This infographic from Recruiter.com shows some of the benefits of video interviewing and it’s recent rise.
- 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.