With cumulative revenue exceeding $1B, and 2012 revenue goal exceeded by $40 million, Power Design is enjoying continued growth and expects to see continued double digit growth in 2013. Such growth and expansion brings with it challenges to recruit the right talent, with the right skills, in an effort to staff projects quickly with top talent to best serve their clients.
Tyson Conrad, head of staffi ng at Power Design, said, “Our talent strategy is absolutely integral to helping our business
enjoy continued growth, as our people are the foundation of our business, and what sets us apart from others in the marketplace. Having the best engineers, project managers and superintendents on our team is a competitive differentiator and helps us ensure our customers are extremely satisfi ed, projects are on time, and our reputation as one of the best electrical contractors in the US remains.”
Power Design is now using HireVue as part of its standard recruiting process, across all requisitions. No candidate is flown in to the company’s headquarters for a final round interview unless the CEO has reviewed their digital interview and approved them to move forward in the process.
Conrad said, “Before HireVue, we’d find ourselves bringing candidates in to interview with our executives who were great on paper and the phone, but ultimately didn’t deliver on our expectations and professional requirements. So it was costing us a lot of money in lost productivity, administration, and scheduling, not to mention travel costs.
Now, Conrad’s team will have each candidate complete a HireVue digital interview, that the hiring executive will
review, and then bring in only the best candidates for final in-person interviews. Executives now spend their time with these highly qualified candidates on selling the position, opportunity and company, rather than spending “courtesy” time with the wrong candidates.
HireVue has really helped us become more strategic in our recruitment process by giving us much more insights into a candidate earlier in the process, and ultimately focusing our time on the right candidates. Time is money in our business, and we’ve seen dramatic impacts to our bottom line as a result.”
Time to Fill Slashed By 3 Weeks
Power Design defines this metric from the day the requisition opens, to the new hire’s first day on the job, so they factor in notice time to a previous employer, relocation time, etc. With HireVue, they reduced time to fill 20% - going from 88 days to 70 days with HireVue. Conrad said, “Our original goal was to get this down to 74 days, but with HireVue, we were able to surpass this. The time and money associated with this reduction is nearly $1 million dollars annually since we’re able to get critical positions filled quickly, and have our employees start contributing to the bottom line much faster.”
67% Reduction in Agency Fees
Power Design’s use of recruitment agencies has significantly dropped, since they gain more insight into a candidate earlier in the recruitment process, and reduce administrative time spend on pre-screening phone calls.
Conrad added, “We were looking to reduce agency spend by 25% but ended up more than doubling our savings here thanks to digital interviews.”
Improved Interview to Offer Ratio
In order to streamline and quicken the recruitment process, Power Design wanted to improve its interview to offer ratio. “For every three digital interviews we pass along to hiring managers and executives, we are able to make two offers. This is a significant improvement prior to going digital.”
Reduced Turnover / Improved Quality of Hire
“We have seen a dramatic drop in our turnover rate since going digital as well,” said Conrad. “We attribute this to a much better vetting process, and the ability to have more visibility into a candidate’s communication style, cultural fit, and skills, earlier on in the process. This has translated into a better quality of hire for us at Power Design as well, which gives us a leg up against the competition.”