Let’s explore ROI on one-way video interview software
Do you know what your time is worth? Consider all the moving parts, how many people are involved in the interview and setup process, then break that down into money per hour. Let’s calculate the ROI on one-way video interview software.
If you’re not sure what your time is worth, then do a quick calculation. Consider all of the moving parts that go into an interview:
Firstly consider how much time is taken out of your day and the day of every other person involved in that process. Now combine yours and their hourly rate. Now multiply that by all the vacancies you do per year and then multiply that number by the average number of interviews per position. Are you shocked yet?
Once you’ve factored in these costs and multiplied them by how many hours per week, then break down that number into money/hour. This will give you an idea of how much it costs for each hour spent recording one-way video interviews.
A practical, yet conservative video interview software ROI example:
Now, lets break time down to money! If you earn $30 an hour and all the panel members earn the same, and 3-panel members are involved in an interview, then there are 4 (people) to consider. Each hour spent in an interview costs your company $120. Let’s assume there are 6 interviews per vacancy and 10 vacancies per month on average. Now, look at this in real terms, below you will find examples of the real cost to your company:
$ 120 x 6 (Candidates) x 10 (Vacancies) x 12 (months) = $ 86 400 P/A
In hours: 4 x 6 x 10 x 12 = 2880 hours a year is spend in interviews as a combined number with all panel members.
Are you shocked yet?
Consider how much time and money can be saved using ClipDrop.io, the ROI is massive!
It is estimated that setting up a single meeting takes about 30 min when calculating all the actions required. Considering how much time you spent in an interview. How long does it take to arrange them? There is a clear need to find a time-saving solution that works.
Here are the three major wins you can expect from one-way video interview software after adoption:
- You won’t have to be there in person and have a face-to-face conversation with each candidate (which can often lead to unnecessary chit-chat).
- No more meetings at an office or any other location. This means that you don’t need to worry about travel time, parking fees, or getting stuck in traffic.
- No need to book a date for the interview and no more time wasted trying to coordinate or manage diaries.
Benefits of video interviewing for HR and Recruiting Teams
Recruiting teams benefit from one-way video interviews in a number of ways. This method saves time and money. It also allows for the hiring manager to screen candidates more efficiently.
With regular interviews, HR and recruiting teams need to find a time that works for both parties in the interview process. Then they have to coordinate with candidates to schedule their availability. Finally, they make sure they have everything they need (e.g., laptop, internet connection, boardroom) before starting an interview session. The overall process is stressful because it requires a lot of work on behalf of HR and recruitment personnel in order to get things done.
How to waste time preparing for interviews:
- Finding an appropriate location for each candidate interview;
- Co-ordinating diaries between HR, Hiring Managers, and Candidates;
- Make sure all parties are comfortable during their conversation;
- Ensuring there are no technical problems (such as bad lighting);
With one-way video interviewing however this becomes exponentially easier because all you need is an internet connection.
Simply put one-way video interviews save time and money. Moreover, you can cover more candidates in less time and find hidden gems.
ClipDrop.io is a highly cost-effective and efficient way to screen candidates. You can cover more candidates in less time, saving you money on hiring expenses.
You’ll be able to find hidden gems that might otherwise get overlooked by your current screening process—and you can do it all without having to sacrifice precious hours of your day. ClipDrop.io has one of the best cost-to-benefit ratios in the market and comes with additional products built into it at no extra cost! The ROI on one-way video interview software is beyond expectations.
To find out more about the importance of the candidate experience in one-way video interviews CLICK HERE
To explore 5 reasons to start exploring one-way video interviewing CLICK HERE