One of the most useful tools for companies looking to gain a competitive edge in today’s hiring market is undoubtedly video technology. Offering countless benefits to businesses, including increased productivity and reduced costs, video is quickly becoming one of the must-have talent acquisition tools used in modern recruiting. According to an iCIMS case study with the Cumming Corporation, as a result of video interview screening, recruiters report an 80 percent decrease in the time required for effective screening and a 57 percent decrease in time-to-fill. With numbers like these, it’s no wonder more companies are making the leap to video each year.
A common method of using video early in the recruiting process is candidate video interviews, also known as video cover letters. Giving recruiters a first look at applicants before committing to lengthier phone and in-person interviews, screening with video interviews can help to identify top prospects out of large applicant pools to advance to live or in-person interviews. By only having to spend a few minutes on each video clip, recruiters can review more candidates in shorter time and bring hours back to their work day.
Another benefit of candidate video interviews is the ability to control the type of information submitted from applicants. By developing customized sets of screening questions specific to the position and job duties, recruiters can ensure they are only receiving what they need to know, helping to zero in on best-fit candidates and reduce time-to-fill metrics. As CEB finds that it now takes 62 percent longer – five additional weeks – to fill the average vacancy compared to 2010, this is certainly a wise approach. In addition, video can also highlight a candidate’s soft skills, such as creativity and communication skills, further helping to distinguish top talent from the overall applicant pool.
Once the decision has been made to advance a candidate, live two-way video interviews can be conducted as a way to reduce travel costs and conduct additional candidate screening, helping to ensure that companies are making the right decision and minimizing risk. For positions that require several rounds of interviews in different locations, video can also prove extremely useful and cost-effective by providing a more streamlined scheduling process among multiple hiring managers. According to a study by video interviewing provider Spark Hire, two-way video interviews can save as much as 67 percent on the travel costs associated with hiring.
Perhaps the most important benefit of using video in talent acquisition is to provide a positive candidate experience for applicants while improving your employment brand. With 83 percent of recruiters reporting that the power in talent acquisition has now shifted away from employers and towards candidates, companies must ensure they are offering simple, streamlined application processes to reduce candidate drop-off and increase desirability. Additionally, in light of the shortages of candidates in many industries across the United States, including engineering and transportation, improving in these important areas will aid your company in attracting the right candidates to successfully meet overall hiring and business objectives.
iCIMS recruiting software, coupled with iCIMS Video Screening, offers recruiters and hiring managers the ability to utilize recorded video interviews which are displayed within a candidate profile. This offers a modern, cost-effective method to streamline candidate screening.