• Traditional hiring methods take 45 days on average to hire a new position and cost $1,500 – $5,000 per hire on average.
  • The cost to replace employees can be up to 4 times their annual salary, with bad recruiting costing companies over $50,000 on average.
  • 80% of employee turnover can be linked to faults in the hiring process, according to a Harvard study.
  • There are two types of video interviews – one-way and two-way interviews
  • One-way video interviews are productive (more interview screens can be done), convenient (answers can be recorded and reviewed at anytime) and economical.
  • Two-way video interviews are convenient (no need for scheduling or travel), revealing (employers can see non-verbal cues from candidates), recordable and shareable.
  • Two-way video interviews can save as much as 67% on necessary travel costs compared to more conventional recruitment techniques.

Views: 342

Tags: Recruiting Tools / Sourcing

Comment by Rebecca B. Sargeant on February 8, 2013 at 8:56am

Great Stats! Where did you get them from?

 

Comment by Jerry Albright on February 8, 2013 at 9:17am

Why should a company pay for a video interview service - when Skype is so easy to use and free?

Comment by Ryan Leary on February 9, 2013 at 11:45am

Jerry -  there are a few reasons but the biggest is compliance. Companies (that are held to compliance) must use a service that tracks every interview, send out etc. from the client side as well as the activity of the candidate as they click around. 

Without all of that any corporate employer held to compliance cannot use the tool period without the chance of federal fines etc. etc.

Comment by Jerry Albright on February 9, 2013 at 12:33pm

Great answer.  Thanks Ryan.

Comment by Angela Yu on February 13, 2013 at 1:38pm

Amie, do you define one-way interviews as the asynchronous/recorded videos and two-way as the live Skype-like videos?  At Wowzer we still view recorded interviews as a two-way interaction because the candidate should learn as much about the company and position as the recruiter gets to learn about the candidate, even if the interviewer and the candidate are participating in the interview at different times.

Sarah White recently wrote a research report about the distinctions between recorded and live interviews and why companies adopt video interviews. You can download it here: Video Interviewing Research Report by Sarah White

Comment by Amie Barnett on February 14, 2013 at 6:40am

Hi Angela I also work for a Video interviewing platform in the uk thank you for giving me the link to download the Sarah White report :-)

Comment by Mike on February 14, 2013 at 2:11pm

Good stats. 

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