Video interviewing is becoming the tool for corporate and academic recruiters to connect with the best applicants for their organizations. Among the many benefits, a few of the most pressing pain points that video interviews solve include:
- Reducing time spent on scheduling interviews.
- Increase time spent with the right candidates.
- Minimize logistical stress for the recruiting team such as traveling and booking meeting rooms.
- Money spent on entire process such as booking candidate travel, employees’ time.
To address the tangible benefits of video interviews, we decided to figure out a clear number that would help quantify how much people are saving using recorded responses. So, we asked ourselves “Is there a way to get a clear picture of the ROI for using recorded video-interviewing solutions?”
To identify just how much time and energy is spent on the hiring process, as well as the savings these organizations made in switching to video, we compared traditional and video-interview applications cost in a ROI analysis.
As it turns out, most organizations save over $72,000 per year using video recorded responses. To get a better picture of how we came to that number, we used the following information:
- The average hiring manager salary, as published by The Bureau of Labor and Statistics (1)
- 500 applicants per year (many universities and corporations have many more)
- 30 minute phone screening per applicant that gets an interview
- Total time spent emailing applicant at 6 minutes
- Number of people involved in screening process from recruiting side (3)
- Additional time spent when scheduling in different time zones (33%)
- Additional 15 minutes overage time (pre and post meeting handoffs, interruption)
Apart from the cost and time savings, on-demand video responses are allowing recruitment teams to share and review video responses on their own time — increasing the quality of new hires to their new role.
Photo Credit: Miran Rijavec