We’re in the business of making our clients’ hiring better and their recruiters’ jobs easier. As I’m talking with TA professionals who genuinely see the benefits of purpose built video hiring, from time to time I get an email like this: “I have not had 5 minutes to think about this proposal since we met. We just have too many competing priorities. I just don’t know yet when it is going to get better. We are down on staffing and just trying to tread water.”This time crunch is typical in many companies these days, and I can only imagine the stress HR is under. Still, I’m more excited than discouraged by this kind of message because it means our voice and video interviewing solution can bring some relief and forward hiring progress to another organization.
Make Time for That A-Ha Moment
I understand this common problem of competing priorities. With a backlog of reqs to fill, and high expectations for accomplishing more with less in the way of people and budget, it seems impossible to come up for air. But what if you do? What if you trust the proverbial, “slow down to speed up” mentality and dare to disrupt the way you’ve always done things? Steve Jobs once said, “Innovation is the only way to win.” When recruiters and TA leaders see our solution in action, we get to watch that ‘win’ start to happen. When our prospective partners see what’s possible, it quickly becomes clear to them that the small amount of time required to integrate video interviewing is a worthwhile sacrifice compared to the improvement in critical hiring metrics this technology can help drive.
Hiring Results Too Good to Let Go
I’ve heard it said that video interviewing today is where applicant tracking systems were 10 years ago. The strategic value is proven, and in another 10 years, it will be standard in most companies. Many of our clients have had Modern Hire’s purpose-built video interviewing embedded in their work flow for several years now. Their metrics show how video interviewing can transform the hiring process:
- Increase recruiters’ productivity by 30%. So much of a recruiter’s day is spent on scheduling, following up with candidates and hiring managers, and tracking down feedback. Purpose-built video interviewing brings automation to these tasks. As a result, many recruiters regain 30% of their time to focus on other, more strategic tasks. With this technology, a single person can accomplish so much more than ever before. When Modern Hire client Penn Medicine’s recruiters replaced phone screens with on-demand videos, their average pre-screen time went from 45 minutes to 15. They joke that they screen while they sleep.
- Reduce time-to-fill by at least 5-10 business days. Video interviewing helps streamline many of the steps in a hiring process that take the most time, like scheduling screenings, the wait-time until candidates’ and hiring decision-makers’ schedules coincide, and waiting for hiring managers to provide feedback. With a video interviewing solution designed specifically for hiring, recruiters can move the process along much faster. Reduced time-to-fill means companies have a better chance of capturing that top talent, which recent studies show are off the market in about 10 days. Translation: The best candidates won’t wait for your process to catch up to your competition.
- Save $500-$1,000 on average cost per hire. Adoption of Modern Hire’s solution often spreads across an enterprise because it is so versatile. When our clients use it across the hiring life-cycle for sourcing, screening, interviewing, onboarding, training and more, they realize greater efficiencies and reduced costs. For example, our clients report an average of $1,200 saved in travel costs per position when using our technology by flying in fewer, but more qualified candidates for interviews. They don’t replace that late stage, face-to-face interview, but only the most qualified are flown in. Along these same lines, another client has reduced their interview to hire ratio from 5:1 to 1.5:1 since partnering with Modern Hire because they are able to get earlier insights into the candidate pool. Again, these efficiencies contribute to a much lower spend per hire.
- Easier to Implement than an ATS. When you’re overwhelmed by your daily workload, implementing a new HCM system may seem like too much to take on. However, purpose-built video interviewing takes just a few weeks to implement, and the learning curve is close to none. Our implementation partnership works with our clients to aggressively share best practices, as well as tackle change management, compliance and adoption. Our company was built by recruiters, and we’ve designed our Cloud technology specifically for easy implementation and intuitive use.
- The Experience Matters. When organizations bypass the traditional application process and open the door for interested candidates across the globe to tell their stories through video, anytime 24/7/365 and on the device of their choosing, it’s like breaking the 4-minute mile all over again. The process has been so streamlined that every other part of the hiring work flow starts to move at warp speed. Recruiters view, rate and share candidates with the hiring managers with a few clicks. Collaboration skyrockets and recruiters are more confident of their selections. Not to mention, the candidates see the employer as forward thinking and respectful of their time.
In the long run, Modern Hire is worth shifting some of your urgent priorities to tomorrow. Stress and competing priorities will always be there. Make time today to request a live demo. The best way to get to that A-Ha moment is to see how video interviewing could work for you.
As Modern Hire’s VP of Product, Tom Boyle is responsible for product marketing and strategy, enhancing the product vision and driving the road map forward. Tom has consulted with hundreds of enterprise organizations about their unique Talent Management strategies. He is a regular contributor to industry magazines and blogs, including HR Bartender, the Ladders, ERE and Forbes.