The hiring process is shifting. Recruiters are looking for ways to hire better talent faster and more cost efficiently. Technology like conversational ai and video interviewing help solve this. In 2019, only 10% of companies were using artificial intelligence to optimize their recruiting practices; by the end of 2021, that number is expected to triple.
This trend will continue as more and more innovative business leaders discover ways to attract better talent and improve the hiring manager experience, all while cutting cost-per-applicant by up to 250%.
In contrast, companies that fail to adapt to a hiring process that is fast, friendly and fair will be unable to compete for top talent. Here’s how to make the transformation.
When it comes to hiring, speed is the #1 concern for both candidates and recruiters. Candidates want to find employment quickly without getting bogged down in lengthy application processes, while recruiters have ambitious time-to-fill goals that must be met.
“When faced with a lengthy hiring process, 39% of survey respondents lose interest and pursue other roles, while 18% decided to stay put in their current job.”
With a need for speed, recruiting teams lean on technology like conversational ai, automated assessments and on-demand video interviews to help accelerate time-to-hire. All the while, recruiters are able to increase engagement with the most talented candidates, ultimately improving time-to-hire as well as quality-of-hire.
Let’s look at a HireVue customer example.
Cathay-Pacific partnered with HireVue when they were experiencing an abundance of applicants and too many interview no-shows. Once the airline adopted HireVue technology, interview attendance increased by 30%. By using technology to adapt to a more modern hiring process, Cathay-Pacific was able to reduce total hiring time from 3 months to just 2-3 weeks, improving their time-to-hire by 90%.
In addition to speed, modern candidates demand consumer-like engagement. As economic volatility continues and the job search process becomes even more stressful for many candidates, companies that make each of their candidates feel seen and valued will undoubtedly attract the most talented ones.
HireVue technology empowers recruiters to increase engagement with candidates by communicating via text message. Compared to email, text is 4X faster with a 90% open rate and 90-second average response time. That’s why modern job candidates prefer text over any other form of communication.
Additionally, HireVue’s hiring assistant immediately engages with each candidate from the minute they land on your careers page or job posting, acting as a personal guide from the beginning of the hiring process all the way through to the end. Candidates who ultimately become employees are highly engaged from Day 1. And by getting to “no” quickly and providing a positive candidate experience, unqualified candidates are retained as both customers and as future candidates.
Finally, today’s candidates value diversity, equity, and inclusion (DEI) much more than previous generations. Companies that demonstrate they value DEI, too, attract top talent; they’re also 36% more likely to have above-average financial returns.
By automating application screening, and standardizing recorded video interviews instead of relying on outdated resume reviews that don’t even predict job success, HireVue technology minimizes the implicit biases that run rampant in traditional interviews. With HireVue OnDemand, recruiters are given a more holistic view of each candidate - something a piece of paper simply can’t do.
Additionally, HireVue’s skill-based assessments empower hiring managers to select candidates based on skills, not schools. By skipping the manager phone screen, which is both inefficient as well as wrought with implicit bias, hiring managers are empowered to be part of a collaborative decision-making process.
“When Intel started requiring its managers to interview a diverse slate of candidates, they saw the percentage of new hires from underrepresented groups increase from 31.9% to 45.1%.”
Don’t get left behind. If you’re ready to transform your hiring process into one that’s faster, more friendly, and more fair, explore the HireVue platform.