With a growing job market, recruiters face several challenges, the main one being finding the right talent without going overboard on their budget. And that often means making a compromise! If recruiters choose to screen volumes of profiles until they find a good hire, there’s a good chance the budget will run short. On the other hand, if they plan to cut down on costs, they can choose from a limited talent pool and hope to get lucky, finding the right fit. Thankfully, video-interviews have changed that.
When Novartis Pharmaceuticals Corp., a global healthcare company, saw a rise in their hiring requirements, they decided to give video interviews a shot. They ran a pilot test in hopes of being able to find capable and talented employees at the earliest. By the end of the test run, NPC recorded having conducted 2,700 video interviews with a cost savings of approximately $475,000.
TMP is a renowned advertising and communications agency with offices throughout the world from North America to Asia and Europe. When TMP realized that they needed an advanced method that would help them make good global hires, they turned to video-interviews. By deploying video-interviews in the early screening stages, they could scan through maximum profiles in the least amount of time and curate a talented shortlist for further evaluation. This not only helped them avoid expensive screenings in the initial stages but also enabled TMP to curate a list of high-performing candidates in a short time – a process which otherwise would’ve been impossible with the traditional hiring models. And these are just two successful examples of using video-interviews.
Industries ranging from Healthcare and IT to FMCGs and Automobiles have jumped the bandwagon. These include renowned names such as IBM Watson, Rolls Royce, Unilever, and many more. And we’re not just talking numbers. By scheduling video-interviews, major brand names have been able to reduce selection bias, improve workplace diversity, and spot high-performing candidates from a large database.
Video-interviews serve as an excellent tool where large hires are concerned. This could be creating a new division for an off-site project, finding the manpower to man a new factory unit or even filling in vacant positions for a start-up. Here’s how video-interviews can help.
- One-way video-interviews act as an excellent screening tool allowing you to access a wide range of profiles
- The automated scheduling feature lines up multiple interviews through days and weeks leaving you with zero administration costs
- Screening through volumes of resumes in a short span of time invariably expedites the hiring process, thereby saving costs associated with vacant positions
- By being able to assess a large pool of candidates, recruiters have a better chance of finding the right fit
- And of course, there’s managing all the above on a small budget, thanks to massively slashing costs associated with travel, admin, manpower, and more.
Multinational corporations such as IBM, Hilton, Deloitte, and more are experiencing the benefits of using video-interviews. But if you’re still trying to test the waters, you can start by using Monjin’s one-way video-interviews.
If you’d further like to cut short your hiring cycle and expenses, choose from our interview-based models (YCOI, OCOI). These models go beyond giving you access to a pre-assessed database. In fact, our exclusive panel of interviewers (consisting leading industry veterans and experts) personally interview and analyse candidates to give you a thorough report of handpicked profiles best suited to your requirement.
Monjin, is the world’s first video-interviewers network that helps organizations find the right talent by using the power of video for hire. For more, visit www.monjin.com