Since first opening in 1998, TMX Finance has expanded to more than 1,600 stores in 18 states, and has seen phenomenal growth during the past two years. Additionally, the company is investing significant resources into its online lending programs, and continues to grow its store count and overall portfolio.
Young says, “We’re laser focused on continuing to grow our business, both our brick-and-mortar stores and our online presence. Critical to our continued success is hiring the best talent to support our growth. We’re looking for the best talent across the country, individuals who want their voice to be heard, have an impact on our business, and be a part of our amazing growth trajectory.”
The TMX Finance talent acquisition department is staffed with more than 55 recruiters who place corporate, IT, and Contact Center candidates into open positions at one of two corporate locations and place field employees at one of the 1,600 (and growing) store locations. In 2011, they began upgrading the recruiting process to keep up with the company’s expansion, therefore, creating a cutting- edge and creative environment for finding the best talent in the industry. One of the key pieces of their strategy was incorporating HireVue into the new recruiting process. Using HireVue has helped to reduce the costs of hiring and ensures that the recruiters always place the right candidate into the right job, no matter the location.
Young is a very hands-on CEO and was the executive who introduced the recruiting team to the concept of digital recruiting and ultimately selected HireVue to support the company’s continued growth and recruiting efforts. “Prior to using HireVue, we were using Skype for our corporate recruiting efforts, however, it wasn’t scalable as we continued to grow,” said Young. “We needed a video interview platform that was functional as it specifically related to interview and record management. HireVue has the capability, functionality and service we need to support our aggressive hiring requirements.”
TMX Finance needed to make better-informed hiring decisions quickly, without sacrificing the candidate’s first impression of the company. “We’re a high-volume team with thousands of applicants, but we wanted our process to be fair, consistent, and high-touch,” says Vernon. “We were looking to HireVue to help us speed-up our process without sacrificing quality. We also wanted to make sure candidates had a fantastic experience at every stage of our recruitment process.”
Smith says, “We truly take a vested interest in all of our candidates who join the TMX Finance team. In fact, I review all corporate candidates with our CEO prior to their start date so that he can see the qualified leaders joining his corporate team.”
When we enter new markets there may not be the brand recognition that we have in our more established markets. Many times we would hire a regional manager for a store in a new market that hasn’t even opened yet. We needed a better way for our company to standout, a more engaging way to tell our story, describe our company mission and values, and ultimately sell the opportunity to candidates.
With HireVue, recruiters cut down on the number of candidates they fly to corporate locations for in-person interviews. They also gain better insight into candidates before investing more time and money into those who may not be a good fit. This leads to better hiring decisions and ultimately pushes down turnover rates. In May 2012, TMX went live after key employees partnered and trained with HireVue's experienced professional services team to successfully set up and roll out the digital recruiting platform.
Digital Recruiting Results
TMX uses HireVue Live for corporate, IT, and store leadership positions. This enables recruiters to conduct a live, online, face-to-face interview with a qualified candidate before the final, in-person interview. HireVue On Demand is used for Store Manager positions so the recruiter and hiring manager can review recorded interviews anytime, anywhere – before deciding which candidates to bring in for in-person interviews.
TMX Finance Senior Talent Operations Manager Erin Vernon says, “Live interviews give us a much better sense of the candidate and their cultural fit, skills, and abilities, beyond what a resume or a phone screen can tell us. What’s more, we are now only flying the best candidate to headquarters to meet with our hiring managers before making a final hiring decision, which is saving us time and money.”
Vernon adds, “That final interview becomes more of a chance for us to sell the opportunity, rather than repeat questions that a candidate may have already answered in earlier interviews.”
In 2013, TMX Finance conducted more than 12,500 interviews on the HireVue Platform. (More than 7,000 Live interviews and more than 7,000 On Demand interviews.)
This is nearly double the number of interviews from all of 2012, signaling TMX Finance’s strong growth trajectory, as well as the recruiting team’s increased ability to quickly and confidently move through the interview process and place qualified candidates.
Candidates Love Digital Interviews
TMX Finance reports a phenomenal candidate Net Promoter Score (NPS) score of 78, tracked quarterly by HireVue. NPS is considered the industry standard in measuring customer, and in this case candidate satisfaction, and is based on the single question, “Based on your digital interviewing experience with TMX Finance, how likely are you to refer this company to your friends and family?” For context, Apple reports NPS scores in the upper 60s to low 70s depending on the product line. Google reports an NPS score in the upper 50s. TMX Finance surpasses these popular consumer brands and has one of the highest candidate NPS scores across all HireVue clients.
One candidate commented in a survey, “This is the first time I have ever done a video interview, and I rated it as an awesome experience because I work 9-10 hour days Monday through Friday, so I rarely ever have time to schedule an interview.”
Another candidate remarked, “To me, it’s a very positive step in the hiring process. It’s convenient, it was on my own time, and it was a comfortable experience.”
Clearly TMX Finance candidates appreciate the digital aspect, scheduling flexibility, and convenience of the Company’s recruiting process. This creates a candidate and ultimately an employee who is more likely to refer people in their professional network to TMX Finance for career opportunities, which will continue to boost TMX’s employment branding efforts and overall word-of-mouth marketing.