Many are realising that one-way video interview software saves companies money, as the cost of hiring a new employee goes beyond just advertising for the position. It also includes the hours wasted on interviews and even travel expenses. Globally, this cost has been found to be around R60,000, while locally it’s closer to R30,000. To tackle this issue, a growing number of companies are turning to one-way video interview software like Wamly. By using this technology, they can save both money and time during the hiring process, making it a more efficient and cost-effective solution.
How one-way video interview software saves companies money
Globally, studies have found that companies spend as much as $4,129 (roughly R60 000) to make one hire and spend an average of 42 days to fill a position.
In South Africa, where salaries are generally lower compared to other countries, the cost of hiring a new employee is estimated to be around R30,000. However, this figure can vary significantly depending on whether the hire is for a junior or senior position.
The cost of hiring a new employee encompasses various elements, including both direct and indirect expenses. Let’s break down each component:
- Panel Interviews: Senior employees often participate in interview panels to assess potential candidates. The time these senior employees spend on interviews is an essential part of the hiring process. Their expertise and experience come at a cost to the company, as it takes them away from their regular job duties during the interview period.
- Opportunity Cost: Employees involved in the hiring process, including those on the interview panel, may have to divert their attention from their usual tasks. This diversion can lead to a temporary decrease in productivity and potentially hinder the company’s overall progress.
- Advertising License Costs: To attract potential candidates, companies often pay for advertising licenses on platforms like LinkedIn. These expenses are necessary to promote the job openings and reach a broader pool of applicants.
- Video Call Platforms: In situations like the Covid-19 pandemic, when in-person interviews might not be feasible, companies may have to invest in video call platforms like Zoom or Microsoft Teams to conduct remote interviews. These platforms come with subscription costs, which contribute to the overall hiring expenses.
- Logistics: Organizing in-person interviews involves logistical expenses, such as travel costs for candidates and interview panel members. Additionally, booking a suitable venue for interviews and providing refreshments for the panelists also adds to the hiring costs.
- Cost of Vacancy: Leaving a position unfilled can have its own costs. These costs may arise due to the impact of the vacancy on the company’s productivity, efficiency, and ability to meet deadlines. There might be added strain on existing employees, leading to potential burnout or decreased employee morale.
It is crucial for companies to consider these costs when planning their hiring processes and budgeting for new hires. Making informed decisions about the hiring process can help reduce unnecessary expenses while ensuring the right talent is brought onboard to contribute to the company’s success.
How one-way video interview software can help companies hire cheaper and faster
By utilising one-way video interview software, companies can significantly enhance their hiring efficiency and overcome common challenges associated with traditional face-to-face interviews.
One of the key advantages of this innovative technology is its ability to expedite the candidate evaluation process. In the same time it would take to conduct a single face-to-face interview, companies can review as many as 30 candidates through one-way video interviews. This accelerated pace enables recruiters to efficiently assess a larger pool of potential hires within a shorter timeframe.
Moreover, the software introduces an important element of objectivity to the evaluation process. With the ability for panellists to rate and review candidates independently, it reduces the impact of bias that may influence hiring decisions. Each panellist can provide their assessment based solely on the candidate’s responses, skills, and qualifications, minimising the potential for subjective judgments that can hinder diversity and fair selection.
In addition to improving objectivity and efficiency, one-way video interviews significantly expedite the overall hiring process. Companies that have embraced this technology have reported a reduction in the hiring timeline from an average of 3 months to just 2 weeks. By eliminating the need for scheduling conflicts and streamlining the review process, companies can swiftly identify and engage with the most promising candidates, minimizing delays and securing top talent more efficiently.
In summary, the implementation of one-way video interview software offers several compelling benefits. It enables companies to review a higher number of candidates within a shorter time frame, enhances objectivity by reducing bias, and accelerates the entire hiring process, resulting in a more efficient and effective recruitment strategy.
So one-way video interview software saves companies money and resources that they would’ve spent during the typical hiring process.