitable transition to video.

1. Reduced Hiring Time 

Video-engagement software can reduce the time to hire by a whopping 70%. A video interview significantly reduces the back and forth phone calls. The information lost in translation between the recruiter and the hiring manager is reduced, and the client gains a deeper understanding of the candidate.

The hiring manager can easily watch the recordings and make an informed decision on who are the best candidates to invite for face-to-face interviews.

Goodbye unpredictable interviewees!

2. Improved Client Relationships

How many times have you sent the 'perfect candidate' to an interview, only to find out the client thought they were a completely wrong fit? By gaining a richer understanding of the candidate in the early stages, and showcasing their personality to the hiring manager, you are decreasing the margin of error. 

If you're offering extra value to the client by screening candidates to a higher level and passing on more information in the form of a video, they will continue to come knocking on your door.

3. Expand Your Reach

Video-engagement software reduces time constraints. It eliminates travel restrictions and geographical boundaries. Without these restricting factors, your access to talent is never-ending. Expanding your reach means you have a higher chance of finding the perfect fit. 

4. Reduced Interview Costs

Time is money. Endless phone calls and interviews wasted on the wrong candidates are incredibly costly. Hours spent communicating with the wrong candidate can cost a recruiter hundreds, to thousands.

Hiring managers lose money due to the time spent interviewing candidates who should have never made it to first-stage interviews. And candidates must front the cost of travelling to and from the interview. Streamlining this process has been shown to reduce travel costs by 67%.

5. Reduced Administrative Tasks

Video-engagement software is designed to simplify the recruitment process. Recruiters use it to cut out time consuming tasks. Video-engagement platforms, like Hinterview, allow you to easily add notes to your recordings and bookmark the important bits.

Less time spent scribbling notes and attempting to relay information to clients allows more time for the good bits- generating new business and fostering client relationships.

6. Improved Productivity

If you want your team to reach their full potential, you need to provide access to the tools that will allow them to do so. Workplaces are investing in technology more than ever because they know that the right tools can dramatically improve productivity, creativity, and growth.

It’s 2019, and nearly all industries are being affected by digitalisation. Recruitment agencies who refuse to adapt to advancements are making it extremely difficult for their employees to do their jobs better than the competition.

With video-engagement software recruiters can do their job more effectively, and in less time.

7. Reduced Candidate Drop-Out

Research conducted by officevibe found that 60% of potential candidates abandon the recruitment journey because of its length. Not only is it extremely disheartening and frustrating when a candidate drops out, it’s incredibly costly.

The quicker the application process, the less likely you are to lose candidates. The truth is strong talent are in high demand and if they are applying to other jobs with swifter practises, you will lose strong talent.

No one wants to get three quarters of the way down the running track to find out it was a false start!

8. Increased Engagement and Brand Awareness

As we said, video is booming. Why? Because people have realised that it drives internet traffic, increases engagement, and allows for higher viewer retention. According to Forrester Research, a one-minute video is worth 1.8 million words.

With video introduction software, recruiters can headhunt passive candidates and stand out from the crowd. A video sent via LinkedIn and email has shown to have a 300% higher engagement rate when compared to written text.

And the list goes on. Every single aspect of your recruitment strategy can and will be enhanced when you begin to incorporate video. It’s the type of thing that once you have it, you can’t remember what it was like before.

As we always say, it’s not the question of if you start using video, it’s when. Do you want to reap the benefits as the forerunner, or play catch up a couple of months down the track?

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Tags : Hinterview, Video