The future is here. One of the most modern forms of the recruitment and hiring process is video interviewing. Video interviewing allows for easier organization, lower costs, and even re-evaluation later on. Whether it be for mock interviews, interview prep, or even actual job interviews, video interviewing is here to stay. Nevertheless, this infographic via SparkHire highlights some interesting statistics and benefits regarding the rise of video interviewing.
- 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