We’ve seen dynamic transformations in work patterns across the globe due to the coronavirus pandemic. Recruiters have been especially impacted, as unemployment rates shift from record lows to record highs, with different industries recovering at different rates, resulting in a surging number of applications to open positions. Oftentimes, recruiters are simultaneously left with fewer resources at their disposal due to organizational budget cuts.
This presents many challenges. Namely, as a recruiter, how can you competitively identify the strongest candidates in today’s job market? And how can you do so without compromising quality-of-hire, candidate experience, and diversity and inclusion?
As organizations worldwide attempt to meet the moment by speeding up digital transformation, we believe it’s time to focus specifically on supercharging your hiring ROI.
As the pandemic continues to disrupt organizations worldwide, the ones adapting the most quickly are the ones implementing cutting-edge recruitment technology, equipping them to do more recruiting with fewer resources, prevent fewer poor hires, and sift through hundreds or thousands of applications to find the most competitive talent.
Both Glassdoor and the Society for Human Resources Management (SHRM) report that, on average, U.S. employers spend at least $4,000, and 42 days, to hire a single new employee. And unfortunately, these numbers are both on the rise, meaning the ROI of hiring a new employee is not.
What would happen if your team could drastically reduce those numbers, beating out competition for the best talent?
Most recruiter time is spent on mundane tasks like interview scheduling and preliminary interviews, such as phone screens. In fact, SHRM reports these tasks take up roughly 66% of total recruiter time.
But by replacing many of these mundane tasks with technology, organizations are empowered to transform the conventional recruitment process into one that does more with less, all while creating a more positive experience for both candidates and recruiters.
Each hour saved, each process made more efficient, begins to dramatically drive down costs and directly impact the bottom line.
By automating both interview scheduling and the collection of preliminary interview data, recruiters are able to turn their attention toward:
Using HireVue’s OnDemand hiring solutions, recruiters across the globe have been able to cut their time-to-hire in half. For instance, HireVue customer Cathay Pacific improved time-to-hire by 90%, going from an average of three months to just 2.5 weeks, by replacing initial interviews with video. The airline also experienced a drop in candidate “ghosting,” giving back to recruiters much of the time lost to interview no-shows. By allowing recruiters to focus more on meaningful moments with top candidates, Cathay Pacific improved their brand reputation as well as their bottom line.
Whether you recruit on college campuses, in the military, or for technical hires, recruitment technology offers a suite of scientifically-backed, game-based assessments to both accelerate and refine your hiring processes.
How much can you save by employing video interviewing? Check out HireVue’s ROI calculator to find out.
Interested in learning about how other HireVue customers have turned recruiting into a competitive advantage?
Watch On Demand: How NetApp and Sykes Maximize Virtual Hiring Experiences and ROI